The 9 Steps To Financial Freedom | Adam Hagerman, CFP®

9 steps to financial freedom

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Also available in Audio Suze Orman combines wisdom with heart to offer a book that not only gives sound advice, but explores the emotions and memories that subconsciously block our efforts to get ahead. Life is more than "get all you can; can all you get; sit on the can" as some financial books seem to assume.

It's about taking charge of our finances so that we can experience personal freedom, provide for those we're responsible for, and help the less fortunate. Were there events or words spoken to you that influence your attitudes toward money?

Perhaps you lost something precious and to this day you fear losing money, even in conservative investments.

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Perhaps significant friends or adults made you feel that you were inferior and could never amount 9 steps to financial freedom anything. Could these memories be hindering your ability to get ahead? Perhaps you're afraid of losing everything and becoming a bag lady.

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Maybe you fear that if your spouse leaves, you can't support yourself. Do you fear losing your job and being qualified for nothing else? After you articulate and face those fears, retrain your mind by replacing your fears with new truths. Suze grew up with the belief: "You'll always have to do without, so you had better learn how. Her new truth encouraged her with "a message of endless possibility.

In order to do this, we must discover how much we spend each month.

9 steps to financial freedom option structure and strategies

Only then can we compare our income with our spending and know how we're doing financially. The solution? First, determine how much you're spending.

The 9 Steps to Financial Freedom: Practical \u0026 Spiritual Steps So You Can Stop Worrying

Tally up all your ATM statements, canceled checks, credit card statements and anything else you need to discover how much you spent over the last two years.

Make categories for each month such as automobile, food, etc. Divide each category by 24 to discover how much you spend per month in each category.

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Second, add up all your income. Include salaries, alimony, interest, rental income that you expect over the next year. Third, subtract to find the difference between your income and spending. Fourth, if you find that you don't have enough money to meet your obligations, save and give the way you want, then you've got two options - make more or spend less.

Perhaps you need to seek a new job with better pay. More likely, you need to spend less.

9 steps to financial freedom what are binary options in a nutshell

Look over your spending in each category to decide exactly what you want to spend, for example, on food or clothing. You may be shocked to discover that, by bringing a sack lunch to work three times a week instead of eating out all five times per week, you can save a substantial amount over time. Add it up! Cut and color your hair every nine weeks instead of every eight weeks. You'll be amazed when you add it up.

9 steps to financial freedom binary options strategy 5 30 minutes

Remind yourself of your specific changes in spending by posting the categories on the fridge, or place a yellow sticker in your checkbook. Begin keeping track of what you spend each month in those categories.

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Find a system that works for you - perhaps making a chart. And don't feel too bound. If you decide to spend more on one category than you've allotted for the month, simply spend less in another category to make up for it. That means you need to provide for those you love in case of disablement or death.

Suze spends over 80 9 steps to financial freedom discussing your options in detail. Essential reading!

Not good. Every day I hoped to not have some kind of emergency expense come up and as many people know, that is a terrible feeling to have. Worrying about money sucks. I understood the value of a savings account and building good credit thanks Dad for the knowledge when I was a young buckbut I was definitely not making the best choices to ensure I was not living paycheck to paycheck.

Consider transferring your assets into a revocable living trust. Although you can do it yourself, Suze recommends hiring an attorney to do it for you. Have a Durable Power of Attorney in Force for Health Care You need to specify your wishes in case an accident or illness puts you in a vegetative state. Do you want your life unnaturally prolonged or not? Who will be your agent or agents to make a decision, if one has to be made?

Have Adequate Life Insurance Rule of thumb: " For the vast majority, get term insurance. Get Long-Term-Care Insurance " Long-Term-Care insurance will pay for that, as well as home health care check your policy.

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Get it when you're about fifty-four years of age. Make sure you get a quality insurance company. You can find ratings at these sites:.