The Number One Reason Many People Are Not Rich

The Number One Reason Many People Are Not Rich

How do janitors and teachers achieve financial freedom while lawyers and accountants find it difficult to meet their financial obligations?

Why are some guys who work two or three jobs broke while some who work for a few hours a day make millions?

Answer: these financial achievers know what they want and how to get it. They have financial goals and plans that will aid them in the achievement of their goals.

To achieve financial freedom, you need to set it as a goal. This is the place to begin your journey to financial freedom. Goal setters are goal-getters. 

Fortunately, this is quite easy for many to do. The challenge many people have is how to achieve their financial goals.

The good news is that this shouldn’t be a problem. 

Achieving your financial goals and building wealth must begin with making a financial plan. This means setting out how you can accomplish your goals is a critical factor in achieving them.

 

Understanding A Wealth Plan

A wealth plan helps you to take a look at your current financial situation while helping you to understand what you must do to achieve your financial goals 

With a valid wealth plan, the probability of achieving financial freedom becomes greatly enhanced. 

Your wealth plan is the vehicle that takes you from point A to point B……from where you are to where you want to be financially. A wealth plan that is based on proven principles is your sure access to financial freedom.

Unfortunately, many people who desire wealth don’t have a wealth plan. Many have trivialized the need to have a vehicle that would take them from where they are to their desired world of financial wealth. 

Listen, you cannot wish your way into financial freedom, you can only plan your way into it. Hope is not a strategy for financial freedom.

If attempting to build a house without a blueprint is an error and an abnormality or if embarking on a journey without a road map is absurd and an aberration, then how do you hope to build a financial destiny without a blueprint or wealth plan?  

A wealth plan is a blueprint for creating your wealth…it is to guide you to create financial freedom based on what you want to do and have. 

It takes you from where you are to where you want to be in the future, considering your assets, liability, income, and expenses. 

 Listen, if you understand the power of designing a personalized wealth plan, you’ll suddenly discover that it is the make-or-break of your financial destiny. And this is the reason you must put all the needed efforts to create a wealth plan.

Please understand that building wealth does not require any special talent or unusual smartness.

 

Why A Wealth Plan Is Crucial

Financial freedom is simply the result of following a well-structured wealth plan that allows you to focus your efforts on a well-organized, logical process to produce wealth.

Your wealth plan helps to filter your actions…..with it you know what your priorities are and what you should focus on per time. It brings clarity, congruency, and consistency to all you do.

Factors To Consider In Wealth Plan

One of the key things to pay attention to when creating your wealth plan is the need to customize and personalize it. There is nothing like one plan fits all. Wealth plans must be customized to the uniqueness of every individual.

Some plans could be aggressive while others could be conservative based on age and an individual appetite for risks. 

So individual age, skill, values, income, financial intelligence, personality, lifestyle, level of commitment, and many other factors must be put into consideration when creating a wealth plan. 

Wealth building is a lifelong adventure; it is a marathon, not a sprint. As a result, wealth plans must meet individual needs, preferences, and uniqueness.

A Wealth Plan Needs Not to Be Complex

Basically, there are two major variables to every wealth plan.

1. The primary income source

2. The Wealth Builder

The key step is to identify your primary income source and your Wealth Builder. Your Wealth Builder could be any of the three basic paths to wealth building:

 1) Paper assets (stocks, bonds, etc.)

2) Investment real estate (not your home) 

3) Owning your own business

 Most of the time it is basically to use savings from your primary income stream to fund or buy investments in any of these three Wealth Builders.

 For every employee, the job is the primary income source. The wealth-building strategy could be to invest in paper assets or real estate. 

The key is to convert Earned Income to Passive Income. This is because financial freedom is the point where the PASSIVE income from your ASSETS is equal to or greater than your living EXPENSES.

Unfortunately, many people will never be financially free because they have a money blueprint that is just set for Earned Income instead of Passive income

Unfortunately, without Passive Income, you can never be financially free.

So the questions I would like to ask are these……

1) Do you have a wealth plan?

2) Is your wealth plan set for financial freedom?

Conclusion

Please understand that hope is not a strategy for financial freedom. Most people will never achieve their financial dreams because they have no financial plans that would take them from where they are to where they would like to be.

It is your financial plan, and your willingness and readiness to take action that will guarantee the reality of your financial dream.

Financial goals must be backed up with financial plans for financial freedom to be a reality.

If you would like to have a comprehensive teaching on this subject that would empower and position you to create wealth and live in financial freedom, then this online course, Financial Freedom Blueprint should be your choice.

To Your Prosperity

Sharon Akinoluwa

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