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7 Power Habits that Build Financial Independence
By Steve
Brunkhorst
Editor's Summary: If you are planning to become self-sufficient
financially you can be influenced by the seven habits that this article
encourages you to adopt. Expressing gratitude for your current blessings
may sound not 'financial-like' in the least, but read on for more tangible
advice and you'll want to adopt all of the seven habits so that you
can start planning your financial independence now.
Financial independence is having the freedom to support yourself through
your own efforts. Here are seven fundamental habits that will help you
achieve and maintain financial independence.
1. Express Gratitude
Financial independence begins with gratitude. Set aside a daily period
to offer a sincere thank you for every blessing in your life. Include
people, places, possessions, talents, and memories. Offer gratitude
for your future dreams as though they were already in your possession.
Gratitude will allow you to attract the blessings you want. When they
arrive, protect them from the thieves that could rob you of your financial
independence.
2. Liberate Your Future
Debts of the past are thieves of the future. If you want financial
independence, live a simple life style that does not create unnecessary
personal debt. Living with class does not require being extravagant.
If you are conservative most of the time, you can be extravagant at
the right times.
Do not allow credit card companies to hold your future hostage. Take
control. Seek professional help to get rid of credit card debt that
robs you of high monthly interest payments. Borrowing is a tool that
should produce a return on your investment, not cost your future security.
3. Commit to Wellness
Your health is also an asset that you need to protect. Wellness allows
you to manage and enjoy financial independence. Get regular physical
checkups and maintain a sensible physician-approved exercise program.
These can help to minimize illnesses and maximize the rewards of a productive
life.
Maintaining wellness requires an ongoing commitment. Another area of
commitment that is equally important to financial independence is one
of personal financial discipline.
4. Develop a Saving Discipline
A financially independent future requires saving, and saving requires
discipline. As credit card debt diminishes, savings can begin to increase.
An emergency savings fund of six to twelve months living expenses is
a wise idea. However, you will want major long-term savings plans for
such goals as education and retirement.
Do not expect the government to take care of your financial future.
If you want to remain financially independent, take ultimate responsibility
for every chapter of your financial life. That responsibility begins
with wise investing and respect for money.
5. Invest Wisely and Respect Money
My father taught me to have several investments that produce an ongoing,
passive income. This, he said, would allow me to remain independent
if I were to become physically disabled. These investments are like
"feeding geese that lay golden eggs". Passive income streams also provide
additional capital to place in other financial growth investments.
Respect for money is the beginning of saving and investing. Respect
for a dollar begins with respect for a penny. You will always have dollars
if you take care of your pennies. Even the smallest of assets and investments
need protection.
6. Protect Yourself and Your Loved Ones
In the article, Ten Traits of Successful Entrepreneurs, I wrote
that one of those traits was making a commitment to protect the welfare
of your family and loved ones. Ensuring the safety of your financial
assets is part of doing this.
Adequate insurance coverage for your life, health, and property is
a wise investment. You should also use professional legal, financial,
and security services to help protect your business, property, and all
the things you have worked to acquire.
7. Design Your Financial Independence with Qualified Help
Seek qualified professionals to help you design your financial future.
You do not need to be a financial expert to become financially independent,
but you must become financially literate. Seek professional guidance
from experts in financial planning, taxes, and accounting. These people
can work with you to help you realize your financial goals.
Begin today by seeking out professionals that can help you achieve
your financial goals. Become financially independent in your own mind.
Express gratitude for the blessings you will receive as if they were
already in your possession. Avoid and eliminate unnecessary personal
debt, and live a healthy lifestyle. Save with discipline, invest wisely,
and respect your financial assets. Protect the assets you have worked
to acquire, and you can enjoy the financially independent lifestyle
that you have envisioned.
© Copyright 2005 by Steve Brunkhorst. Steve is a professional
life success coach, motivational author, and the editor of Achieve!
60-Second Nuggets of Inspiration, a popular mini-zine bringing great
stories, motivational nuggets, and inspiring thoughts to help you achieve
more in your career and personal life. Get the next issue by visiting
http://www.AchieveEzine.com
Article Source: http://EzineArticles.com/
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