Being broke is not a good place to be in.
I have been in this zone for many years, until I made some serious internal shifts in my thinking.
Let me share with you some things which has helped me come out of tough financial situations.
Secret #1 – Spend Lesser Than You Earn
Seems like a no-brainer.. but this works. Period.
Do you know exactly how much if your monthly outflow?
I mean your monthly burn rate for survival?
Include all expenses: rent, home, food, transport, kids education, entertainment, charity, etc.
Once you know your CURRENT burn rate… then you can Plan your IDEAL Monthly Outflow.
By not having control of your money, there’s no way you can get out of a tough financial situation.
Secret #2 – Create A Solid Income Source
When it comes to income sources, I consciously started to follow these 6 principles to ensure a better financial stability.
- Fast Money– Work on projects where you really don’t have to wait for 6 months to get paid. Money needs to come fast to you. Payment systems.
- Residual Money– Build a system where you don’t dependant only on ACTIVE income.
- Multiple Income Streams– Build multiple income streams, coz depending just on ONE can be dangerous.
- Enjoyable Money– You need to LOVE what you do. Otherwise you will burn out soon. Enjoy your money getting process.
- Scalable Money – Do things which can be scaled. That’s why I love selling DIGITAL PRODUCTS and Affiliate products. It’s easily scalable compared to selling a SERVICE. Services are usually people dependant and involve TIME to execute.
- Long Term Money– I truly believe in building only long-term businesses. My agency has been running for 7 years now. And the way I’m building my personal branded business is also a LONG TERM mindset. This is a marathon, not a sprint.
If you plan your income based on the above 6 principles, it will give you better stability and security.
Secret #3 – Asset Allocation
This is by far the MOST IMPORTANT step.
There are many people who make money, but only a few who know how to KEEP their money and MULTIPLY it intelligently.
I follow a TWCGO formula to manage my money.
Final Thoughts – Your Next Step
Being broke is not a good feeling.
Building a solid business on the internet is not easy.
It requires the right mindset combined with the right skillsets to succeed.
If things were as easy as people portray online, everybody would be rich.
That’s why I have created a very systemised program called the FREEDOM Business Model
This is where you will learn the core principles on how you can build a digital business without an office or employees.
There is an art and science to this game.
And I’m on a mission to help 100,000 people create a lifestyle of choice – by leveraging the power of the internet.
I would highly recommend this course, ONLY if you’re serious about making a difference in your life and to the people you love and care about.
I hope this has added value to you.