Financial Freedom—Fast-tracking your success

 

We’ve been writing about financial freedom and how property investing can be your tool to achieve this. Below are the links to the first two parts if you missed it:

Financial Freedom—Finding the holy grail in property investing
Financial Freedom—Determining your approach to investing

In this post, we conclude our series by giving you tips on how to fast-track your way to financial freedom

fast-track


The first is education.  Obtaining a good foundation of investing knowledge, regardless of your chosen strategy, is imperative.  It will stand you in good stead whatever path you choose.  You can do this by reading books and magazines about investing, attending seminars or undertaking a course.education

The second is to find yourself a mentor.  This can be someone you know such as a friend or colleague, or it could be a mentor that you pay to receive advice and guidance from.  A mentor will certainly not do it for you, but if you can learn from the lessons and mistakes of others and have someone steering you in the right direction, then you will certainly reduce the time and effort required to reach your goals.  The key to getting this one right is finding the right mentor for you.  Find someone who has done what you want to do, using the same or very similar strategies to those you intend to use and soak up everything you can from them.

Decision and Action

Now comes the bit where you commit.  Everything starts with a decision.  A decision that you are going to do this, you are going to make it happen.  Making that decision will put you in the sort of success mindset that you will need to be in to drive you into taking action.

Take action

If you did that little exercise that we started with earlier, looking at what your ideal day would look like if you were financially free then you will already be experiencing some of that feeling of being free.  You’ll already have some motivation to get you going.  Think about this frequently and it will drive you to pursue your goal and to take action.

Action is really the key that will set apart those who achieve their financial freedom goal and those who don’t.  Many people talk the talk, but much fewer take action.  You will need to take action.  In fact, you’ll need to become a habitual action taker as it will be massive and repeated actions that will get you there.

The specific actions that you will need to take will depend, of course, on your goal and your strategy.  You should take some more time to conduct a planning exercise to identify your next action steps and put timeframes against these.  Schedule time each week or month to assess progress toward your goal, assess how you are tracking and set yourself the next set of actions.  Be constantly striving toward the next step.

Summary

In this article we’ve talked about ‘the point’ of investing in property, which for most people we decided was achieving financial freedom.  Not needing to work, having enough passive income to sustain yourself and your family in a satisfactory manner.  We know that people can and do achieve this goal through investing in property to create wealth and that there are several ways to go about doing it.

GoalWe’ve talked about creating your overarching goal for your investing.  You need to know what it is that you are trying to achieve. We talked about several of the key factors that will influence the strategy and approach that you will need to take and how you will need to make some decisions about your investing strategy so that you can have a clear path in mind for how you intend to reach your goal.

We’ve talked about how the road to success can be tricky, there can be a few detours along the way and sometimes it doesn’t always pan out as you thought, but so long as you know your destination and you keep your overall momentum and direction going the right way, then you’re winning.

We’ve also talked about the importance of educating yourself in the foundations of investing and how finding someone who has achieved what it is that you want to achieve who can play a mentoring role can fast track your success.

We’ve covered the fact that only you can make that decision that commits you to action and to then go on and take those actions.

I really hope that some of the points made in this article have resonated with you.  Here is a succinct summary.  Use it as an action list and go out there and make it happen!

Goal:  Decide what you want to achieve

  • Strategy: Plan how to intend to get there (strategy)

  • Education: Educate yourself

  • Mentoring: Find a mentor

  • Decision: Commit to making it happen

  • Action: Identify next steps and take massive and repeated action toward your goal

 

 

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