It’s the Holy Grail isn’t it? The shining star that all of us entrepreneurs are working towards...financial freedom.
But how do we achieve it?
Hold your horses comrade there’s work to do before we get to that…
Before we start on the how there are some important questions I want you to answer first:
Starting with WHY. Why is achieving financial freedom important to you?
I know there is a good chance you’re rolling your eyes at me at this point – it’s obvious right? Not having to worry about bills or the mortgage, maybe even buying a bigger house? Experiences for the family and security for you and your family’s future?
These aren’t your why. These are what (which is still important but we’re not there yet).
This stage is so important. Actually sit with this question for a moment please because what you come up with is really really important. Consider: Why do I want to pay my bills? Why does having a home matter to me? Why do I believe I need money in my future?
Our why is our values.
Our values are beliefs held in our unconscious mind that drive all of our behaviour.
They are what we believe is important in the world and for us to exist in it. There’s no right or wrong and yours might be different to mine, or anyone else’s for that matter.
It is your behaviour that will determine if you achieve financial freedom or not. Your behaviour is driven by your why. Know it and own it! I do values work with all of my clients and there are resources to help you with this exercise in The Bubble.
The next question to consider is WHAT is financial freedom for YOU. Not for me. Not for Janet next door. Not for the entrepreneur sat on a beach making 6 figures while she sleeps. For YOU. It’s also worth noting here that the answer to this question may change as you step into your success. It’s important to be specific because it is a target you are working towards. Again, The Bubble is full of resources on setting (and getting) goals.
The final question…before we answer the how…and this one is a biggie. This one is the uncomfortable one but without addressing this one, none of the info below will help you on your journey to financial freedom.
When I think about my idea of financial freedom, why do I believe I don’t deserve it?
Write down your answer, everything that comes up. You are uncovering your money stories, your limiting beliefs about money that will hold you back from achieving financial freedom and the success you deserve.
You can un-tell your money stories. There are lots of great books specifically about money mindset and you won’t be surprised to hear that The Bubble has resources and support to help you change too.
We’re here, this is it. I am finally going to share with you HOW you can achieve financial freedom. Actual, tangible things you can do that will take you towards and to meet that goal (and more):
· Take the time to answer the questions I’ve discussed above. Identify your values/why, determine what financial freedom means for you and discover your limiting beliefs about money.
· Set goals. Set yourself long-term, mid-term and short-term goals, ideally following my GOAL-den Rules. These GOAL-den Rules are a process to writing goals that really works! I have videos, workshops and worksheets available to The Bubble members as well as group coaching and accountability to keep you on track.
· Pay yourself first. So many new small business owners don’t do this. Money stories play a part but it’s also something to do with the idea that business don’t make any money/ profit in their first year. Your pay is not the same as your profit. I’m not suggesting you give yourself a 5 or 6 figure salary if your turnover doesn’t cover that yet but pay yourself something, every month – this can really shift your mindset! If you’re still thinking this is impossible, quite simply, your prices are too low (guess where you can get support in raising your prices? That’s right The Bubble!)
· Save or invest 20% of what you pay yourself. I’m not a financial advisor so there’s not going to be any advice about exactly what you should or shouldn’t do with the 20%. All I will say is save it or invest it somewhere. We’re thinking about financial freedom and that means we’re thinking long-term!
· Do something everyday towards achieving your goals. It doesn’t have to be a big thing but keep focused.
· Shift your money stories. If you’re telling yourself you don’t work hard enough to earn your dream amount, or that you don’t deserve it, or that people with lots of money are greedy and bad people you are basically rejecting financial freedom and the flow of money into your life. Read the books, join The Bubble, get the support. Whatever you do, shift those money stories.
· Focus on the incoming. I know when money is an issue how easy it is to see it all leaving you; the bills, the expenses – expected or otherwise – it feels never-ending! Now, I think budgeting is important and a useful tool so yes, it is a good idea to know what your expenses are, however, I challenge you to write down every penny that comes to you (not just your business) over the next month. And I mean it, every penny! I once found 5p by my car door that someone had dropped. I considered how many people had just ignored it or thought it insignificant. Obviously 5p isn’t a lot of money but it’s on the way there! I keep that 5p in my coat pocket and every time it brushes my hand it reminds me of the affirmation ‘I attract lots of money’ and to be grateful for the money I receive. The time may come when it’s time for my 5p to continue on its journey of abundance but for now it’s working for me! Allow every penny work for you.
Financial freedom is not the Holy Grail.
It exists and it is possible for everyone. Is now the time to make the possibility your reality?
If the answer is yes, then my monthly membership The Bubble might just be what you need. For focus, for goals, for accountability and more. You can learn more about The Bubble here or if you’d like to chat, pop me an email at firstname.lastname@example.org