April 22, 2008

4 Steps to Financial Freedom: ACHIEVE

Posted in 4 Steps to Financial Freedom at 11:00 pm by kimsan23

After you work on your actual financial goal setter for both the long and short term, make sure to start working on your goals.  Our second step to financial freedom:

STEP 2: ACHIEVE (your goal by implementing your plan)

Implement your plans!  Look for the resources you need to grow the existing money that you have.  Make the money work for you.  Implement the plans that will predict gains and losses as well as cite avenues on how you can make your money grow.

Just because you have plotted your financial calendar to set your short and long term goals it doesn’t mean that you implement that and that only.  Implementation means a lot of dedication and focus on your goals but it also means being resourceful too.  There is nothing wrong with discovering new avenues in making money.  But always be careful when trying out something new.  The planning that you made in the first step now needs to be backed-up by research.  More or less you have set goals for certain amounts of money and timelines too.  In order to see what you can do to acheive those goals, ask yourself these  questions:

  1. How will I improve my current savings?
  2. How will I enhance my current investments?
  3. What investments are working for me now?
  4. What new investments should I get into?
  5. What are the additonal risks I need to take if I enter into a new money making avenue?
  6. How much am I willing to give up/lose when getting into new investments?
  7. Which of my assets are working for me?  If sme or none aren’t, what are my options?

Predicting losses could be really scary.  I myself am wary of getting into investments like mutual funds or the stock market mainly because I am not willing to predict my losses.  On the contrary, predicting losses helps you plan better.  It gives you a birds eye view of what your financial situation might become.  As of yet, I am looking into playing the money market– I just need to psychologically and financially prepare myself for any losses I might incur.  I have to face the reality of risks and so far, I’m trying my best to make a Plan B just incase it doesn’t work out with mutual funds or the stock market.  it pays to be ready.  Being prepared for losing isn’t being negative — it’s being ready to leave something we have not quite perfected and arming ourselves to take on new challenges.

Sometimes, to achieve, we must fail.  I don’t wanna fail though.  So I’m gonna try my best to look into every nook and cranny, to evaluate and pick the best options so that I can start the second step.

*side note: I’m going to the bank tomorrow to check out Time Deposit Rates


1 Comment »

  1. I also had my version on steps to financial freedom. I think we should exchange links in our blogrolls. 🙂

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