STEPPINGSTONE TO YOUR FINANCIAL FREEDOM

How comfortable are you with money?

Up till past few years now, for the majority of my life, I wasn’t comfortable with it at all.

The problem with being uncomfortable with money is that instead of attracting it, you push money away. As a result, it has always been in shortage with me.

However, when I started to get comfortable with the idea of money, everything began to change. Before long, I knew I’d never worry about money again.

So how about you…

Can you see yourself being in a position of never having to worry about money again?

Instead of brushing this question off, think about it for a few moments and answer it honestly. Your response will help you begin to understand how comfortable you are with money.

Whether or not you currently feel comfortable with money, what you’re about to learn can put you on the road to financial freedom.

If you can already see yourself enjoying abundance, you’ll find strategies below to help you get there sooner than you might expect.

And suppose it’s difficult for you to imagine never having to worry about money. In that case, the following exercise will help you develop a healthy attitude towards money so that you start to see yourself having a lot of it.

A fun exercise to change your money mindset

Get a Rs 2000 note (or the highest denomination bill/note in your country's currency) and put it on the outside of some other notes/bills. Make the bunch as thick as you can. If need be, cut some paper the size of rupee/dollar bills and add them to the bunch. Then, put it in your pocket or purse.

Now, here’s the key to the exercise.

Don’t spend any of the money; just carry it around with you and play with it for 30 days. Pull it out from time to time to look at it and count the money.

The more often you touch and handle the bunch, the more comfortable you’ll start to feel with having money. And the more comfortable you feel with money, the more you’re going to attract.

The feeling of wealth

You are capable of earning as much money as you want. However, if you don’t believe that’s true, you’re never going to make a quantum leap in your income.

So, you must build the idea of wealth and abundance into your mentality. And you do that by thinking about and ‘feeling’ wealth and abundance for about five minutes, three or four times a day.

Your subconscious mind attracts whatever you impress upon it repeatedly, whether it is the idea of WEALTH or earning an ORDINARY INCOME.

Choose WEALTH.

An interesting fact

In Think and Grow Rich, Napoleon Hill said, “If you are one of those people who believe that hard work and honesty alone will bring riches, perish the thought; because it’s not true. Riches, when they come in huge quantities, are never the result of hard work. Riches come, if they come at all, in response to definite demands, based upon the application of definite principles, and not by chance or luck.”

Wealthy people are not lucky. Most of them do something that other people don’t do—they create multiple sources of income (MSI).

Having MSI is the same idea as diversifying your investment portfolio. That way, when one income stream suffers, the others make up for it. And if none of them are suffering, then you’re making a lot of money.

Unfortunately, most people were not conditioned to think of earning money in this way. We were taught to generate all or most of our income from a single source—a job or business. Therefore, even if we want to create MSI, it’s not easy to figure out where to begin without guidance.

Do you have the wrong idea about MSI?

You may think creating multiple sources of income means getting a second job or starting a side business.

The problem with jobs is that you get paid only while you’re working. And since there are only 24 hours in a day, there’s a cap on your income. If having a job or two us is your only source of income, it’s going to be difficult, if not impossible, to attain true wealth. The same is true if you rely solely on income from a business that you run and manage.

However, if you add passive revenue streams to your job or business income, it allows you to make money around the clock, leveraging your time to the fullest. It’s like planting a seed. It doesn’t grow only when you water it. It grows all time. With passive streams, you can earn money without having to be there, too.

Passive income is earnings beyond your current job, vocation, career, or livelihood. Creating MSI allows you to multiply your current income by providing service beyond what you are currently providing at your primary source of income.

What’s your pleasure?

There are countless ways to become wealthy. And if you choose wisely, MSI can add a new dimension of excitement and fun to your everyday life as you build your wealth portfolio.

I recommend that you start by choosing a few potential sources of income that you will love, want to do and that you have confidence in.

For example, maybe you’ve wanted to write a book or considered creating a course that you can sell over and over. Perhaps you have a great idea that you could license or get paid to refer people to a great program or company you love. Or maybe you’d like to get into real estate.

There are countless ways to create multiple sources of income. Here’s an exercise to open your mind to the idea and get your juices flowing:

1. Create a mind map that’s related to your current source of income. Write what you currently do for a living in the middle of a piece of paper and draw a circle around it. For example, if you sell cars, write car salesperson in the center of the page and circle it.

2. Let your imagination run wild. Relax and think of all the products (e.g., a book or online tutorial on how to negotiate and get a great deal on a car) and) you can create that relate to your current line of work.

Draw several lines from the center circle on your paper, so it looks like a spider. Each time you think of a new product or service, write it down at the end of one of the lines and circle it.

If you think of an offshoot that’s related to one of your previous ideas, be sure to connect it (via a line) to the appropriate product or service.

3. Identify passive income sources. Make a list of the passive income sources on your mind map that you would enjoy creating or doing. A source of passive income is something that you make once, and then it continues to generate income with little or no input from you.

Once you’ve completed your mind map related to your current income, create a second mind map based on things you’re passionate about, would love to do, or would love to learn more about.

When you’ve finished your mind maps, choose a few ideas to start with and build your portfolio over time. The compensation you receive from each MSI will vary. Some will be minimal, while others can eventually be substantial.

Your ultimate goal is to become financially free from the totality of your various sources of income.

Where the creative process starts

It takes only one, well-executed big idea to harvest a million dollars from a single stream of income. However, it’s important to remember that you don’t have to hit the ball out of the park on the first swing.

This isn’t all or nothing. If your first attempt only generates a couple of hundred dollars a month, that’s a significant step in the right direction. It doesn’t mean that it’s all you can do or the best you can do—it’s just the first step.

Just create the picture in your mind of how you will live when you reach your income objective and understand that the creative process has begun.

It’s not essential that you feel comfortable with or believe that you can become financially free at this point in the process. By constantly visualizing the picture of financial freedom, it will eventually become a desire and provide the necessary motivation to discipline yourself in forming new habits. And new habits will create exciting new financial results.

Always Grateful,

Chirag Kansal