Well well. The move is complete and things are about to get serious. I’m currently meeting with dozens of people a week for one on one consultations around the L.A. area. I’m working on a few specific personal finance related products to be released as well. All while riding a nice little rally in the stock market (cha ching!)
I know that many of you may feel overwhelmed or stuck in neutral when it comes to debt or your financial journeys. I wanted to give you a quick update and most importantly make sure you all know that nomatter where you are on your financial journey, you are making progress (well unless you’ve allowed yourself to be stuck in step 1).
To better help you understand this, the following are the seven stages to your financial journey and ways to figure out which one you are currently on:
Step 1- Denial or ignorance to the truth. You’re completely trapped in the debt credit/matrix and having no idea that you are truly broke underneath all of your fronting.
Step 2- Exploration and Acknowledgement of the truth. You know somethings completely wrong with the way the world works in regard to money but you just dont know exactly what it is or how to fix it. In this stage you begin to fish around for proper education on personal finance.
Step 3- Absolute anger. You have been exposed to the truth of whats going on and you are now completely fed up. At this point you are gaining momentum in your pursuit of knowledge on financial matters yet the more you learn, the more you feel the walls closing in due to all of the stupid sht you’ve done financially. The more youre able to accurately calculate the totality of your financial bondage, the harder it seems it will be to climb out of it. You’re both completely against the wall and at the same time completely ready to break the cycle…yet you acknowledge ignorance was bliss.
Step 4- Your anger has propelled you into an all out war against debt and slavery. You’re budgeting, agressively fighting and paying down your credit cards, car loans and medical bills. You see progress, yet due to your intense battle with debt, you have no leftover funds to begin to agressively save and invest for you and your kids futue. You have however established priorities and have included health insurance and proper car insurance in your monthly expenditures.
Step 5- You’ve paid your extremely high interest bearing debts and have gotten quite along ways through your debt snowball plan. You still have student loans and maybe even a mortgage left. You are now making regularly scheduled deposits in your investment accounts while also focusing on knocking out the remaining two monsters.
Step 6- Debt Freedom! It has been a long time coming. You have never seen such a powerful cash flow each month with nothing to pay and youve never seen so much money pile up in your accounts so quickly. You rejoice. You spend a little on yourself to celebrate. You make a pact to yourself to never allow yourself to get in that position again. You also promise that you will go full fledge into wealth generation mode through investing, starting your own business or buyin income rental properties (cash only ofcourse).
Step 7- You have been enjoying your financial freedom for sometime but realize the only way for you to be truly wealthy is by uplifting the next person in your community. So you seek out someone as unfortune to be stuck in step 1, then you completely change their outlook on life and their family tree. A new cycle of wealth begins vs the previous cycle of poverty.
Just remember- It all either begins …or ends..with you.