As a Money Coach™, I find that I teach people things about money that they don’t even know they are supposed to know. And if you spend any amount of time researching how average earning South Africans have built their wealth, you will be very surprised that it’s simply because they don’t take their eye off the prize. And, by prize I mean their financial freedom.
So how do you achieve financial freedom?
Step 1 – Make sure you own your own money.
In South Africa the average debt to income ratio is at about 76%. This means that out of every R1,000 that the average South African earns, R760 needs to go towards paying their debt. This is why most people are actually living on credit, which if you haven’t worked it out is someone else’s money.
Step 2 – Keep your eye on the prize. Your financial freedom! Remember?
Once you have freed yourself from debt, you need to focus on building your own pile of money. And building it big enough, so you can pay yourself a salary each month – from your own money. This way you will no longer need to rely on your boss or customers for money anymore. You will be free. Financially free.
Sounds simple? It should, because it really is.
If you are in too much debt then you spend your time every month working to pay lots of interest and charges to lenders. That makes them wealthy, not you. So get rid of it.
Once you have eliminated your debt and can start saving and investing properly you will start building your wealth. Maybe slowly at first, but you will be on your way. That’s how most wealthy people start out, so don’t feel too bad if that’s where you’re at.
Step 3 – Keep going.
Because that’s how investing works. Keeping your eye on the prize is vital because becoming financially free takes time. This is why today, we are seeing thousands of learners who began their financial journey courtesy of Truth about Money, now using the same interest that used to keep them poor to build wealth for themselves and their families!
There’s an old saying, ‘the devil is in the detail’. Me? I prefer the other side of this coin. When it comes to money, God is also in the detail. When you know what you need to know about money, and you understand the detail, you can set yourself free. (And as my kids would say, true story.)
If financial freedom is your goal then why don’t you go to www.truthaboutmoney.co.za and register for The Financial Independence course? You will learn how wealthy people think, act and plan their lives to win, financially.
And the beauty is this course is available at over 44 Boston City Campus and Business College’s around the country and would normally cost you R2499, but if you apply through Truth about Money, they will pay for you to go.
I swear, I know that sounds ridiculous, but click on the link, fill in the application and I’ll be seeing you on the course.
Author: Gary Kayle – Money Coach™ @ The Money School