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7 STEPS TO FINANCIAL INDEPENDENT

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					7 STEPS TO FINANCIAL INDEPENDENT
STEP 1 – What the Financial Independent
For examples; a business owner looking for financial independence to come from an overall sale of
their business in 5 years’ time at a minimum of $5 million.

Or, it could just be 6 month living costs saved in the bank, or maybe the replacement of a main
salary.

To some it means freedom to choose what they do every day and know there is always enough pay
my bills and fund a required lifestyle.

STEP 2 – WHAT’ THE Number
What is the figure needed for you and your family to live each day, and how does that translate to
business turnover? How much is needed in real terms?

STEP 3 – Your Income Vehicle
What generates the required income? There are so many ways to create income or gain financial
strength that most business owners will have multiple vehicles on the go. This allows them to better
leverage their assets including their time. Knowing the end goal is paramount for tax efficiently too.

STEP 4 & 5 – Leveraging & System
The fourth step is creating a structure in business and life that works. Financial independence is
gained by the business owner allowing and trusting others to help. Systems put in place will allow
time and money to be leveraged better.

Leveraging time is a key step to gain freedom from day to day business. Part of leveraging is systems,
whether it’s the right accounting systems and cash controls to make sure VAT gets on time, or the
right people systems so that create a feedback mechanism for customers and teams.

STEP 6 – Letting It All Go
Knowing what financial independence looks like, working out the number and the vehicle, allows
maximum leverage, letting go of controlling the outcome, which means trusting the system that
have been put in place.

STEP 7 – Review Regularly
Things move, times change, learn to adapt and change to keep on track. By focusing on systems you
can actually earn more from less. Even if we don’t change, technology does, and by reviewing what
it allows the journey to get there to be shorter.

				
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