"7 STEPS TO FINANCIAL INDEPENDENT"
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.