Profitable Preparedness Podcast – Episode 11
Life Preparedness Part Deux… Five Areas of Focus for True Freedom
In the last episode, we discussed Lifestyle Freedom. Today we will continue the discussion by covering Money Freedom, Career Freedom, Relationship Freedom and Time Freedom
- Calculate your baseline (total cost to operate household/lifestyle)
- Do not overlook work perks that you would have to pay otherwise
- Write out a budget
- Account for the spending of every dollar that you earn
- Don’t get frustrated. We are after progress, not perfection
- Get your spouse and children on board with the budget
- There will be sacrifices but your families support is priceless
- Commit to creating a new budget every month
- You will get faster
- The more extreme you go the faster you will climb out
- Debt is designed to trap you
- Build in rewards/buffers for milestone achievement
Pay off Debt / Get Financial House in Order
- Dave Ramsey Debt Snowball
- Make Commitment to not go back to that way of life
Our grandparents and great grandparents were fully aware of the dangers of debt, but it has gotten too easy.
If you plan on tackling the debt monster, you must fully commit.
The first extra payment to your lowest debt balance is the first step to True Freedom
- Time is one of the most valuable assets on the planet
- We set ourselves up for failure from the beginning
- True Career Freedom comes from self employment
- There is no better time or place to pursue self employment
- Employees follow someone elses schedule, rules and have no security
Career freedom requires a proactive strategy, introspection, good business sense, negotiating skill, and a strong personal foundation.
As I mentioned in a previous blog post entitled, “A Bullet is Coming” I discuss how the idea of financial security as an employee is a facade. Here is a link to the blog:
First thing: Identify what Freedom means to you in as much detail as possible
Secondly: Soul search for your passion, and the skills that you naturally accel at
Third: Formulate a game plan, including the criteria necessary for Career Freedom
What type of business or career would you like to start?
Do you live or choose to live in an area with the necessary infrastructure?
Can you work remotely or will you need to be within a radius of a metropolitan hub?
Do you have the support of your spouse, family or significant other?
Does your family share your desire for the change in lifestyle?
Is there a market, or more specifically a gap in the market that you can fill?
What will you sell?
Whom will you sell it to?
How will you find your potential customers?
What skill sets do you need to develop to succeed?
- Can you reasonably expect to replace or grow your annual income with your business?
What is your baseline?
What type of equipment will you need to start your business?
What is your anticipated start up cost?
How much time will it take to ramp up?
Are there ways to reduce the ramp up time and start up cost?
- Create a filter to run any business ideas through
- Plan on doubling your anticipated start up costs and ramp up time
- Fully commit and work your tail off
Read -Reading is one of the most important things you can do to broaden your knowledge base and speak intelligently on your area of interest
What do we mean by relationship freedom?
Beneficial relationships vs. draining relationships
- Significant other/spouse
- Community members (City council, city planners, first responders, teachers, grocery check out clerk)
- Church members
- Aunts, Uncles, Grandparents
- Professional Relationships (Lawyers, Docs, Accountants, Dentists, Mechanics, HVAC, Electrician, etc)
Start by removing toxic relationships from your life
Protect Future relationships and avoid toxic people
Surround yourself with people who support your dreams and goals
Develop a charitable/helpful mindset
The best way to become successful is to help others become successful
People outgrow other people, it is a hard call but sometimes you need to let stifling relationships go to grow as a person.
Initiating a relationship break up is always hard, which is why most people hold on longer than they should. Your personal growth counts on it.
As we mentioned before, time is one of the most valuable assets on the planet.
As we get older, time seems to move faster. I believe that is because we pile more and more commitments into our schedule.
Successful individuals protect their time at all cost. If something does not fit in your game plan (goals and dreams) say no.
Successful people say no much more often than yes
If you are employed, your schedule is dictated by your boss
- What time you have to get up
- What time you go to bed
- When you eat all of your meals
- When you spend family time
- If you live paycheck to paycheck, when you pay your bills
- When you take vacation
- When you take trips (weekend or holidays)
There are tons of other people vying for our time
- School staff
- Social Media
- News Agencies
- Church members
- Community Organizations
- Everyone on the internet (good, bad and dumb)
Instead of bending to the will of everyone trying to steal your time, schedule your time. Take control of your schedule
Focus your time and create a schedule focusing on what is important
Health, Career/Money, Time, Lifestyle, Meaningful Relationships
*Rant Audio Clip: Property of Warner Brother’s National Lampoon’s Christmas Vacation*
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