Become the master of our own finance

Become the master of our own finance

Many of us spend our whole life doing the things that are supposed to lead us to a great life but actually lead only to more struggle, stress, and insufficiency. It’s because instead of choosing to cultivate confidence about finance and become the master of our own financial reality, we chose to operate within the limitations of this reality. We have chosen to be in agreement with everyone else about what is. We have rejected what we could have.

One of the areas most critical to creating a great life is also the area that gets the least regard. Think about that for a second. Choosing to operate within the limitation of this reality has more appeal to most of us than choosing to become the master of our own finance, and have financial freedom. How ludicrous is that? Lack of financial literacy is the one thing standing between most of us and being abundantly wealthy.  Our lack of financial literacy leads to making poor financial choices that then have negative consequences on our financial well-being.

Being the master of our own finance is about more than just making good investments. It's just as much aboutthe behaviors, the attitudes, habits, mindset, and outlookswe possess about money that is applied to our daily life, as well as the priorities we choose to live by. 

The good news for most of us is that we can change the points of view that keep us from being the master of our own finance. The way to start off on the path is to make a simple choice to acquire the ability to understand how money works in the world,  how to manage and invest it with awareness.  The most important step in becoming the master of our own finance is to spendtime to financially educate ourselves and learn to have our money make money in the way that works best for us.

Creating great wealth and being the master of our own finance is within our reach. It’s been done by many people before, and it is truly possible for each and every one of us if we choose to become prosperous and wealthy. But it requires us to be and do different to create a different reality. Many of us choose what feels familiar or comfortable. But if we’re choosing only what feels familiar and comfortable, and if we continue to choose the same things we have always chosen, we will continue to get the same results we have always gotten.

The keys to becoming the master of our own financial reality:

  1. The willingness to step out of our comfort zone. Start looking at what else we can create and what we can do that will create a different result. Live in the question “What can I do different that will create a different result?” This question will keep us in the forward motion of creating wealth and having financial freedom.

  2. Acknowledge what it means to become the master of our own financial reality. It is important to have a clear insight of our underlying vision, desires and priorities. We can start by asking ourselves, ‘What do I want to create as my life?’ What do I want to do in my life? How do I want to live my life? What does it mean to me to be the master of my own financial reality?’ Knowing what we would like to create will lead us to what we’re looking for. If we don’t have a clue about what we’d like our life to be, we have no idea what to choose or where to go. We don’t know where to put the energy to generate our life.  Everything we choose in our life is based on the energy we’d like our life to be.

  3. Managemoney well and have clarity about our money flows. We must know how much money is coming in and how much is going out…. how much revenue we are generating and how much money we’re spending on our expenses. Create a system for tracking our daily, monthly, and yearly expenses. To become the master of our own financial reality we have to be serious about money management.

  4. Cultivate the ability to acquire multiple streams of income producing assets, as well as understand the practice of balancing and rebalancing investment portfolios.  Establishing personal investment objectives and long-term investment strategies prior to making investment decisions is the ultimate solution to achieving financial freedom. A clear investment strategy will enable us to look beyond the moment and put into perspective why we are investing in the things that we do and why we are spending our time today as we are. With clear strategy and through consistent rebalancing, we can ensure that our portfolios remain adequately diversified and proportionally allocated.

  5. Discover how to build net worth by owning income generating assets and make the money really work for us, instead of just focusing on creating cash flow. It's generative assets that produce recurring income that create real wealth, because these assets grow and revenue flows from them. One of the reasons most people don't have financial freedom is they spend all their time and energy focusing on producing cash flow. Cash flow gets us through life and allows us to just survive in this reality, but acquiring multiple income generating assets will create financial freedom and different possibilities for us. In order to build a generative net worth, we must first understand the difference between an asset and a liability as well as understand how to make tax-conscious investment decisions.