Are you following this approach to financial freedom?Aug 28, 2023
Welcome to the Language of Money Blog! In this inaugural post, I want to share my thoughts and overall philosophy on money with you. Let's get one thing straight from the start: I'm not here to promise get-rich-quick schemes. Instead, I firmly believe that true wealth is not solely measured by money. While financial struggles can lead to fear and stress, chasing riches alone does not guarantee happiness. My approach centers around long-term wealth-building, making sound financial decisions, and using money as a resource to enrich your life and the lives of others.
AVOIDING THE NOISE AND DISTRACTIONS
Now, let's address the noise in the financial world. There are countless so-called experts claiming to hold the secret to getting rich. But amidst all the distractions, we must remember the most important goal: achieving financial freedom. This means having the ability to spend quality time with loved ones and the power to shape our own destinies. Our purpose on this earth extends beyond the constant worry or obsession over money.
Money is just a tool. The more we chase it, the more elusive it may become. Using money solely to fulfill our ego-driven desires only leads to a never-ending cycle of demands. As I mentioned before, money should be used to bless our lives and the lives of others. Therefore, we have a responsibility to be good stewards of our finances. I personally don't strive for excess wealth to acquire material possessions or impress people I don't truly care about. Instead, my path to financial freedom is driven by a desire to help others improve their financial well-being through business.
A FASTER WAY TO ACHIEVE FINANCIAL FREEDOM
I firmly believe that the fastest way to attain financial freedom is through business. That's why I focus more on corporate finance rather than personal finance. However, I will also incorporate essential personal financial principles into my teachings because they are interconnected. If you try to build wealth solely through wages, you may struggle to reach your goals. In fact, according to the IRS, only 8% of wealthy individuals accumulate their riches through salaries. Even if you follow my advice and consistently save 10% of your income, investing $1,000 per week at an 8% return will only yield around $1.4 million in 30 years. That may sound like a significant sum, but considering inflation, it may not provide the future purchasing power one might expect.
Don't misunderstand me, earning a good salary and investing steadily over time is a commendable path to success and financial freedom. However, many people fail to reach their goals due to emotional investment decisions, high fees paid to financial advisors, and an inability to earn a substantial net return after all expenses. Business, on the other hand, offers the opportunity to turn a small investment into vast wealth if approached correctly. But it requires knowledge and skill sets to navigate the complexities of business, the economy, and financial markets.
THE WHY BEHIND BYFIQ
That's why I started Boosting Your Financial IQ – to help people like you avoid common strategic mistakes and cut through the noise. My goal is to guide you toward the essential steps in achieving financial freedom. There is a wealth of resources available to you; all you must do is take action. I'm not claiming to be the smartest or most gifted person out there. In fact, I'm just an ordinary individual. However, what sets me apart is my ability to execute. So, let's embark on this journey together. Allow me to help you transition from a learner to a strategic financial pro. Are you ready?
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