Financial freedom and independence is realized through financial intelligence i.e. Your ability to create assets to generate and control CASH FLOW.
You can only become financially independent when your income from your assets exceeds your monthly expenses. What most people don’t realize is that the salary mentality leads you to financial slavery because you work to pay more taxes but the rich and successful people pay less tax.
Take Away: As an employee, you pay more tax to the government than your employer, i.e the more employees the employer has the less tax he/she pays. Think of starting a business to create cash flow and jobs so you can become financially free.
- Key Financial Intelligence words to take note.
- Income
- Expense
- Asset
- Liability
- Cash Flow
The most important of all these words that has made people successful and financially free is Asset and Cash Flow, since they work to put money in your pocket consistently. On the other hand, Liability and Expense takes money from your pocket and leads you to financial stress and poverty.
Creating a Cash Flow
What are your Assets?
- Intellectual property
- Talent/Hobby/Passion
- Acquired knowledge/skill /craftsmanship
- Landed property if it can generate cash flow
- Your network of friends/family
The importance of contact and network is to create value and impact which would in effect lead to generating cash flow so build a very good circle of friends. The people and environment you play in has a huge impact on the extent to which you can be successful.
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