Ditch the Rat Race

Assets put money in your pocket. Liabilities take money away from you. Once the income from your assets covers your needs, you are financially free and are no longer at the mercy of your employer and your next paycheck.

The process to become financially free is:

1) Invest in Assets

2) Eliminate Liabilities

3) Until the income from your assets covers your needs.

 

Assets

Here's an example of an asset. 

Assets Put Money In Your Pocket

Monthly rent is $800. Monthly expenses add up to $600. Every month, you put $200 in your pocket.

 

Liabilities

Liabilities

Liabilities take money out of your pocket.

Any liabilities that you don't really need are unnecessary burden that you carry every month and pay for with your hard earned paycheck. 

On average, a Canadian household is $12,000 over budget per year.
Cutting unneeded liabilities will help you reach your financial freedom goal.


Here are some examples of liabilities, which take money out of our pockets:

amazon subscription
audible subscription
cable TV
car
cell phone
cleaning service
credit card debt
gym membership
home phone line
ink re-fill service
lawn and snow care service
netflix subscription
primary residence
timeshare
weed removal service
wine delivery service
window cleaning service

Financial Freedom

Wealth is a measure of how long you can survive for, without a paycheck and without changing your lifestyle.

Make a decision to become wealthy, by

1) investing in assets and
2) eliminating liabilities
3) This will lead you to financial freedom

 

Here's a result of a survey showing why Financial Freedom is important to many of my readers.

What's your why? 

 

 

 


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