Planning for Financial Independence

In order to have the proper mind set for financial independence (a millionaire mind set), you need to decide exactly what you want. This includes: total desired net worth, your desired income during retirement, the total cost of toys, hobbies, homes and amenities that you want to enjoy, the annual amounts you want to give to charity, and you will need to decide how big of an emergency fund you will need. Be honest with yourself in deciding and writing down what you really want. Write down your real desires, their cost and add up the total.

The next thing you need is a plan to reach your goal of financial independence. Your plan needs to include a budget, debt reduction (if you have debt), education goals, a business plan, a marketing plan, and any other plan you need to make before you can become financially independent. Again, be honest in your planning. Investigate and seek professional advice from lawyers, CPA's, etc, as needed. Another person should be able to read your plan and completely understand it and see it as workable. Plan in advance how to deal with the problems that will happen as you attempt each part of your plan. You may have to deal with a bad economy or scummy salespeople, etc.

It is a good idea to consult with your mastermind group. Your mastermind should be able to assist in planning and identifying obstacles.

After you have written your goals and plans, now is the time to take action. Now it is time to launch your plan. This means work, taking risk, and hopefully, launching a business of your own. Now it is time for motivational audios while you drive, powering through problems and cutting yourself off from imbeciles. After your business or career is up and running, you are selling, and doing even more research and promotion. You are after customers.

As soon as you are successful, immediately start saving at least 10% of your income. If you can't save money, the seeds of greatness are not in you, says W. Clement Stone.

Before you begin your days, in the beginning of your new plan, type up a page of your greatest accomplishments and read it to yourself. Start when you were young and progress to today. What were your best accomplishments? Write or type them. Doing this exercise focuses you on your own success. You probably don't want to charge into a meeting or presentation feeling like you are not capable.

If your career or venture does not start out as you planned, do what Tony Robbins says to do and change your approach. Don't quit the goal, change the approach. Again, be honest with yourself in the assessment of yourself and your team.

David K Drews is the web master of http://www.renegadeuniversity.net a site that will assist you in planning your escape from the rat race. David is also the author of "The Black Book of the Mastermind." David is studying for an MBA and has been an investor for 20 years.

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