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Get Financially Free - Part 3!

In this week's blog, we are going to look at the last points which can enable YOU to become Financially Free, in the third and final part of our series 'Get Financally Free!'. So, what have we learnt so far? We know that it is important to simplify your expenditures, manage your money AND pay yourself a wage, along with the all important formulas to enable you to do so!


Today, we will be looking at why having SIX BANK ACCOUNTS, taking part in FURTHER STUDY, and doing simple exercises can really help you achieve financial freedom!


So, lets take a look!


GET SIX BANK ACCOUNTS

Now that you have a set wage each month, it is time to get six bank accounts set up. This will enable you to manage your money, rather than your money managing you. Each time you get paid you must divide your wage into these six accounts. There are so many levels to why this is genius, but let Samuel tell you what each account should be named and how much should go into each to begin with:

Essentials - 50%

Give - 10%

Play - 10%

Savings - 10%

Investments - 10%

Education - 10%

So if your wage is £2,000, then you put 50% (£1,000) in Essentials and 10% (£200) in each other account. The percentages do not have to be exact. Samuel met a guy called Carl who after hearing this decided to have 90% for Essentials and 2% in each other account. Two years later his finances were fantastic and he even managed to leave his job.

The bible says,
“Whoever can be trusted with very little can also be trusted with much.”
Luke 16:10.

If God sees you being faithful with the little you have and managing your money well, He will release much more to you.

Let us briefly explain what each account is for:

Essentials (50%)

This is for bare necessities such as rent, mortgage payments, food, car costs & the like.

Give (10%)

This is your tithes and offerings. You can of course give more than this, but 10% is a good starting point. No matter how little you have, do not rob God. Many people tell themselves that they will give once they have more, this is not true. If you will not give now, you never will. Be a cheerful giver but a disciplined one too.

Play (10%)

This is money to be used on luxuries such as massages, fancy dinners and fun days out. You must spend this each and every month. Most arguments in the marriage are about money because one is a spender and the other a saver. If you do this, it will eliminate your arguments because you will be able to spend lavishly, but it will be a controlled amount. Everybody is a winner! It is forbidden to not spend this each month because it will make you feel rich and you will begin to see life from a position of abundance. The people who are too tight with themselves, usually end up rebelling and splashing out in an uncontrolled way later in life.

Savings (10%)

This is things that you have to save up for. A new car, a holiday or maybe some home improvements.

Investments (10%)

This is money that should never be spent but only invested into things that will generate you a passive income such as property, systemised businesses, vending machines, stocks and shares. As you do this, your income will grow over time and you will be shocked at how fast it snowballs creating financial freedom, without trying. Some ask what they should spend their investment money on though. That is why we also have the Education account.

Education (10%)

The more you learn, the more you earn. The most valuable asset you will ever have is your brain. Invest in yourself, above all. Read books, go to seminars and immerse yourself in personal development.

If you need more help with this, Samuel highly recommends reading ‘Secrets of the Millionaire Mind’ by T Harv Eker. Also read, ‘The Richest Man in Babylon’ by George Samuel Clason.

CREATE PASSIVE INCOME!

The final step to achieving financial freedom is to begin exploring ways to earn passive income. Samuel does not intend to give you an exhaustive list on ways to generate this here, but his advice is to get into property investing. You can make serious passive income very easily in property even without having any money to start with. This is a whole subject in itself but we would highly recommend visiting www.property-investors.co.uk for access to free information about how to get 50% Return on Investments and how to become financially free using property as a vehicle.

So, it's now time for EXERCISES!

1. Simplify your expenditures to as low as possible.

Utility Bills = £

Car costs = £

Rent / Mortgage payments = £

Gifts = £

Going out = £

Food = £

Tithes / Donations = £

Clothes = £

Travel = £

Emergency = £

Debt payments = £

Other = £

Total: £

(This total amount is the figure of monthly passive income that you need)

2. Pay yourself a wage and set up six bank accounts in order to manage your money, like the rich.

Essentials - 50%

Give - 10%

Play - 10%

Savings - 10%

Investments - 10%

Education - 10%

3. Learn about property investment at www.property-investors.co.uk and sign up for some free resources.


So, we have now come to the end of the 'Get Financially Free!' series, make sure you follow the steps we have discussed over the past 3 weeks AND don't forget to implement the exercises - it really will make a change to your financial future!


Keep in touch and let us know how you get on in the comments below, we would love to hear your progress!






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