James Malinchak's Five Secrets To Financial Freedom Article 2 of 15
Money is Not the Root of All Evil
Before we get into the steps for financial freedom, I'd like to dispel a myth. Money is neither good nor bad. Money is what you make out of it. It's what you decide to do with the money that makes it good or evil. If you use your money to provide homeless people a place to stay, has money done something evil? No. If you donate money to clothe somebody's back, give somebody a job, pay for an operation, or put food in a kid's stomach, money isn't a grave thing. Definitely not.
If your church is in serious need of a new roof, and you are able to open up your checkbook and write a check that will enable the roof to be fixed, is there evil in this? Obviously not. In fact, it'll bless the members who get to come back to a church that no longer leaks. Of course, if you're using the money to harm others, then the improper or selfish use of money can lead to adverse things. However, the money itself isn't a bad thing. The money is pure. It does not care where it goes. It's what you decide to do with that money that defines what money is to you and others.
My good friend, Mark Victor Hansen, co-creator of the bestselling book series Chicken Soup For the Soul, and who also co-authored 2 other books called The One Minute Millionaire and Cracking the Millionaire Code, taught me this lesson about money. You need money freedom because money freedom will give you time freedom. When you have time freedom, you've got relationship freedom, which means you could spend time in the relationships you want, whether it's with your spouse and your kids, volunteering your time in the community, or just enjoying life.
That is why I do not believe money is a bad thing. In fact, the more "free money" you have (i.e. money that you do not need to pay a bill or pay off debt), the better you can do for other people. Do you know what else I found? The more money freedom you have, the less stress you have in your life. I heard somebody say this phrase a long time ago, and I certainly believe it. "I have been poor, and I have been wealthy, and wealthy is better." Money is like a tool-like a hammer. A hammer can be used to break something, but it can also be used to build something great. It is the intention behind the tool that determines the outcome.
The ABC Method
Financial freedom-we all want it. Therefore, now is the time to talk about how to achieve financial freedom. The first thing you have to do is figure out where you are right now by using what I call the ABC Method. The ABC Method is a simple way of assessing your current situation. The ABC Method is determining where you want to be, and then building the bridge to get there efficiently.
A-This is the starting point where you determine where are you right now financially. This means you need to list all of your debts and liabilities. You need to know as much as possible about everything that you own and owe to anybody or any entity. This is where you list each and every debt or obligation with the details of how much you owe, the principal balance, the payoff balance, the interest, the payment dates, and anything else you can think about that's related to paying these off. You'll have to assess: What are the real values of your assets? What interest rate are you paying on every debt? How many years do you need to pay off every loan?
Before we get into the steps for financial freedom, I'd like to dispel a myth. Money is neither good nor bad. Money is what you make out of it. It's what you decide to do with the money that makes it good or evil. If you use your money to provide homeless people a place to stay, has money done something evil? No. If you donate money to clothe somebody's back, give somebody a job, pay for an operation, or put food in a kid's stomach, money isn't a grave thing. Definitely not.
If your church is in serious need of a new roof, and you are able to open up your checkbook and write a check that will enable the roof to be fixed, is there evil in this? Obviously not. In fact, it'll bless the members who get to come back to a church that no longer leaks. Of course, if you're using the money to harm others, then the improper or selfish use of money can lead to adverse things. However, the money itself isn't a bad thing. The money is pure. It does not care where it goes. It's what you decide to do with that money that defines what money is to you and others.
My good friend, Mark Victor Hansen, co-creator of the bestselling book series Chicken Soup For the Soul, and who also co-authored 2 other books called The One Minute Millionaire and Cracking the Millionaire Code, taught me this lesson about money. You need money freedom because money freedom will give you time freedom. When you have time freedom, you've got relationship freedom, which means you could spend time in the relationships you want, whether it's with your spouse and your kids, volunteering your time in the community, or just enjoying life.
That is why I do not believe money is a bad thing. In fact, the more "free money" you have (i.e. money that you do not need to pay a bill or pay off debt), the better you can do for other people. Do you know what else I found? The more money freedom you have, the less stress you have in your life. I heard somebody say this phrase a long time ago, and I certainly believe it. "I have been poor, and I have been wealthy, and wealthy is better." Money is like a tool-like a hammer. A hammer can be used to break something, but it can also be used to build something great. It is the intention behind the tool that determines the outcome.
The ABC Method
Financial freedom-we all want it. Therefore, now is the time to talk about how to achieve financial freedom. The first thing you have to do is figure out where you are right now by using what I call the ABC Method. The ABC Method is a simple way of assessing your current situation. The ABC Method is determining where you want to be, and then building the bridge to get there efficiently.
A-This is the starting point where you determine where are you right now financially. This means you need to list all of your debts and liabilities. You need to know as much as possible about everything that you own and owe to anybody or any entity. This is where you list each and every debt or obligation with the details of how much you owe, the principal balance, the payoff balance, the interest, the payment dates, and anything else you can think about that's related to paying these off. You'll have to assess: What are the real values of your assets? What interest rate are you paying on every debt? How many years do you need to pay off every loan?
About the Author:
James Malinchak, Featured on ABC's Hit Television Show Secret Millionaire, is regarded as by many professionals as the World's #1 Big Money Speaker Coach and Trainer. For Absolutely free Video Trainings concerning how to receive money to speak and the ways to be a motivational speaker, go to http://www.millionairespeakersecrets.com/.
posted by Vittoria @ May 07, 2013
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