Monday, August 22, 2011

Financial Freedom: What does this mean?

In my business I’m constantly challenging the notion of the “struggling artist.” Certainly many people nowadays, including artists and creatives, are trapped in the Month-to-Month financial game. However this happens no matter what industry you are in and how much income you make. I’ve had clients earning over seven figures who scrambled every month to make payments. 

Working in banking many years, I learned that Financial Freedom is highly subjective and personal. For some, it means living “comfortably” now and when they retire. For others, it’s having millions of dollars set aside to be able to live whatever lifestyle they wish.  

Whatever it means to you, Financial Freedom starts with Saving. In order to save, you must have an idea of your budget, income and expenses. It may not be easy at first, but saving requires discipline. The beauty is that small actions today have a great effect on what happens to your tomorrow.  

How about being a slave to debt and your expenses? We’re in one of the worst debt crises of all time. Yet, if you are disciplined, you can begin to turn around your life from a position of indebtedness to independence.  

Even with a financial background, I’ve made mistakes with money. It was glaringly apparent when I became an arts entrepreneur and had to deal with fluctuating income. Fortunately, I used my past experience as a wake up call to learn and implement “the way”!  

We all need a Plan that works, and stick to it. Financial Freedom doesn’t happen overnight. It takes time to get out of indebtedness, and it takes time to build a nest egg. BUT, you can begin to change how you manage your finances immediately, which can lead you to a positive path. Little by little you’ll find your way to your golden eggs. It just takes the first step.

Remember the great quote by Vincent Van Gogh: “Great things are done by a series of small things brought together.” 

*This article is derived from Ch. 9 on Business from my new e-book Sculpt Your Life From Sketch to Masterpiece(TM) designed to give you the 12 Strategies for Success!

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1 comment:

  1. Wow! This article really hit home! I am a business owner who has generated an outstanding income, however, I spend everything. I have NO DEBT....I needed to hear about saving though.

    Thank you,

    Natasha Amarelle
    The Accessory Connection Inc