The Fastback to Freedom – 8 critical elements to becoming financially free quickly
Date: March 24, 2015
Name: The Fastback to Freedom – 8 critical elements to becoming financially free quickly
Presenter: T Harv Eker
Many entrepreneurs pursue freedom in time and money. Moreover, entrepreneurs are looking for the ultimate direction towards their financial freedom. In this webinar, T Harv Eker will introduce the 8 elements for entrepreneurs to achieve their financial freedom quickly. T Harv Eker is a top motivational speaker and author. He designs many programs that support many entrepreneurs to breakthrough their beliefs and obstacles. This presentation will inspire many entrepreneurs to expand their limitations on financial freedom.
T Harv Eker starts his journey by changing his misconception of the words “money” and “freedom”. Eker originally believes making money is the only element in the financial game, but he later realizes money is the only factor of the equation. Even if entrepreneurs are rich, they still need to keep the money to continue working. Ever emphasizes it is all about choices. Rich is not equivalent to freedom because their both strategies are different.
Eker will direct entrepreneurs to the right direction of financial freedom. With the right strategies, entrepreneurs will reach financial freedom faster than ever.
Eker designs the Freedom First Formula and he will share his 8 steps of freedom first formula
Step #1: Have a goal and have a plan
Entrepreneurs need to have clarity. They need to know exactly how much they need to be free. Eker is not referring this to net worth, yet he wants entrepreneurs to focus on passive income. Eker mentions entrepreneurs should know how much passive income is enough to live in their desire lifestyle. This will determine what strategies entrepreneurs need to approach their destination. Moreover, many entrepreneurs do not have a freedom plan.
“No plan, no way”
Step #2: Freedom mindset
Many entrepreneurs have a preset mindset from their parents mindsets. Eker believes it depends on the choices. If entrepreneurs continue to have non-support thoughts, they will never achieve financial freedom. Therefore, Eker suggests entrepreneurs to be aware of their mindsets.
“Revise income strategy by changing mindset on their limitation”
Step #3: Spend less than you earn
Entrepreneurs need to accumulate their wealth immediately. The wealth is considered to be entrepreneurs’ soldiers. If entrepreneurs get rid of their soldiers, they will not have anyone to help them fight for their battle. Eker believes it is critical to be aware how much they earn. Entrepreneurs need to understand where they spend their money. By eliminating the unnecessary expenses, entrepreneurs can start compounding their wealth. Eker shares rich people think long term and have one eye in the present and one eye in the future. Furthermore, poor people have both eyes in the present and blind in the future.
Assumptions are created by people and people are the creature of human behaviour; therefore, if people think they can spend their money now, they can assume they can spend the money later. Entrepreneurs tend to do what they do before, so Eker suggests entrepreneurs to start accumulate wealth right away.
Step #4: Manage your money or money manage you
Eker believes rich people can be good money manager and poor people are poor money manager. A good managing money system is to separate their wealth into different accounts with different purposes. Eker wants entrepreneurs to think money as baseball, and money cannot play on one position to win. Therefore, they need to put in different accounts for different functions.
Eker suggests entrepreneurs to have this habit and miracle will come. In addition, bad money managers will lead to disaster.
Step #5: Earn a lot more money
Eker have the theory that more entrepreneurs start with, more it can come in. If entrepreneurs can earn more, financial freedom will come faster. However, people are stuck or limit to their earnings. Anyone can earn more by changing their strategies and actions.
Eker shows money can come from other people. In order for other people to give entrepreneurs money, they need to solve people’s problems.
“I am a problem solver”
If entrepreneurs have solutions for others, people will support entrepreneurs. The more problems entrepreneurs solve, the more earnings entrepreneurs can make.
There are 3 factors that prevent entrepreneurs to earn more earnings.
- Entrepreneurs do not know the main problem
- Entrepreneurs do not articulate the problem
- Entrepreneurs do not solve problems for a lot of people
Eker believes entrepreneurs can set a business to help people. Anyone can do it if there is a system to help others.
Step #6: Power of appreciation
Entrepreneurs need to look for values to increase, and reinvest the appreciation for compound. Entrepreneurs need to reinvest to grow wealth. The issue is entreprenurs do not know how to invest, so they either loss hard earning money or let money do nothing. Eker believes it is important to determine the appreciation investments vehicles that will increase the values in the future. Entrepreneurs need to be careful who they work with because people can push recommendations with the wrong reason. By first understanding the right system, entrepreneurs can filter out the nay sayers.
“You make money when you buy, not when you sell”
“Know how to buy and when to buy”
Step #7: Create massive passive income
Eker emphasizes entrepreneurs who earn a lot from work do not mean they are financial freedom. It is important to make money without using their time.
Eker shows there are two types of passive income.
- Passive income investments
- Passive business incomes
Passive income investments are fixed amount and that are concentrated on cash in instead of appreciation. Passive business incomes come from business with simple system that works without entrepreneurs. Entrepreneurs can either build a system with existing business or buy a low cost systemized business model.
Knowledge is power and entrepreneurs need to seek opportunities to earn more passive income. Reposition the fund and invest in passive income business.
Step #8: Contribution
It is entrepreneurs’ duties to help others. Millions of people have less than one decent meal a day. Most people are good for themselves but people need to do more for others than themselves. Contribution can motivate entrepreneurs because universe will support people who help others when they are in desperate.
“Good things will happen”