This month at the Training Kings Christian Business Dinner event in Manchester, Francesca who is the Managing Director of Training Kings, shared 4 basic steps we could all take towards achieving financial freedom. We discussed what Financial Freedom might look like for each of us, the steps we could and will take to achieving that goal, and when. Some of the nuggets picked up from the evening where:
Step one - WHY:
We all had different reasons as to why we would like to be financially free, but the most common answers were freedom and, time and to spend with family and friends. The ability to facilitate what we felt God was leading us to do. Maybe by giving to charity or setting one up and just generally living a life of purpose without the constraints of your average 9 - 5.
Step two – WHAT is financial freedom:
You cant know how to move on, unless you know where you are starting from.
True financial freedom is being able to sit and still have money coming in. In order to objectify this in accordance with your own personal circumstances, we have to understand the exact figure we need to live on a month to month basis.
Consider income vs expenditure. Start by noting down exactly what is going in and out of your account. Carefully consider each direct debit/ Standing Order and be a little ruthless. If you have a gym membership, do you actually go? What about those Netflix subscription, do you actually watch Netflix enough to merit the subscription? Have a clear picture of all your incomings and outgoings and make immediate changes to reduce non essential outgoings.
Step 3 - HOW:
Once you have the figure as to how much you need to live on each month, the next step is how!
Some of the ideas on how to work towards financial freedom included opening an Amazon store, Online courses, Hiring out equipment, Investments, Property, Inheritance and Interest. Whilst they might all be good ideas, its not one size fits all. Consider what works well with you and focus on becoming established on one or two areas to start with.
Step 4 - WHEN:
Final step is when. This will always be now!
We all have 24hours in a day and the way we prioritise the things we do on a daily basis will identify what we really value. Someone once told me, “you make time for the things, you want to do” this is because they are what’s important to you. Think about what you can do now and diary in tasks and time to work towards your strategy.
Final bit to consider is have faith and be very intentional about what you need to do, write down what you are going to commit to and have an accountability partner for encouragement.
We are looking forward to seeing you at our next Training Kings Manchester, Christian Business Dinner event. We meet on the first Thursday of every month for networking. Training Kings was founded by Samuel Leeds to inspire and equip Christians to be successful in Business.
Training Kings leader