Maybe some of us are actually in the brink of financial bankruptcy
but so afraid to admit. A sick person can only seek a doctor's advice when he
accepts that he is really sick. The same goes with your financial health. If
your pride is bigger than the universe then don't expect miracle to happen in
your finances.
More than five years ago when I first sat down and discovered how
financially sick I was. No assets, only liabilities. With the dreams I have in
mind, there's no possibility at all to achieve them unless I should do
something. So I decided to left my country and work abroad. The realization
came when I did the following:
1. List down all your Assets and Liabilities
Write down all your debts whether
interest bearing or non-interest bearing. Money or things that you owe are
called liabilities. When I
said debts or loan, it means every money that you owe even to family members.
Once you have the total amount, ask these questions?
a. With your current
income, how long it will take for you to pay them? If it will take you a lifetime,
then what are you waiting for? Do something about it NOW!
b. If you're going
to pay your debts at this very moment, do you have investments or properties to
sell like house and lot, cars, equipment, etc.? These are called assets. In my case, I don't
have assets to declare, only liabilities.
This is the most important step: know first your financial health.
This will be your guiding map and by this map, you will realize how far or near
you are to your financial goals.
Let's go to the next step.
2. List down all your dreams
Listing alone your debts will either drain your energy or push you
beyond your comfort zone. I believe in balance that's why I recommend for you
to list down also all your dreams. The Law of Clarity says it should be
specific. If you're dreaming of having a car, you should know the color, the
model, the cost and the exact date you want to achieve it. It goes with the
rest of your dreams.
With your dreams on one hand, and your financial health on the
other hand, I'm sure you will have a balance perspective of your financial
journey.
After five years of working abroad, it dawn
on me that I'm really racing against time. I need to maximize my earning
potentials, have a multiple source of income to fast track my financial
journey. I must say that I already won the half of my financial battle and
looking forward of achieving my financial freedom in two to three years from now.
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