Cost of Financial Freedom
all me old fashioned, but I love the grind. I love it when it starts getting really heavy and hard. I love it when everyone is ready to quit and throw in the towel. I love it when I get 55 reasons why something “can’t be done.” I didn’t always love it, but I sure do now. Probably because I realized the grind is the most valuable component part to success.
So I know how all of you practice owners feel when it comes to grinding out financial success. It feels difficult and downright impossible at times. There is always so much pull on your cash flow that you never seem to get ahead and when you do, the tax man comes by and says, “thank you very much, but we will take 50% of this off your hands.”
I tell you this because there is a cost to your financial freedom. It is a not a hard dollar cost. Merriam dictionary defines “cost” as:
the outlay or expenditure (as of effort or sacrifice) made to achieve an object.
This definition is what fits the concept of cost I am referring to.
There are two costs to your financial freedom. In other words, if you want to have tons of income, no bad debt, protected assets, a business which is valuable, a reliable income stream that you don’t have to put out effort for, and time to pursue you most desired passions, you have to pay a price.
The first cost is: You must be willing to constantly be aware of your CURRENT financial condition. This first means you have to put forth the time and effort to understand certain basic financial concepts. There are plenty of really good books and seminars that will help explain basic financial terms we all should know and understand.
Secondly, you should know where ALL of your financial accounts and liabilities are located and how much you have in them or owe. I can’t tell you how many practice owners cannot name where their accounts are located, how much they have in them, the purpose of the accounts, how much they owe, the interest rate they are paying, and the risk associated with the asset. It is VITAL that you are easily able to locate, identify, and have understanding of every asset and liability that you own.
Lastly, you should have a plan of attack. You should have extremely clear and objective financial goals, a written purpose of what motivates you, and what you want your business and life to look like in the future. You should know exactly the amount of income you need to make and invest to achieve these goals and monitor this, at minimum, on a quarterly basis. You will NEVER see your finances improve if you are not willing to confront your current condition. Do this and you will be on the right path.
The second cost is that you have to be willing to stand up and fight against all the enemies of your financial success. There are the obvious enemies such as taxes, inflation, crony capitalism, government regulations, and a flawed health insurance system. At times, many of you feel like you are helpless to fight against such a system that is designed to keep you as a wage slave. But you are not defenseless. You can fight back!
You are in control of your sphere of influence. You can motivate your employees, avoid complacency, train harder, quit complaining, get rid of needless stuff, write a battleplan, use social media to promote yourselves, quit buying equipment you don’t need, demand accountability, set big goals, get out of debt, and 100 other things that will have a direct impact on making your financial scene better.
Don’t ever tell me that you can’t do something to fight back—I will NEVER believe you.
There are 7 billion people on the planet. Very few of us have the courage to take the level of action necessary to ensure we will be financially free. I know you can be one of them. Pay the price now and live a life that you, your staff, your community, and your family can be proud of.