STEP 1: Make up Your Mind and Setting Your Goals

The first step to any form of planning is to determine your objectives and to set your goals. Although it's the easiest to do, most people do not do it. So, in this case, please take a piece of paper and write down your financial objectives and goals.

Keep it sweet and simple. And constantly refer back to remind yourself of the goals that you have set. Trust me - you will forget your objectives and sway off course if you do not have your goals documented.

Decide on what you would like to achieve financially; develop a plan to achieve it; stick to it to make sure that you stay on track with your objectives. Put your mind, soul, and determination to achieving these goals and you will arrive in time.

Your goals should contain:

- Your Targeted Net Worth
 
- Your Targeted Monthly Residual Income

- Your Starting Capital

- The time (in years and months) to achieve these goals

- How much time per day would you allocate to achieve the above goals?

For starting capital, it's best to only use risk capital because when you are using your live savings to achieve this, you would normally be too fearful to lose, that is when you make emotional, instead of rational, decisions. As we know, in any business, emotional decisions will, most of the time, turn to bad decisions. We are talking about your financial future - so please make only rational decisions - consider all possibilities when things don't go your way.

Now that we have decided on your goals and your starting capital to achieve these objectives, we are now ready for Step 2 - Achieving Financial Freedom.