To achieve financial independence, take six steps over the next “seven to 15 years.”
The steps are: “Face the facts,” “plan to become wealthy,” build “wealthy habits,” “increase your income,” “get rich while you sleep” and “retire early.”
Establish short-term, mid-term and long-range goals in every area of your life, including finance, personal achievement, health and career.
To generate wealth, use patience and practice to establish new financial habits.
Diversify your pursuit of wealth through stocks, real estate and business ventures.
Create a disciplined savings plan by paying your savings account first, spending less than you earn, living in a modest home and calculating your net worth each month.
Establish alternate income sources: consulting, sales, services and investments.
Get a raise. Enhance your corporate earnings by upgrading your skills and methods.
Build your reserve of passive income – money earned from investments.
Invest in familiar neighborhoods, stocks, companies and industries.