Your Best Financial Growth Year Ever
I personally want this year to be my best financial growth year yet and I want the same for you. Here is the actions I am taking and the framework I am using to achieve long term sustainable financial freedom.
0:39 – Where I am at at the moment
2:28 – Setting long term financial goals for financial freedom
4:20 – Understanding what assets are required to achieve that goal
7:15 – Action goals to create/buy the assets you need
hey you beautiful people the new year is upon us which is an exciting time to set new financial goals hopefully to move you towards your ultimate goal of financial freedom or whatever it may be I personally want this year to be my best financial growth year yet and I want the same for you as well so in this episode I’m going to talk a bit about what I’m doing this year and the framework that I have that I’m going to be using in order to achieve my success and achieve my financial growth goals and then ideally hopefully you can learn from this and apply some of this to your life as well hi i’m ryan from on-property helping you achieve a financial freedom to give you a bit of context of where I’m at at the moment is that at the age of 28 I was lucky enough to achieve what I call pseudo financial freedom through my online business set-aside online businesses that were generating enough income that I didn’t need to work so I really got a taste of financial freedom at 28 and had a couple years where I really didn’t need to work much at all and so I spent that living up in Nusa with my family enjoying the beach drinking lots of coffee every day go on the beach choice every single day and just enjoying the lifestyle that financial freedom offers internet trans change I wasn’t keeping up with things so my business declined and now no longer financially free but I’m working to build that up again ideally to achieve that pseudo financial freedom or like self sustainability by the end of the year but to do it in a way that my business will then continue to grow not decline like it did in the past and also to then take those profits and reinvest them into property so that I can achieve long-term sustainable financial freedom so that’s kind of an idea of where I’m at at the moment last year really was a year of survival for me and just getting through the year there was a lot of change including a separation relocation interstate a lot of expenses that go with that sort of stuff moving back to Sydney which is more expensive so huge adjustments last year and one of the downsides of my business as well is that the work you do doesn’t really pay off for about 12 months so doing a lot of work at the moment and last year that I haven’t really seen the fruits of yet but I’ll hopefully see the for itself towards the end of this year so what exactly am I doing this year to make it my best financial growth year yet and what sort of the framework that I’m using and how can you apply that so the first thing is setting a clear financial goal and setting a clear long-term financial goal to start with for me that’s always been financial freedom and I value financial freedom so highly over any other financial goal whether it be amount of money in the bank or materialistic things like a new car or whatever it is that people kind of seek after these days it’s always been financial freedom for me and financial freedom is just the ability to support your lifestyle without having to work and the reason I think that’s so important is that it gives you choices and Ben Everingham the buyer’s agent over pumped on property who I work with and a really good friend of mine talks about this a lot is that when you have financial freedom you’ve got the choices to do what you want with your time and that was so important to me like back when I achieved financial freedom at 28 I thought have you achieved it click your fingers you’ll instantly be happy and that was really not the case actually went through a deep dark depression after achieving financial freedom because I didn’t have a goal anymore I talked about that in a separate video and what it feels like to be financially free so I’ll link up to that one down below but financial freedom didn’t make me happy but it gave me the time to explore my own happiness so when it comes to financial goals that is kind of my Northstar and my guiding light is six-figure financial freedom so having that amount of money per year come in whether I work or not and having it come in stabili is my financial goal so having like a financial goal to start with is really important and what you set as your financial goal is obviously completely up to you maybe you want financial freedom as well and you can determine okay how much do I need to earn in order to be financially free that might be your goal or it might be something else so having a clear financial goal is the first step and then the second step is really understanding the assets and things that are required in order to achieve that financial goal now this takes a bit more time a bit more skill a bit more effort to kind of work out if you’re looking at investing in property then obviously you need to own quite a decent amount of property in order to achieve a high level of income for me when it comes to assets the quickest and easiest way for me is online assets so I own websites I run my own online media company I do videos I do podcasts I write articles that’s what I do but when I write an article that becomes an asset and it becomes something that lives online and something that when people Google something they can find my article read it and then I can make money from that in advertising or affiliate sales or referral fees and all of that sort of stuff so for me a written article equals an asset and so while that may not apply for a lot of you because you don’t have online businesses it’s important to understand what assets are required in order to achieve your goal so for me it’s a number of articles and how many articles I need to write and on average how much of those articles going to deliver for me financially per month and how many do I need to achieve financial freedom so understanding what assets are required to achieve that is kind of the next step and that may take some time and if you’re looking at property in order to achieve that one way to do it is to just look at the properties that you’re looking at investing in how much rent are they getting per week you know times that by 70% or 80% because you’ve got to take out some expenses and then okay if I had fully paid off this property this is how much income I would be getting per week or per year and you can kind of work out okay how many of these properties would I need to own outright in order to be financially free I find that a really simple and a really good starting point for getting an idea of how many properties you need and then obviously as you invest in property things can get more complex and you can start leveraging debt you can get positive cash flow while not having fully paid off a property you can build granny flats to increase the income and all this sort of stuff but if you’re just getting started looking at okay by buyer property how much is it going to rent for take out some of those expenses how many properties am i going to need to own to reach my income goal and then you’ve got a kind of asset base of what you need so that’s one way to do it so understanding that so I guess I’ve got that mapped out for myself and for me with my articles it’s much more intricate and I just need to each article owns this much because it’s per month each month is going to be different and my websites can be seasonal as well so there’s a bunch of complexity around that but basically I understand what I need to do and what I need to achieve this year in order to achieve my financial goal the next thing is then setting action goals of how you’re going to acquire or build those assets so for me I’m in the porch I’m in the fortunate position where I can create my own asset basically for free using nothing but my own time my own knowledge and my hands I’ve actually got quite sore arms at the moment from so much typing but I’m in the fortunate situation where I can create assets basically from scratch now not all of us are in that position but regardless you need to have action goals that you can set so for me that is how many articles do I need to write per month per week per day and so I’ve got those action goals in place because it’s the work that you do that’s going to deliver the results so we can say we want to achieve financial freedom but financial freedom is not going to happen by itself you actually need to do things in order to achieve financial freedom so your action goals and the things that you’re going to do whether it be the money that you’re going to save or the extra work that you’re going to do on the weekends in order to save a deposit to buy a property what are those little action steps that you need to take in order to acquire the assets that you want to acquire tracking those and having those goals is probably even more important than having that big goal because they’re the things that you actually need to do on the day-to-day basis throughout the year that’s going to then deliver the result at the end of the year so it’s kind of like you have that big end goal at the end of the year but you then work out okay what action do I need to take in order to acquire the assets that I need to achieve the financial goal so you really break here down to financial goal assets for quiet action that is needed in order to acquire those assets and then I kind of dive in on those action steps and that becomes my focus that becomes my goals that becomes what I’m tracking so while yes I’m still tracking how my business is performing and how much money it is making for me there’s also a delay of about 12 months between the work that I’m doing now and getting paid for it six to twelve months sort of thing and so tracking the financial results is not as useful because I got to put in the work now and it pays off later but yeah for me it comes down to tracking those action steps tracking what needs to be done and making that your focus making that your passion making that your life so for me that comes down to the articles that I’m writing and the videos that I’m creating and the content that I’m putting out that is my focus they are my goals of how many I want and I’m tracking them every single week in every single day and seeing how I’m going towards my goal and if I’m falling behind that I put an extra work to catch up or if I’m getting ahead then I get excited because I’m really ahead and I’m slightly ahead at the moment which is super exciting and so that is I guess the pinnacle that is the most important thing to make this year the best financial growth year yet is to understand all of those different parts is to understand your larger financial goal get an idea of how to achieve that and I’ll be releasing a lot of videos in the future of okay we’ve got a financial goal which might be financial freedom how do we even understand how to achieve that or what do I need in order to achieve that and so I know that can be complex and so I’ll create a bunch of videos this year looking at that and how you can get really clear on that and also how you can get clear on the action goals and what’s required from a property standpoint what skills do you need to have what steps you need to take in order to acquire property to move towards your goals of financial freedom so really understanding all of those little moving parts and the things that you need to do is going to be super important so we’ll talk a lot more about that this year as well but yeah have those big financial goals understand what assets you need to achieve that you might not be able to acquire all of those assets this year it might not all happen this year but you can map that out and you can work towards acquiring one or acquiring some of them and then it comes down to the action goals so that may be saving and okay how much do I need to save each payday in order to achieve my goal or it may be this is how much I want to save I can’t really afford to save at the moment on the income that I’m on how am I going to generate more income and your action goals could be around that so for me I’ve got debt repayments that I have so I’ve got debt that I want to clear out I also want to start saving towards property as well and so I’ve got those sorts of goals too but for me on the current income that I’m on I could do it but it would take a number of years and so for me it’s all about building up my income growing my income faster so that I can then pay off debt a lot quicker and then save a deposit a lot faster as well because my income is growing so I’m currently working a job at the moment and running my business full-time too so working in a lot this year I’m putting a lot of effort into growing my income growing my asset base really my fault okis is I’m growing my asset base online and the job is like let’s just stay afloat while we do that and while the income online it picks up so it’s like okay I work a job part-time in order to pay the bills so that I can work on building these assets which will pay off for me in six to twelve months time so that’s kind of I guess what I’m doing I don’t know if I communicated that well enough but giving you a framework of what I’m doing to make this my best financial growth here yet also comes down to things like being frugal and saving but for me that’s more like let’s let’s stay afloat so I have actually mapped out my year cash flow wise so I’ve actually got an Excel spreadsheet with every single day of the year and I’ve put all my major expenses on there so things like debt repayments things like tax bills and when they’re due things like car registration and school fees all of that sort of stuff I’ve mapped out the entire years very granular and so I know okay what do I need to achieve in order to I guess stay afloat with that but then to exceed that so that I can pay off debt faster so that I can start saving a deposit faster as well so I’m being frugal at the moment because at the moment I’m building up my business and then as time goes on I’ll be able to I guess bring back some normal some more normal expenses into my life and to you know start living less intensely frugally but at the moment it’s all about being super frugal but it’s being super frugal not just for the sake of it or not just to save a little bit of money but it’s being super frugal so that I’ve got the time to then build up those assets so that’s what I’m doing to make this my best at the financial growth year yet whether or not I achieve it will have to wait until the end of the year to see but I’m already seeing some good growth from the stuff that I’m doing now I’ve been doing pretty heavily since August last year and already starting to see some results from it so I’m pretty optimistic that is going to be a good year I’m pretty optimistic that I’m going to be in a better financial position at the start of next year than I am at the moment so a year ago in 2019 I was in a really really bad financial position and so I’m sitting here at the start of 2020 being in a much better financial position but still not great and hopefully at the start 2021 things will look a lot different than they do now because of the work that I put in and because I know exactly what I’m doing what assets I’m trying to build and what they’re going to deliver for me financially so I wish you the absolute best with your financial goals in this year I look forward to creating a lot of content this year to help you really get your head around investing in property really get your head around what is required to do that successfully in some of the skills that are needed in order to do that and I hope that you’ll join me on my journey as well as I really build up my finances hopefully achieve that pseudo financial freedom by the end of the year and then start investing in property maybe as early as 2021 so really looking forward to all of that sort of stuff looking forward to connecting with Ben Everingham from pumped on property the buyer’s agent over there and creating a lot of good content he is doing so much good stuff this year we have been talking a lot and talking about some of the stuff that we’re going to do so a lot of exciting things down the track for you to really get you pumped up to really get you moving towards your goal of financial freedom so that you can have those choices in your life and you can bring your full self to your life be creative do what you want and find your happiness so really looking forward to it thanks for joining me in this video and on this journey if you like this video please give it a thumbs up and subscribe and while you’re here go ahead and check out the video I did a couple years ago on what it feels like to be financially free because that period of my life for us financially free and just all of that learning that I went through was so valuable for me so go ahead check that out until next time stay positive