Most people say they want financial freedom but never define what it actually means. Is financial freedom a fantasy reserved for those lucky enough to be born into generational wealth, or is it something everyday people can build from scratch? I believe financial freedom is possible for everyone and it starts with one simple calculation.
Our Wake-Up Call to Build Wealth
My financial freedom journey began a decade ago after becoming a new mum and questioning what life would look like for our son if something terrible happened to us. Although my husband and I had built a successful IT Company in Perth, Australia, without us here to run it, there would be no long-term security for our child.
Our Will showed zero assets to our name and we had no financial cushion. We decided to make a plan and build a legacy for our family and the next 10 years would see us accumulate the knowledge and take the action needed to accumulate $7 Million in assets.
What is the Dream Life Calculator?
Our financial freedom journey began with one number: our Financial Freedom Number. Not guesswork, not hope, but one simple number as our goalpost.
We learned if we could accumulate an asset base large enough to live off the growth, we would become free from trading our time for money. This idea that our assets would do the heavy lifting was intriguing.
I’ve since developed a simple calculator that determines the exact number of assets you need to become completely financially free. You input your ideal annual spend and it will calculate your financial freedom number instantly, which you can use to guide your own investment and wealth-generation strategy.
You can try out the Dream Life Calculator here: www.michellerule.com.au/financial-freedom-calculator-opt-in
Common Money Myths Are Keeping You Stuck
We had to overcome a number of old money mindsets and beliefs in order to grow our asset base. One myth was that “All debt is bad” and instead embraced investment debt to leverage our purchasing power. No longer solely chasing higher incomes or profits, we shifted our focus to our net wealth number.
The early years of investing were filled with trepidation and sideliner noise from those not playing the wealth game. Family questioned our choices, including to ‘rent-vest’, renting the home we lived in to maximise our borrowing power and purchase multiple investment properties.
For aspiring investors my advice is start somewhere, block out the noise, follow the wealthy and stick to your plan.
Practical Actions That Worked For Us
If you are seeking financial freedom here are some steps that worked for us and the women I work with, that you can start to implement today:
- Calculate your financial freedom number– Use the calculator and discover your one number to freedom because clarity and a clear goal are essential.
- Start tracking your net wealth– You need to go beyond only considering your income or profits and look at your net wealth. Financial freedom comes from having wealth, not just cash.
- Take calculated risks to buy assets early– The sooner you start, the more wealth you’ll accumulate.
- Build a strong financial team to support you – Wealth is never created alone and everyone’s situation is different. Hire the experts to guide your decisions and let them know what you want to build.
- Hold the line – This is a long-term strategy so you’ll need to stick to your strategy. It’s also important to make space for joy and spending along the way!
Today is the perfect day to claim your financial freedom and yes you can start from zero. I wasn’t taught investing from a young age, I started in my 30s and have become a multi-millionaire in less than a decade, owning five investment properties worth $4.4 million.
Financial clarity is the foundation for change, so calculate your financial freedom number and map your way there.
Imagine what would be possible for you if you knew your financial freedom number and just started today?
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice. Please consult a qualified financial professional before making investment decisions based on your personal circumstances.
By Michelle Rule
About the Author
Michelle Rule is a self-made multimillionaire, entrepreneur and wealth mentor passionate about helping women reclaim their power and build generational wealth. She mastered wealth-building strategies that transformed her family’s financial future. Today, holding an asset base of $7 million, including five investment properties, a multi-million dollar IT company she co-founded with her husband, and a diverse share portfolio, Michelle combines money mindset with practical strategies to inspire women to take back their power, build lasting wealth, and leave their legacies.
Connect with Michelle on Instagram or visit her website for more tools and resources: www.michellerule.com.au/
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