If you’re broke or struggling financially, I’ve got the secret for how you can change your financial situation, and make the shift out of scarcity and into financial abundance.

Money creates a wealth of opportunities, and affords us the freedom to invest in ourselves and enjoy life to the fullest. Money doesn’t buy happiness, but it does make the best things in life even better.

Unfortunately a lot of people can’t enjoy the opportunities that money offers, because they are floundering in financial debt.

If you’re broke or struggling financially, than what you are currently doing is not working. However, the good news is that you have the power to change your life.

In the words of Napoleon Hill, “Every individual has the power to change his or her material or financial status by first changing the nature of his or her beliefs.” Are you ready to learn a new strategy that will change your financial situation for the better?

Watch the video below:

(Click here to watch on YouTube)

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Do you want to learn the 7 online business models that have made me an Internet millionaire in less than 3 years? CLICK HERE for instant access to my free course!

If you make enough poor financial decisions, money has the power to take over your life. This is no way to live.

The moment that you take responsibility for the financial situation that you are currently in is the moment that you take back the power to change your life.

There was once a time in my life when I was broke and struggling financially. I had massive amounts of credit card debt and was living on a friend’s couch. It wasn’t until I took ownership of my financial decisions, that I was able to shift my life. I went from being broke, to where I am today, as a multi-millionaire.

If you’re broke or struggling financially, follow these steps to change your financial situation.

Step #1 – Have A Vehicle For Making Money

Have a vehicle, in the form of a job or a business, that will allow you to make immediate short-term money. I don’t care what kind of job it is, just take it, so that you can start the process of getting back on your feet, financially.

You will need to make a short-term sacrifice, but it’s a small price to pay for freeing yourself of debt.

Step #2 – Learn How To Manage Your Finances

If you aren’t able to manage your money effectively, that tells me that you are either living above your means, or at par, with the amount of money that you are making.

When it comes to managing your finances you need to do three things:

A) Track Your Income & Expenses

Tracking your income and expenses will give you the self-awareness of where you are spending your money, and the power to ensure that you spend less than what you are making.

You always need to make sure that your income is higher than what your expenses are, and that you have a ‘positive cash flow’, which will allow you to save money.

B) Budget

Once you know what your monthly income and expenses are, you need to budget and save money, which may mean that you need to downgrade your current lifestyle and make short-term sacrifices.

C) Allocate Your Money

I learned a simple, but highly effective method for how to manage your money for financial freedom from T. Harv Eker. He suggests that you break down the money that you make and your expenses into six jars:

Necessities (55% of your income)

Put 55% of your income towards necessities, in the form of rent, groceries, or car payments. A lot of people put 100% of what they make towards their necessities. This is not the route that you want to take if you have a desire to get out of the “rat race”.

Long-term Savings (10% of your income)

You should put 10% of your money towards long-term savings. Ideally, you want to build up a 6-month emergency reserve of money, in the event that you experience a financial crisis.

Financial Freedom Account (10% of your income)

Another 10% of your money should go towards financial freedom, which could be investments that you make, in the form of cryptocurrencies or stocks.

Education (10% of your income)

Another 10% of your income should go towards educating yourself. How do you expect to change your life if you don’t have the financial means to invest in yourself?

Investing in coaches, seminars, and training is what is going to allow you to achieve financial prosperity. I can confidently say that this is what has allowed me to build my business to where it is today.

Fun (10% of your income)

You should put 10% of your money towards doing things that are fun. Make time for things that bring a sense of joy to your life.

Personally, I was willing to sacrifice fun and invest this 10% into my education, so that I could pay off my debt faster, but it’s up to you how you want to allocate it.

Giving (5% of your income)

Lastly, you want to give 5% of your earnings to a cause or charity. Even if you don't have a lot of money to give, the act of giving trains your brain to live in a state of abundance.

Giving makes you feel good about yourself, and you end up attracting more wealth into your life as a result of doing it.

Step #3 – Invest In Yourself

It will be difficult for you to change your life if you do not invest in yourself. Warren Buffett once said, “The best investment that you can make is in yourself.” 

This has been the secret that has allowed me to achieve financial freedom, and one of the best returns on investment that I have ever had.

Step #4 – Create Wealth

Lastly, you need to create a vehicle for financial freedom and abundance, whether that’s creating wealth by starting an online business or learning how to invest in stocks. There is a simple formula for building wealth, which is:

1. Make more than you spend and invest the difference wisely.
2. Develop daily habits that result in wealth accumulation.

If you're broke or struggling financially, follow these steps to change your financial situation. If you can master this process, you will live the rest of your life, financially free!

Do you want to learn the 7 online business models that have made me an Internet millionaire in less than 3 years? CLICK HERE for instant access to my free course!

I would like to share with you how to calculate and track your net worth. This is one of the most important finance rituals that you can have for your life.

How will you ever know if you are getting ahead financially if you have no way of tracking your wealth?

I first started engaging in this ritual in my early 20’s, when I would track and update my net worth every 3 months. Today, I track it every 6-12 months. I have come to understand that my net worth is the most important number when it comes down to my financial wealth and abundance.

Theoretically, your net worth is what you would have in cash if you sold every significant possession and paid off all of your debts.

If your net worth is a negative number, don’t worry. You aren’t alone. All that matters is that you take action and start making better financial moves.

In the words of Benjamin Franklin, “Your net worth to the world is usually determined by what remains after your bad habits are subtracted by your good ones.”

Watch the video below:

(Click here to watch on YouTube)

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Do you want to learn how to master your finances? CLICK HERE to join my Life Mastery Accelerator program!

It’s not about how much money that you make, but rather how much money that you get to keep AND what you choose to do with that money, in terms of accumulating assets and building up your net worth.

A great example of someone who has effectively mastered the investment game is Warren Buffett. Known to be worth $75 billion dollars, he is one of the most successful self-made investors in the world.

At the age of 11, he used cash from his paper route to buy farmland. At 15 years of age, he already had a net worth of $6000.

I believe that while we should all strive to make more money, that doesn’t necessarily mean that we are worth a lot of money. For example, you could make one million dollars per year, but you could also be spending all that money in one year. If you adopt this behaviour pattern, you will never get ahead in life.

The goal is to accumulate assets that can then provide a passive income source for you, which will continue to grow as you move throughout your life. If you take this path, you will achieve financial freedom.

I see a lot of people who work their entire lives, but have nothing to show for it. Make money, but make sure that you do something with it. If you don’t currently know how to manage your finances, then making money isn’t going to help you.

Your net worth is your assets minus your liabilities. Your assets are what you own and your liabilities are what you owe.

You want to focus on accumulating more assets. Go through all of your assets. Examples may be cash, a business, or investments like stocks, mutual funds, or real estate.

Calculate where you currently are for each of your assets, and then add all of them together. Keep in mind that your final number isn’t your net worth because you also need to take into account any liabilities that you may have.

For example, you may have a student loan, a line of credit, a car loan, or a mortgage. Calculate those liabilities and come up with a final number.

In order to determine your net worth, you would take your assets and subtract it by your liabilities. Ideally, you want to accumulate more assets over time and reduce your liabilities.

Watch my YouTube video above to see how to calculate and track your net worth using an excel spreadsheet!

When you go through the process of calculating and tracking your net worth, you may realize that you need to cut out some of your expenses and change your lifestyle. Being smart and taking these steps is what will determine your financial wealth, more than anything else.

This is how to calculate and track your net worth. The more that you measure something, the easier it becomes to manage it. I challenge you to create a ritual around financial wealth and abundance and make it a priority every day.

As part of my monthly Life Mastery Accelerator program, I have a live training session coming up in the next few weeks where I’m going to dive deeper into how you can manage your money more effectively.

I will also share some of the strategies that I employ in my life when it comes to creating financial wealth and abundance. A lot of people are great at making money, but they don’t know how to invest it, and that is what I teach people how to do.

I believe that financial freedom begins with a change of your mindset. Calculating and tracking your net worth is one of the most important steps that you can take in order to improve your finances.

T. Harv Eker said it best, “Focus on all four of your net worth factors – increasing your income, increasing your savings, increasing your investment returns, and decreasing your cost of living by simplifying your lifestyle.” The result? Financial freedom and abundance.

Do you want to learn how to master your finances? CLICK HERE to join my Life Mastery Accelerator program!

I would like to share with you some money management tips for getting out of debt. Debt is no fun, and the emotional burden that it can create in peoples’ lives can be overwhelming. Henrik Ibsen said it best, “Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.”

Have you ever wondered why so many people have outrageous debt? A large reason is due to the lack of having a well-disciplined budget and financial life.

Managing your money doesn’t have to be difficult. It’s about knowing how you are using your money. How would your life change if you were free of debt? Make a decision to get rid of it, once and for all.

Watch the video below:

Click here to watch on YouTube)

Are you ready to learn how to master your finances so that you can succeed faster? CLICK HERE to join my Life Mastery Accelerator program!

Below are 5 money management tips for getting out of debt:

1. Be Aware of And Accept Your Debt

One of the most difficult things to do when first getting on the debt pay-off journey, is to truly accept your debt. Oftentimes, the reality of debt is too painful to acknowledge or accept, so the natural response is to avoid that it exists. I speak from personal experience.

When I was in my early 20’s, I was in a lot of debt. I had to make sacrifices in order to manage my money more efficiently and become debt-free. It was the acceptance of my reality that allowed me to make a change in my life. If you are serious about becoming debt-free, you need to acknowledge its existence. Be proactive. Don’t live in fear. Instead, take action. 

2. Decide To Change your Spending Habits

Making a decision implies that you are about to take action. When you make the decision to change your spending habits, you are halfway there to financial freedom! Saving money is about changing spending habits. What are your spending habits?

In order to become debt-free, you need to address the actual money management habits that you are struggling with, that led to the debt in the first place. Ramona Pearson, a certified public accountant and personal financial advisor said that “Money habits are formulated at a very young age for most people.” Take the time to figure out why you're spending habits are the way they are.

Sure enough, this is the reason why a lot of people that win the lottery end up losing it all. They don't take the time to develop the discipline in order to manage their money properly.

Focus on cutting your expenses or your overhead in some way. This will allow you to have some extra cash flow every month. Then, you can use that cash flow to start paying off your debt.

3. Track Your Expenses

If you want to free yourself from debt, you need to start tracking your expenses. The best way to work out what you spend your money on and how much you have left at the end of every month, is to keep a record of all your expenses.

According to Pick The Brain, for two weeks you should write everything down that you spend. Record the time, the place, and how much it costs. Doing so will help you identify your spending patterns.

If you haven’t done something like this before, there is a good chance that you will shock yourself. How often do you track your money? If the answer is never, it’s time to get out a calculator and start doing the math!

4. Don’t Spend What You Earn

Once you start making money, don’t be tempted to spend MORE money. This is where people get themselves into trouble. You have to discipline yourself to NOT engage in this behaviour.

In his book, Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, Robert Kiyosaki said, “Invest in assets, not liabilities.” An asset is something that puts money into your pocket, while a liability is something that takes money out of your pocket. Which category does everything in your life fall into?

If you can’t manage the money that you currently have, then there is no point making more money. If you adopt the mindset that making MORE money will be the answer to your debt issues, you are wrong. This is a recipe for disaster.

5. Reward Yourself

Adjusting to a new style of living involves sacrifice. Breaking bad habits, especially when it comes to spending money, is hard work. This is why it’s important that you reward yourself when you have practiced self-discipline.

Be kind to yourself and engage in mini-celebrations, now and then. Why? Because the MORE that you acknowledge and reward yourself for your successes, the more success you will have.

Charles Duhigg, New York Times reporter and author of The Power of Habit: Why We Do What We Do in Life and Business, said “First, you have to pick a cue, like every single time that you get a pay check, you’ll move 5% of it into savings.” The key to making your habit stick is to give yourself a reward every time that you engage in a positive behaviour.

Debt is debt, but don’t feel that you have to punish yourself because of it. Honour the small achievements that you make every day, on your journey towards financial freedom. How you choose to manage and spend your money can have a profound impact on your life. I encourage you to follow these money management tips for getting out of debt.

Your ability to make good money decisions will end up shaping the direction that your life will take. Are you ready to be free of debt? Take control of your financial future now!

Are you ready to learn how to master your finances so that you can succeed faster? CLICK HERE to join my Life Mastery Accelerator program!