Are you ready to achieve financial freedom?

Financial freedom is all about taking control of your finances. I believe that anyone can transform their financial situation.

However, if you don't have a healthy relationship with money, you'll continue to encounter money issues.

In this blog, I share a simple method for managing your money for financial freedom.

If you are tired of living paycheck to paycheck, you'll want to read this.

Watch the video below:

(Click here to watch on YouTube)

Do you want a copy of my FREE money management spreadsheet for creating financial freedom? CLICK HERE to download it!

This page contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). I only ever endorse products that I have personally used and benefitted from personally. Thank you for your support!

You can't earn your way to financial freedom.

A lot of people can earn a lot of money, but they don't know how to hold on to it. As a result, they fall into debt. I can relate to this. There was a time in my life where I was in a lot of debt. I didn't have a system or a method for managing my money.

I had money coming in, but I was freely spending it and not paying attention to where it was going. When I received my credit card statements every month I realized that I was spending more than I could afford. Even worse, I continued this behavior and kept digging myself into a financial hole.

It wasn't until I learned how to manage my money that I finally felt in control of my finances. I'm going to share a money management system with you that I used to get myself out of debt and achieve financial freedom. You can apply this system easily to your financial situation.

The habit of doing this exercise is more important than the amount of money that you have in the bank. If you can't manage the money that you have right now, you will not be able to handle larger sums of money.

Watch the video above where I share my computer screen and walk you through the money management spreadsheet that helped me achieve financial freedom!

Money Management Method – The JARS System

I learned a simple, yet powerful money management method from T. Harv Eker. In his book, Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth he teaches you how to manage your money for financial freedom. He suggests that you break down the money that you make and your expenses into six jars or categories.

Category #1 – Necessities (55% of your income)

These are things like your rent, mortgage, utilities, groceries, gym membership, car payments, phone bills, etc. You want to make sure that 55% of your income is going towards the things you need every day to live your life.

Category #2 – Fun (10% of your income)

It's important to focus on your goals, but you also want to make sure that you're enjoying your life. This is your play money for activities that you enjoy, like dining out, traveling, or pampering yourself.

If you're enjoying the benefits of your money, you will link pleasure to the process of having money. In short, having fun will motivate you to make more money.

Category #3 – Education (10% of your income)

A lot of people settle for whatever amount of money that they make. They don't aspire to achieve more. Saving money can be hard, but when you take the time to learn about money and invest in yourself, the process can be enjoyable.

I believe in the power of education. Investing in myself has been one of the most important things that I’ve done that have contributed to my success in life. In the words of billionaire investor Warren Buffett, “Ultimately, there’s one investment that supersedes all others: Invest in yourself.”

One of the best ways to improve your finances is to learn from others who have achieved the success that you desire. You can invest in their knowledge and learn directly from them. This knowledge can be consumed in the form of books, seminars, mentors, and coaches.

Category #4 – Long-Term Savings (10% of your income)

This is your “emergency fund” money that you don't touch. You never want to be in a position where a crisis hits and you have zero savings.

Ideally, you want to make sure that you have 3-6 months' worth of your expenses put aside in a savings account for emergencies. Also, you want to allocate a certain percentage of your income to a future goal that you want to achieve, like buying a home.

Category #5 – Financial Freedom (10% of your income)

This involves taking a percentage of your money and investing it into assets that can appreciate over time. This could be investing in cryptocurrency, building an online business, developing an app, or building a YouTube channel or blog.

There are so many investment opportunities available to you. However, if you don't put aside money for your freedom, money won't magically fall into your life. If you have to cut back on your necessities to put money aside for your freedom, do it. Otherwise, there is no possibility of achieving financial freedom.

Category #6 – Contribution (5% of your income)

This could involve giving a portion of your earnings to a charity or giving money to the homeless. Not only is contribution great for others, but it's also important for you. Authentic fulfillment comes from contributing to others.

It trains your brain to operate from a place of abundance rather than scarcity and fear. When you have your hands open to receive, more good things will flow into your life. However, if you're worried to give anything away, you cannot receive more.

Wherever you are starting from is OK.

We all start somewhere. However, you will never get to where you want to go if you don't know where you are. You want to create your personalized money management system based on your current financial situation.

As an example, if you go through this spreadsheet exercise and realize that 90% of your income is going towards your necessities, that means that you've got no money left for the other categories that I shared above. If this is the case, you've got to get creative and figure out how you can lower your necessities.

It comes down to determining which of the categories you can't afford to do right now, in the pursuit of achieving financial freedom. At the beginning of my entrepreneurial journey, I was willing to sacrifice fun because freedom was more important to me.

In my opinion, staying consistent with your education is critical. If you don't grow, you'll stay stuck. Your income is in proportion to your level of personal development. The more that you develop yourself, the more money that you'll make.

This is how to manage your money for financial freedom.

I hope that this money management system proves to be as life-changing for you as it was for me. Listen, I know what it's like to struggle financially.

However, your past financial mistakes do not have to define your future. Take ownership of your mistakes, learn from them and focus on creating the financial freedom that you desire and deserve.

Do you want a copy of my FREE money management spreadsheet for creating financial freedom? CLICK HERE to download it!

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!

The single parent life can be tough. Obviously you want to give your children the best life, and with one source of income that can be difficult. But it doesn't have to be! Today I want to share with you how this single Mom makes $500,000 per month on Amazon. This is more money than some people dream of making in a lifetime!

At the Amazing Seller Summit event that I attended this past year, I had the pleasure of interviewing a woman named, Angie Chacon. She is a super successful Amazon seller, who was gracious enough to take the time to share her story with me.

In just two years time, Angie went from being broke to making $500,000 per month on Amazon! We all need role models like Angie, who embodies sheer determination, grit, passion, and a commitment to succeed.

Are you ready to learn how this single Mom makes $500,000 per month on Amazon?

Watch the video below:

(Click here to watch on YouTube)

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Do you want to receive my free Amazon training series? CLICK HERE for instant access!

This page contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). I only ever endorse products that I have personally used and benefitted from personally. Thank you for your support!

Here is a sneak peak of my interview with Angie Chacon:

When did you join the ASM, and can you share with us your journey since then?

Two and a half years ago I started ASM. During that time, I was broke, I had just gone through a divorce, and I was starting over, while supporting four kids. I found the ASM and I had friends who were doing it at the time. I saw it as an opportunity. I had a product idea and brand in mind, so I went that route and like most people, the beginning was rocky. At first, I picked the wrong product, but it allowed me to go through the motions and learn what worked and what didn’t work. It put the system in place so that after a month or two, I started looking at launching a second product. Consistency is key. There was no option for me to quit. My next product did well, so a month later I launched another one, and so on. At the time, I found that the magic number was having three products running at the same time. I had to be strategic and clever with how I started because I had no cash flow or credit. I was starting on a shoestring budget. It was challenging, but I just did it and made it work. I did my Amazon job, and I also had a full-time on the side that paid the bills. If you really want to expand your Amazon business you constantly need more inventory. After six months, I was making enough profit from my Amazon business so that I could quit my job and focus on it, full-time. I was making $60,000 in the first six months, and within a year I was at $100,000 and then a few months later, $200,000, and two and a half years later, I’m making $500,000 per month.

A lot of people fear failure when it comes to starting an Amazon business. What made you not give up when your first product was the wrong one?

I didn’t feel like I had a choice. I knew people who it was working for so it was inspiring for me, so I knew that it worked. I knew that if I kept persisting and following the successful actions of others, I could be successful. Some people get crazy into their first product and order a big excess of inventory, which makes the process take longer and become more complex. I started my first product, and it wasn’t awesome, but unit was readily available. That was key to my momentum.

What is so inspiring about your story is that you expressed that you were at a low point in your life when you started your Amazon business. There are a lot of women out there who are mothers that may be looking at this as an opportunity, but oftentimes it can be perceived as a limitation. What would you say to people that are in that circumstance?

It’s doable. I still had to get up and take my kids to school and run a household and cover all the bills. I didn’t take much time out to do other stuff. I fully committed to the process. I know that it takes a lot of hard work, dedication, and passion, especially when you are first starting something. Hopefully the product that you choose you are somewhat passionate about, because if you enjoy the process, you will persist and put in the work that needs to be done. If you fall off your horse, so to speak, you can get back on it easier.

How many products do you have now?

I have forty products that are all under one brand. When you have a brand it’s so much easier to create a lot of products that are under the same category, which allows you to cross-sell and promote new products to your existing customers. Once I had three to four products running, I started to get individual customers who would buy multiple products from me, and a high percentage of my sales was from that, which was awesome.

Can you share some tips for those people who want to take a leap of faith and build an Amazon business?

A lot of people have inflated expectations when it comes to getting their first product launched. They expect it to be making them a lot of money at the onset and its not realistic.

You need to have the mindset of an entrepreneur and treat it as a business. You don’t have an Amazon business, rather you have an e-commerce business, and you need to treat it as such. Amazon is just one part of it.

I hope the story of how this single Mom makes $500,000 per month on Amazon inspires you to take the leap of faith and start your Amazon business. Wouldn’t it feel great to make $500,000 per month? If she can do it, so can you!

Do you want to receive my free Amazon training series? CLICK HERE for instant access!

Are you looking for ways to stop letting money control your life?

I would like to provide you with some money management tips on how to budget and save money. Saving is very important. You have to make sure that you are putting money aside every month.

The problem is that most people do not budget or save money. In fact, most people live paycheque to paycheque.

Whatever money they earn goes directly to paying off their monthly expenses. Therefore, there is no positive cash flow that they can then use and put aside.

Watch the video below:

(Click here to watch on YouTube)

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Want to learn how to build your own online business? CLICK HERE to get my free course on 7 online business models that have made me an internet millionaire!

If you are living paycheque to paycheque, then you are stuck in the rat race, and you are never going to be able to get ahead. Before you can even think about investing money, you need to make sure that you manage your money and set up a budget. A budget is a way of sacrificing something in your life.  When I was younger, I remember that I never wanted to make a sacrifice.

I wanted to make money and spend money, but I soon realized that living that way was at a cost to my future. You cant live for today, rather, you need to think ahead and prepare for the future. Ask yourself, “How much is my budget going to be/month?”

Make a list of all your existing expenses – credit cards, online banking, receipts, debit cards, etc. You need to go back several months in order to identify your patterns of spending.  Go through every transaction that you have and add it all up. It’s even better if you can categorize your spending. You can track this by using Microsoft Excel, a Google spreadsheet, etc.

Examples of categories could be rent/mortgage, cell phone, internet, gym membership, groceries, eating out, entertainment, car payments, gas, transportation, school fees, etc. When you look at the total number of what you are spending every month, it will be an eye opener for you, and you will realize how you are living.

Make sure that you are tracking this on a weekly basis, especially at the beginning. In addition, you need to track and add up how much you are making from your job, business, investments, passive income streams, etc. From this list, you will know what your expenses are and what your income is.

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, invest, build a business, etc. If you find that your expenses are too high then you need to set up a budget.

Ask yourself, “How much do I want to save every month?”  From there, look for ways of how you can cut down on your spending. I also highly recommend that you use a debit/visa card for all of your transactions. Doing so allows you to see where your money is going every month, and it helps you build up your credit score.

If you budget and track your spending every week, and you are ensuring that you have a positive cash flow, you will have a better sense of control of your life. It’s important to do this as early as possible. If you can’t manage a certain amount of money/month, you will be in trouble when you start making a lot of money.

Once you have a foundation and have developed strong money management skills, this will help you succeed in the future. Harv Eker said it best – “It comes down to this: Either you control money, or it controls you. To control money, you must manage it”.

Its time to master your money so that you can move forward with your life goals and experience financial freedom! The choice is yours. Are you ready?

Video transcript

Hey everyone, Stefan here from projectlifemastery.com, and in this video I'm going to talk to you a little bit about how to budget money and how to save money. Saving money is very important. You've got to make sure that you're putting money aside every single month, but the problem is that most people don't budget their money and manage their money in the first place. In fact most people they're living paycheck to paycheck where their expenses are a certain amount of money and whatever money that they're earning is going directly towards paying off those expenses.

Therefore they don't have any positive cash flow that they can then use to save and put aside. If you are living that way if you're living month to month, paycheck to paycheck and you're not saving any money, then you're stuck in what is called the rat race. The rat race basically means that you're never going to be able to get ahead because you're just repeating the same cycle. You're not taking money that you can save, that you can invest, and help users to build your financial future, to build a business, to make passive income etc.

Really the most important thing that you've got to understand before you're even in a position where you can invest money and all that sort of stuff, is you've got to make sure that you manage your money and you set up a budget. A budget is basically where you say that you're not going to spend more than X amount of money. You've got to decide what that is, what is realistic for you but a budget is a way of essentially sacrificing in some way in your life, which is a very important thing to understand. For me, I remember in my life I never wanted to make a sacrifice.

I just wanted to make money and spend that money, but then I realized by living my life that way it was at the cost of my future and that by living my life that way as time were to go by that I was taking away from my future life that I was going to have one day. When I had kids one day or a marriage or a family or whatever it is that I was going to struggle at that point in my life. You've got to think ahead for your future. You can't just live for and think about today, you've got to think ahead and prepare for the future and that means sacrificing some instant gratification. 

Make a list of all your existing current expenses

You've got to delay gratification and make a sacrifice. Budgeting you've got to decide how much is your budget going to be. That you're not going to exceed what that is. What I recommend you do before that is make a list of all your existing current expenses. Go through your credit cards or debit cards or online banking, your statements, go through your receipts, whatever you've got to go through, and go through every single transaction that you have and add it all up. Because the first place to start is you've got to know exactly where you're at.

You've got to know exactly where your monthly expenses are and how much it is that you're spending on a month to month basis. I do recommend you go back several months because you've got to see what the pattern is. It's even better if you can categorize it into different categories. A great way of doing this, you can use the software, you can use Microsoft Excel, you can use a Google spreadsheet, you can use Numbers if you're on a Mac, but actually set up a spreadsheet or track it whatever the way that you want and add it up.

Get out your calculator and add up exactly how much you spent on a month to month basis on your rent or on your mortgage. Whatever that number is, write it down, put it under a column or a category. That's exactly what your monthly rent or mortgage is. Another category is going to be putting in exactly what you spend every single month on your cell phone bill. Put exactly what that is. Again, go back several months to know exactly what that is. There might be some months you might have spent more than what your bill traditionally is but you’ve got to know exactly what that is.

You're going to look at your Internet bill, your gym membership. You're going to look at how much money you're spending on a monthly basis buying groceries, eating out, entertainment such as going to movies or playing video games or whatever that is. Again, these are all different categories. You've got to look through all your transactions or statements and add exactly what that is to know exactly where you're at. Your car payments, gas, your bus pass, transportation, taking a taxi, whatever that is, break it up into categories.

Maybe another category could be investing in yourself like books and courses, whatever. Know exactly what you're investing in every month there. It could be a coach, it could be a mentor, it could be your school tuition payments or your student loan. Whatever it is guys you've got to have a spreadsheet or something that's tracking everything. That way you can add everything up. You know exactly what you spent every single month for the last several months.

When you look at that number it's going to be an eye-opener for you. You're going to actually realize the reality of how you're living. Then what you're also going to do is going to add up and track exactly how much you're making every month as well. That's exactly what you make from your job, maybe from your business, maybe from other income streams that you might have such as investments, such as … I don't know things that you might be doing on the side, but you've got to make sure you track all of that as well and you've got to know exactly what that is.

Make sure that your income is higher than  your expenses

Basically, by doing this exercise you're going to have a list and you're going to know exactly what your expenses are and then you're also going to know exactly what your income is. You're always going to make sure that your income is higher than what your expenses are and you have what is called positive cash flow. Positive cash flow. Very important, that's what's going to allow you to save money every month. That's what's going to allow you to invest, to build a business, to do whatever it is that you want to do, and have those savings for whatever it is you want to invest in.

If you find yourself your expenses are too high, then you've got to set up the budget. You've got to decide again how much do I want to save every month? Is it one hundred bucks a month, is it a thousand bucks a month and then look at ways that you can cut down and lower your expenses. That's creating a budget. You might decide, my budget is that I'm not going to spend more than two hundred dollars a month eating out. You've got to enforce that, that's what the budget is. I'm not going to spend more than two hundred dollars a month on clothing. That's the budget.

I'm not going to spend more than X amount of money on transportation or on alcohol or whatever it might be that you're spending money on. In some cases, you might decide I've got to find a cheaper cell phone plan. I've got to sell my cell phone and get a cheaper phone. I need to get rid of my car and get a bus pass instead. Again, these are sacrifices that you might have to make so that you can save money and set yourself up for your future. Set that budget and then the other key piece is guys, you've got to make sure that you are tracking this on a weekly basis especially the start.

On a weekly basis. This means that every single week, you're going to want to go through your credit card statement, your bank statements, everything and add everything up and put them in the categories that you have set up in your spreadsheet. I recommend doing this weekly because it'll be faster if you do it weekly. If you leave it every month they'll be a lot more transactions and you're going to procrastinate you're not going to do it. Weekly helps you understand where you are at with your budget and it will help you realize hey you know what?

Use a credit card or a debit card for all your transactions

I spent a little bit too much just last week, I'm coming up close to my budget so I need to cut back a little bit. Do it every week, very important. Then the other piece is I highly recommend that you use a credit card or a debit card for all your transactions because if you're spending cash on things, it's very hard for you to track that whereas if you're buying everything on your credit card, then you're going to be able to see everything. You're going to see where your money is going and be able to go through all those transactions.

Using a credit card is beneficial because it's helping you build up your credit score which is very important especially at a young age to build your credit. If you have a problem with overspending with credit cards, then I would recommend setting a limit on the credit card. You can call your credit card company and say, “I want to have a limit of a thousand dollars, of two thousand dollars,” or whatever that limit is to ensure that you don't overspend that, but if you're doing that every week you're tracking things, you're going through your statements, you know exactly where you're at.

You have that awareness and you're ensuring that you have a positive cash flow then that's going to give you the ability to save money and you're going to have a better sense of control and confidence over your life of managing your money. It's very important that you do this as early as possible because if you can't manage what you currently have, then there's no point going out there to try to make more money because if you can't manage two thousand dollars a month, five thousand dollars a month if you make ten thousand or more if you make a million dollars a year, you're going to be in trouble if you don't know how to manage that because then you're going to get into serious financial trouble.

That's why it's better to learn how to manage what you already have. Master managing what you already have and then as things grow you'll have that foundation, these money management skills that will help you to succeed at a later point in your life as well. Thank you for watching this video. Hopefully, you enjoyed it. Check out the videos that I have on investing for beginners if you're in a position where you're able to save money and start to invest. 

If you want to learn how to build your online business and make more money online specifically passive income, then check out the link below to a free course that I have that share seven online business models that help make me an Internet millionaire that will help you get started building your online business. Thank you guys for watching this video and I'll see you in the next one.