on Nov 29th, 2009Trusting yourself
With this sixth step toward financial freedom, you have now learned to trust yourself more than you trust others. Now, along with that trust, you must watch over all that you have begun to create.
Whether you are managing your money yourself or have handed it over to an advisei or a combination, you must know exactly how it is doing at all times. Remember, not only must you trust yourself; you must also be respectful of yourself and your money.
You can keep track any way you want, but you must keep track, studying all statements carefully and keeping watch in between. The easiest way to do this is on a computer. There are two very good programs to help—Managing Your Money, by Andrew Tobias, and Quicken—and both are simple to follow. With stock investments, another easy way to see where you are every day is by signing up for an on-line service like America Online, which will automatically value your portfolio and tell you exactly how much you are up or down every time you punch into it. Make checking your mutual funds and any other investments you own a part of reading the paper every day. It can be a pleasurable part of your day: you are creating wealth.
Your wealth.
With these last three steps we have covered the vital forces behind the doors to financial freedom. Once you have taken these steps in their entirety, you are blowing the door to financial freedom off its hinges. You will then be in a position to walk through that door. The next step, the seventh step to financial freedom, guarantees that you do not unintentionally limit what is to be found on the other side.