Today I am going to discuss about the first step to financial Security
6 steps to Financial Security by IMG Philippines
As shown in the picture above, the 6 steps to Financial Security are as follows:
- Increase Cash Flows
- Manage Debt
- Create Emergency Fund
- Ensure proper protection
- Build Long Term Savings
- Preserve Your State
Today let me discuss you the Increase Cash Flow Step:
According to Robert Kiyosaki, there are 4 ways to produce income it is through
E – Employee
Wherein you become an Employee and get you salary on a regular basis.
S – Self Employed
This are the people who use their talents and make their own job. As a sample they make Grocery store and they are also the worker of the grocery stores.
B – Business Owner
This are people who owns a grocery store and hire a Manager but still they are directly involve in the decision making of the company or the Grocery store.
I – Investors
They hire managers, and they get a share of the company,. They normally don’t deal on a day to day works in the company. If the company earns they earn, and if the company loose they will also loose.
Knowing the different ways to earn an income where do you see yourself in the quadrant?
I am now a combination of E,B and I but someday, I want to be on B & I side.
I am also increasing my cash flow through blogging and some other passive online income. IMG also could be a source of passive income if it is done in a proper way.
Our next post will discuss about the Debt Management.
Should you have any question about IMG and how it can help you grow your finance and meet your financials goals, please let us know by contacting me through my contact details as shown at the sidebar or by filling up our newsletter at the sidebar.