Short answer: yes. But for starters, what does it mean to be a financial champion?
Let's first review the concept of "financial freedom". Financial freedom is the situation of people who have a projected income that is generated by their assets and that extends for their expected lifetimes and is enough to cover basic needs as well as desired goods and experiences. Aside to this concept there is that of having a career full of expectations, in which one is not really financially free, but has expectations of having a job position until the age of retirement, and has a retirement plan to live afterwards. Though developing a career has been the favored option to handle the income matter for a long while in society, some changes in the economy have increased the risk of interrupting one's career, and also retirement plans tend to be more unstable. But managing one's assets and acquiring some more is still the best way to generate income. And for those who really don't feel like joining the workforce, and, as well, for those who find it difficult to join it despite really intending to do it, the remaining alternative is also to work out their monthly income based on their assets and the objective to continually expand its magnitude. Therefore we come now to the starting point of perfect financial freedom: to get money from the assets we already have, and to expand the number of our assets, so that more money will be generated every month for us. Let's repost these two main ideas:
Idea #1: To get money from the assets we already have.
Idea #2: To acquire more assets, which will increase our monthly inflow of money.
Now, what exactly is an asset? The definition of asset is simple, is just a form adopted by our money which, by means of having being invested, "works" and earns its own "salary". Thanks to its dutiful works, our money, under the form of assets, gives us the option of working less, or even of not working at all. But this may be deceitful, for the whole idea of investing implies that we will need to watch and assess our investments, our assets. In this case we find ourselves in the situation of working again, only this time for our own sake, commanding every part of the process of making money. This way, our monthly income expands. Let's remind that we are getting some money thanks to the diligent work of our assets:
Idea #3: Thanks to our assets, we can work less, for they are already working and receiving a salary which will be received by us.
Suppose you have already secured you assets and that the income they produce every month is enough for you to pay bills and also get lots of fun buying stuff you want, traveling, etc. This may suggest that you do not need to worry about working again. But then comes step two of the money creating premise: to plan the acquisition of new assets that will expand your income base. And this requires a lot of thinking, whioch might be considered work. So at this point we compel ourselves to work again, but still only for our own sake. Let's restate this:
Idea #4: Although in the upper end of the efficiency of our income generating program we are free from worries associated to work, expanding the borderline of the income generating base puts us again in the situation of working, only this time intellectually, in order to acquire profitable assets and adequately manage their risks.
Now, because all these ideas are important, I'm re-posting them all here:
Idea #1: To get money from the assets we already have.
Idea #2: To acquire more assets, which will increase our monthly inflow of money.
Idea #3: Our assets work for us, and therefore we do not need to strive as hard as when he didn't make them work.
Idea #4: We use part of our free time to manage efficiently our assets, allowing them to work with supervised risk.
The central idea of owning, acquiring and managing assets is to make our money work. Money works under the adopted form of assets, i.e., allocations of money we make related to investments, be them small or large. These points constitute the guiding idea of a financial program for growth. This is all based in money owning and handling. This is independent of sale power, personal talents or social skills, and is, of course, also very apart from the idea of having a career. If a career is to be relatively associated with this ideas, it may be a financial related one. In other words, the following are killers of this purely financial approach to expand monthly income:
1) Being in the situation of not possessing any assets, and disregarding, at the same time, the objective of acquiring some.
2) Lacking any financial education, and, even worse, any interest in developing or improving one's financial knowledge basis.
Which puts you in the need to work to earn money for your living. The objective of building an assets' base is that of start working for your own sake, and working using your brains, specifically the financial part of it. Of course, you may already have a career in a field that is way apart from finance, for example: hairstyling, modeling, home decorating, cooking, etc. Chances are that you chose to start your career when you were in your early twenties, and chances also are that you said something like this: "I couldn't study finance, I hate numbers, and finance is so hard a matter, it would be impossible to me to follow it up, let alone accomplish college studies in that field". Well, if you didn't, at least nineteen out of twenty of people to whom I talked think that way. And here lies the problem: finance is a field designed not only to develop a career in a bank, or so, but also to make grow the sources of money income at hand. Not having a formation in finance leads people to misunderstand deals involving credit, in a way that a person with a good financial education would never do. Instead of expanding their financial sources of income, what people do is to expand their sources of expenses. Taking the wrong approach leads people to engage in a never ending loop of working for somebody else's sake, under the pressure of paying all good purchased with credit plans.
Considering the above said, let's not (ever again) underestimate the importance of including a sober financial approach and to pursue the goal of becoming financially free. Which takes me to the idea of being a financial champion, which, to me, represents being somebody who is financially free and, furthermore, is completely engaged in making their assets' base grow. These kind of people see no boundaries for the extension of their income generating money base.
I have written above that anybody can become a financial champion. What do I mean by saying this? I actually mean that I believe that anybody can become a financial champion, for I see no restrictions for normal people to start getting more concerned about finance. I even see the financial approach to generating income as a duty of utmost importance. While our ancestors were concerned with killing enough animals for the weekly or monthly food supply, we, who need to be concerned in earning money first hand and not just through an employee position, we need to be concerned in continually "stalking" the financial spheres in order to tame their products (some of them) and make them start supplying us with fresh weekly and monthly wealth. And, for those who still do not own any assets or lack financial education, here's what they need to do
Step #1: Get educated in what are the dynamics of asset value and of their markets
Step #2: Get informed of several assets that you might start purchasing and handling, in order to open your first asset portfolio.
Step #3: Purchase your assets and monitor it on a daily basis. Be ready to sell those who tend to go down and to replace them by others that seem to be reliable, at least for the immediate short while.
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