Simon Kronenfeld Reach the Goal of Financial Freedom!
When a path to financial freedom seems impossible for you, consider the story of entrepreneur Simon Kronenfeld. This man began his professional journey as a dishwasher and eventually became a major force in the Canadian real estate market. How did he achieve such an accomplishment? Through ambitious planning, careful management, and wise investing, you too can emerge as somebody who achieves their financial goals and reaches the brass ring of independence that so many pursue.
Setting SMART Goals
Everybody needs to have goals. Simon Kronenfeld advises people who seek financial freedom to use the acronym SMART when considering their goals. SMART stands for Specific, Measurable, Achievable, Realistic, and Timely. By setting goals in this manner, you ensure that you have targets that you can reach and whose progress toward achievement you can measure along the way. Make a list of your goals and note how you expect to reach them. Consider how you would measure your progress along the way. For example, “paying off all credit card debt” is an achievable goal, but you need a way to measure it. You might do this by keeping track of your total debt and noting month by month or year by year how it increases until it finally reaches zero like you intended.
Reducing Your Debts
Large debts, especially credit card debts, are the biggest obstacle between you and financial freedom. If you stick to just paying the minimum on these debts, you will likely take a decade or more to get out from under them. In the meantime, it’s more likely that you’ll buy more things on credit along the way, thus creating a cycle from which you can never truly escape. You can avoid falling into this trap by coming up with a comprehensive repayment plan. Make a list of all your debts and then channel any available expenses you can into paying it off. This may require you to make certain cutbacks in your spending, but it will be worth it in the long run. You can consider this process to be one of the basic, most essential SMART goals you can come up with. By creating your debt repayment plan and sticking to it until the end, you can cut down on the amount of interest you pay and speed your way along the path to financial independence.
Don’t rely on your bank account alone if you plan to see financial freedom at some point in your life. You need to create a diverse portfolio of investments from which you can draw assets at an appropriate time. This should include contributing to either a 401(k) or an IRA so you can ensure a prosperous retirement one day. You should also educate yourself on the different kinds of investments available to you and figure out what accounts are necessary to achieve certain results. For example, if you are saving money for your children’s college education, a 529 plan is an ideal solution. Meanwhile, put a little bit of extra cash away into a high-yield savings account to make sure that you are accumulating the most interest possible. Simon Kronenfeld brought this investment model to the real estate field, which enabled him to go very far in life.
Seeking a Guide
Being successful in the world of business and finance requires you to do some unique thinking and creative manoeuvring of your own. However, it does not mean that you have to blaze your own trail entirely. Relying on road maps like Simon Kronenfeld, who went from a 15-year-old immigrant in Canada to a millionaire in the real estate industry, can help inspire you. Learn from their successes and failure, and then make your own moves.