Based on the useful (and excellent) comments from the previous hub, I decided to look at this issue again. From the inside, as it were.

The 3 tips previously discussed focused on external forces. Meaning, given a set of situations or circumstances, what is the best strategy to avoid common or natural pitfalls. Ways of mitigating risk, external risk, as it were.

But taking that perspective, the "start from where you are now" model is ok, provided, of course, that you have the "right" mindset for achieving financial freedom. And I put the word "right" (or "correct") in quotations, because it's always dangerous to start using terms that have, as it were, a moral overtone. So put that aside, and understand that when I say "right" mindset, I simply mean a mindset (or set core beliefs) that lends itself toward a desired goal. Meaning, if it's my desire to drive to the beach today, the "right" way of going about getting there is to map out the necessary road or road(s) that can take me there (provided I've never driven there before).

So let's talk about a mindset that lends itself, or prepares one, for financial freedom. Again, these are not listed in any particular order of importance (or chronology).

1. Patience

There is a huge difference between taking the time to map out a strategy, weighing alternatives, and lack of action. I'm NOT talking about waiting for something to happen, like winning the lotto or waiting for your aunt Agnes to pass away and leave you millions. I am talking about careful planning, and that takes patience. For example:

1. Back to the beach analogy: to get where you're going (or planning to go), one needs to have thought through the process. In this case, the possible roads to take, time of day issues (rush hour traffic?), money for gas, that sort of thing.
2. We live in a "got to have it now" environment. This is probably the single greatest contributor to massive amounts of personal debt, primarily by credit cards. Now, I'm not pointing fingers or saying "I told you so," but anyone "tuning in" to the news for the past couple of months has heard of the mortgage/foreclosure crisis.
3. Procrastination is not the same as patience. Not even close. When it's the time to act, act decisively. Procrastination is delaying the time of proper action. Patience involves understanding the need to think through alternatives, weigh options, and choosing a course of action.

Ok, enough about that. I hope I made the distinctions clear enough to include the key elements of proper patience.

2. Goal setting

In an upcoming book I'll discuss the key element in proper planning for the future, and that's goal setting.

Ok, I mentioned that no one of these points stands above the rest. And it's true. They are all intertwined, so to speak. But it amazes me how many people simply fail to set any reasonable (and measurable) goals for themselves (and their families).

How can you hit the target without aiming? And how can you begin to aim if you haven't chosen a target? What, for instance, are you working towards? Financial freedom (stability) involves, for example, more than the number of zeroes in your bank account. It involves your envisioned lifestyle. The numbers come later.

Look, my parents retired somewhat comfortably, and they no longer travel (partly by choice). They lead quiet lives, and for the most part are quite content to hang out with friends, family, and their grand child (soon to be grandchildren). The amount of money needed to sustain that lifestyle is much less than if they had desired to jet-set for the next 10 years. So, it comes down to this: how would you like to LIVE in the future? How do you desire to spend you time?

That's goal setting. And once a goal (or set of goals) are chosen as life-affirming values for YOU, then set out to create that lifestyle. And the chosen lifestyle will no doubt require a certain amount of benjamins in the bank. So, lifestyle first, dollars second. But the key here, the absolutely essential point, is deciding on how you wish to live... now and in the future. And that begins with thinking through life-affirming goals.

3. Persistence

I've met a number of people in various walks of life who have, to put it bluntly, surrendered their dreams for one reason or another. Look, sometimes the "going gets tough" as the saying goes. For all of us. And at times it seems difficult to continue to pursue our dreams.

But understand this. The inevitable rationalizations are always nipping at our heels, so keep moving on.

Case in point. I've been building my offline business for the past 4 years. And it hasn't always been easy. There have been sacrifices of time, of money, but in the end, I wouldn't trade it for the world. And neither would my family. What my struggle has bought for me, if not a ton of zeroes in the bank (yet), is the freedom to set my own schedule. And as any self-employed person knows, that tends to mean more hours than a "regular" 9 to 5.

It's the flexibilityof schedule can't be beat (for me). So I can drive my son to school from time to time, and pick him up as well. Of course, the trade off is working later than "normal" some nights (like midnight) to make up for some "lost" time during the day. And without persistence to keep me on track, to keep me going when things are not as great as I'd like, maybe I would have thrown in the towel a while back.

Point is, you've got to set goals that you believe in, are passionate about, patiently map out a strategy to acheive those goals, and stick with it during the journey. Everyone's road has a few bumps, some ups and downs. That's "normal." But without these three "internal" components, as it were, the road to financial freedom is more dream (and possibly myth) than reality.