Table of Contents
What is Financial Freedom and Why Should You Care?
If you can pay your living expenses indefinitely from passive income sources you’re financially free. Everyone has different expenses, so depending on the person financial freedom might mean needing $1,000 a month or $100,000 a month, it’s all relative.
For me, that number was somewhere around $2,000 a month and it took me about 7 years to get there. That meant saving over 75% of my income during that 7 year period and putting it into investments including small side businesses, rental real estate and stocks. Those sources now easily pay for my living expenses and actually grow in value more than I spend. It’s an amazing feeling and I wish you too get to experience Financial Freedom For yourself.
This is where I give my experience and advice how you too can be free from the system and focus instead on your dreams and goals that matter more than collecting a paycheck.
“Do what you have to as quick as you can so you can do what you want as long as you can.”
Without an emotionally compelling vision of the future, also known as your “big why”, you’ll never achieve financial freedom. For many it’s their kids, it’s travel, or it’s just that they hate their work so damn much they want to escape it. For me, it’s shark diving and following my many curiosities about reaching my potential.
“Until you are financially free you are a slave, you cannot make decisions based on your interest, but instead only on how to pay your bills”
This is a journey, you will change along the way, the way you see the world will change. You need to come back to this post and other useful websites about financial freedom if you’re going to make this. It has to be who you are, not just something you’re interested in, or are dabbling with.
I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.
-John D Rockafellar-
Perserve to become financially free, feel it in your bones your desire for freedom and execute your plan. If you do this one day you will wake up to find that you have done just that, and the world will never look the same.
What financial freedom has done for me, my example – gives me the freedom to work from wherever I want. Creates an automated income stream that gets reinvested. My net worth goes up more even if I sit in bed and eat twinkies all day. It shifts my focus from being stressed about where my next paycheck is coming from and allows me to dive deeper into finding work I enjoy and find meaningful.
Create your dreams, then determine how much they cost. Write them down like I do and create a compelling future towards them. Visualize, become emotionally attached. If you’re thinking more about the kardashians than your dreams, you’re doing it wrong.
The #1 Thing to Become Financially Free
“If you want to change the world, you have to change yourself first.”
Your belief system is much more important than the strategy. Without meaning and an emotionally compelling vision you’re going to fail. If you don’t care about where you want to be, you’re not going to go there, it’s that simple. You need to raise your standards and create a sense of self. If you build your identity based on this dream, your mind will work to get you to your identity.
Don’t focus on this being hard, focus on the fact that you have an amazing opportunity the strive for something that wasn’t an option throughout the history of our species. Financial Freedom was a pipe dream for many throughout history, but now, literally anyone in a developed country has the ability to learn how and achieve financial freedom. How is that not exciting!
Money Without Meaning is Worthless.
The #1 Trait of all financially free people – They take responsibility for their finances and don’t blame others. They are curious and always looking to learn. They never think they know it all. They invest in themselves often.
Are you wealthier than Rockafellar?
Change your beliefs to already enjoy your current state – Dan Glibert – Ted Talk.
We have more than ever, but are more miserable. What gives?
There has never been more opportunity in the world than today.
Financial Freedom has nothing to do with how smart you are.
Before you learn the techniques and systems of financial freedom, you have to understand the foundation of the belief system and standards you need to hold otherwise your finances will fall apart.
You are what you think – if money is scarce it will be, if you think it’s evil it will be to you.
Why Exercising Will Make You Rich – Need to build testosterone, (health wealth like ying yang)
Taking The Path Well Worn
You don’t need to reinvent the wheel, the journey has already been created and documented extensively for you. In this section I’ll talk about the overall strategies used to acheive financial independence. It’s simply about forming habits and the accumulation of what you do each and every day.
Follow people who have already done it:
-100 people who talk about their financial freedom journey.
Financial Mentor – The Foolproof way to building wealth
Financial Freedom by a thousand cuts.
Working Backwards to Move Forward – Calculating Your Number
The most proven way of becoming financial freedom.
Seeing everything you own in terms of time, not money
Analysing each biggest expense in your life.
Seeing Exercise as an investment
How much do you actually need? Think $60,000 / year – via talk below and in 2010 dollars.
Income Side – How to Make Money
Meaningful Work – Or Higher Pay for Temporary Time
Automate Your Savings
Detaching Yourself From Consumer Zombieism.
“For all its material advantages, the sedentary life has left us edgy, unfulfilled. Even after 400 generations in villages and cities, we haven’t forgotten. The open road still softly calls, like a nearly forgotten song of childhood.”
In many ways being attached to consumerism is a bit like having to stay inside and do your homework when you’re a kid. If you’re stuck, you can’t go outside and work on big things, you have to simply do what you’re told.
Expense Side – How to eliminate expenses. “plastic surgery”
The most efficient way to cut expenses – focus on the big three.
Automate Your Expenses
Income – Expenses = Savings
Things not to cut – Exercise as an investment.
Making Your Stash Grow
What to do with your savings once you some extra money.
Making Money While You Sleep
Learning about passive income.
Life After Financial Freedom
Why life after financial freedom may be harder than achieving financial freedom
If I were 18 again…
Financial Freedom is boring.
Financial Freedom allows you to do only work you care about.
Finding Meaningful Work
Once you get there does your life really change?
What are the downsides of becoming financially independent. (dark side of early retirement – financial samurai)
Questions you’re going to ask yourself once you reach financial freedom.
Looking back – can everyone do this? Living off passive income on really works
The paradox of financial freedom – once you form habits it becomes who you are. The highest income group clipping coupons makes $100k a year.
For Millenials it was the best of times and the worst of times. Those looking to get a j.o.b. have a hard time, those creating opportunities have more open to then than ever before.
“An opportunity to work is good luck for me. I put my soul into it. Each such opportunity opens the gates for the next one.:
Favorite further resources about financial freedom.
The quickest way to double your income. – Reading, change your information channels. Subscribe to youtube channels, change your homepage.