The Truth About Financial Freedom

Michael QuanBeliefs, FI / FIRE, How to, MiscLeave a Comment

Some links below may be from sponsors. Please see our disclosure for more info.

financial freedom

Financial freedom is something all of us want, but few ever get. Why is that?

Is it too complicated? Is it not accessible?

Well, here’s the truth about financial freedom…

Financial freedom is simple, but it’s NOT easy.

Upon first glance that may come off as a bit of a paradox, but take a closer look.

What is Financial Freedom

Before we go any further, let’s pause and catch you up if you’re unfamiliar with the term – financial freedom.

Financial freedom is different for everyone, but it’s a point in time when you have enough money to stop worrying about money.

It’s the inflection point where money no longer controls you and you can live the life your desire.

What does it mean to you? For some it could be:

  • Eliminating all consumer debt
  • Carrying a 3-month emergency fund
  • Able to pay for drinks and dinner for your friends
  • Reaching financial independence
  • Having a million dollars or more
  • (Fill in the blank)

If you haven’t decided what this means for you, go ahead and choose now.

The only way to achieve financial freedom is to know where you’re heading.

How Financial Freedom Starts

Financial freedom starts with a decision. It starts with a belief that you can do something about your current financial situation and move forward.

If you have the belief that you can do it, then you’ll take the action necessary, and you will ultimately achieve the result.

BELIEF >> ACTIONS >> RESULTS

Do you believe you can achieve financial freedom?

You should. If I could do it, you certainly can as well.

It Doesn’t Take That Long to Achieve Financial Freedom

Even if your definition of financial freedom is to reach F.I. (financial independence), it doesn’t take that long to achieve if you’re committed.

I know scores of people who have achieved F.I. in 10 years or less.

Consider that most people overestimate what they can accomplish in a year, and underestimate what they can do in a decade.

It doesn’t take long if you have the right strategy and accelerator (aka path to FI).

3 Paths to Financial Freedom

There are 3 primary paths to financial freedom that most people take. Consider which of these aligns with you and your goals.

  1. Extreme Saving/Investing – It doesn’t matter how much money you make, if you can’t save and invest the proceeds, you’ll never achieve financial freedom. However, if you can automate your saving/investing you can position yourself to automatically build wealth. Set it and forget it! Let the power of compound interest do its work. This can be accomplished by maxing out your 401k, 403b, SEP IRA, and/or Roth IRA. Find tax-advantaged opportunities to invest in the markets passively and let time be your friend.
  2. Entrepreneurship – Have you ever wanted to start your own business? You should! Small businesses create thousands of millionaires each and every year. You don’t need to quit your job like I did. Rather you can bide your time and make moves outside of your primary 9 to 5. Side hustles can lead to thousands of additional dollars in your pocket. And when it takes off, it can free to you pursue your wildest dreams.
  3. Real Estate Investing –  As you begin to pick up some extra cash, you’ll want to set some aside for emergencies. Once that’s covered, you’ll want to invest the excess. Real estate is a fantastic place to set your sights. More millionaires have been created through real estate than any other asset class. And there’s good reason. If you purchase a property well, you can generate cash flow from day 1 and have the upside of appreciation over time all while leveraging your bank’s money instead of your own. There are plenty of options to invest in this lucrative asset class, but you’ll want to learn the basics first.

Why Most People Don’t Succeed

If it’s so simple, then why doesn’t everyone achieve financial freedom early? What stops them?

Remember, it’s simple, but not easy. It’s kind of like dieting. To lose weight, you eat fewer calories than you expend on a daily basis. This is a very simply concept, but executing this effectively has plagued people for years.

It boils down to a choice.

Unlocking your Financial Freedom is a choice.

You need to figure out WHY it’s critical to achieve this for yourself.

  • Are you tired of making other people rich with your efforts?
  • Does your family deserve more?
  • Are you leaving your potential untapped?

A Financial Freedom Secret

In school you weren’t allowed to look at your friend’s exam and copy him. That’s called cheating and you’ll get reprimanded if caught.

But, in the “real world”, you can do exactly that (within the scope of decency). You can model the people who have achieved financial freedom in the manner which you desire. And you can hire them to help you.

This secret is often overlooked, but money can be the ultimate team sport!

The quickest way to reach your financial freedom goal is to work with a mentor or coach, and/or to join a mastermind.

For those of you who aren’t familiar with a mastermind, it’s a group that meets regularly to work on a common goal and the members keep each other accountable.

Ever hear the term “proximity is power”? Well, masterminds are an efficient way to upgrade your peer group. This is exactly what I do to help others reach their financial freedom goals.

The Difference Between Financial Freedom & Financial Independence

This is an important distinction to make… so important, that I created a video for it!

Final Thoughts

Financial freedom is accessible to anyone.

It just requires a little belief in yourself, an effective strategy, and a whole lot of action.

Want to get started? I’d love to help. My mission is to help as many people as I can to achieve financial freedom.

In fact, I documented my proven step-by-step process from start to finish which allowed me to reach financial freedom in my 30s. It’s completely FREE and you can find it here >> Financial Freedom Blueprint.

Need help beyond this? Financial Freedom Pass is my group coaching/millionaire mastermind which meets weekly and gets things done together. I’ll be starting up a new group in the coming month, so make sure to sign up for the interest list if you’d like to be kept in the loop.

It’s never been a better time to step up and claim your financial greatness.

Readers, have you begun your journey to financial freedom? What does financial freedom mean to you?

Follow me

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.