Mapping the Way to Financial Freedom

Breakaway Wealth: Episode 14 – As we get into action for our 2019 goals, it’s important to have a clear vision of the path we’re taking. What are some of the key concepts for attaining financial freedom? Why is it so important for us to be surrounded by the right people? How do we determine our financial goals for the year?

On this episode, we talk about some of the concepts we want to focus on in the new year, and share a practical model for building wealth.

“You want your cash flow to be greater than your ideal standard of living.” -Jim Oliver

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Three Things We Learned from this Episode

  • The problem with the dominant view of retirement

The traditional retirement model is: you climb the mountain, you climb down safely. You accumulate money and then live off it when you retire. It’s better to keep ascending and have your wealth grow, instead of putting a cut-off point for earning money.

 

  • How to scale yourself without compromising your freedom

Find other people with unique abilities you don’t have, and hire and collaborate with them. You only have so much time, so you can scale yourself by taking other people’s skill sets and leveraging them to enhance your area of expertise.

 

  • The power of economies of scale

If we create economies of scale in our property investments, we have more stability and ultimately more freedom. If you have five properties with five different tenants, that is a lot better than one big tenant in one large building. The difference is in your ability to remain stable if you lose a tenant or encounter a similar hurdle.

 

In order to succeed financially, you must have a goal. Just wanting something and hoping to have it won’t do anything for us. We have to know what we want so that we can take decisive action and steps towards it. Financial freedom requires us to refuse to follow the herd. We must implement strategies and ideas that don’t just earn us money, but also scale and multiply the money we can earn.

 

See the Figures below from our discussion:

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