Beginning My Journey To Financial Freedom at 26

Summary

The speaker shares their financial journey, starting with financial stability from their first corporate job in banking. They emphasize the importance of managing money to avoid living paycheck to paycheck. The next phase is financial independence, which they achieved through property investing, providing the confidence to leave a job in Dubai. Now, they're pursuing financial freedom, where money is not a worry and they can cover larger expenses. They discuss the importance of time for compounding investments and the value of creating a business with scalability.

Takeaways

• 📚 Started financial journey at 18 with 'Rich Dad Poor Dad', which influenced financial principles.
• 💼 Achieved financial stability early in career with a high-paying job in banking, emphasizing the importance of saving and managing money.
• 🏦 Financial stability is defined as having a job that covers needs and wants, with a good savings level.
• 💰 Financial Independence is reached when passive income can cover fixed expenses, allowing one to live without job reliance.
• 🏡 Achieved Financial Independence primarily through income from property investing, which provided confidence and freedom in career.
• 🌍 Enjoyed location freedom and independence, moving between countries and living life on personal terms.
• 💸 Financial Freedom is the ultimate goal where money is not a worry, and one can cover all desired expenses without concern.
• 🚀 Believes in a gradual approach to wealth building, focusing on long-term vision and value creation rather than rushing the process.
• 💡 Emphasizes the importance of time in wealth building, as compounding effects of investments take time to manifest.
• 🔄 Transitioning focus from personal finance content creation to living out and practicing the principles already taught, with occasional updates on significant milestones.

Q & A

How long ago did the speaker start their journey with personal finances?

The speaker started their journey with personal finances about 8 years ago when they were 18 years old.

What book influenced the speaker's approach to personal finance?

The book 'Rich Dad Poor Dad' influenced the speaker's approach to personal finance, even though they didn't fully understand it at the time of reading.

What are the three stages of financial progress mentioned by the speaker?

The three stages of financial progress mentioned by the speaker are financial stability, financial independence, and financial freedom.

What does the speaker consider as the first stage of financial progress?

The first stage of financial progress, according to the speaker, is financial stability, which involves having a good job that covers needs and wants, and having a good level of savings.

How does the speaker define financial independence?

The speaker defines financial independence as a stage where one's passive income can cover their fixed expenses, allowing them to function independently of a job.

What was the speaker's primary source of achieving financial independence?

The speaker achieved financial independence mainly through income from property investing.

What is the difference between financial independence and financial freedom according to the speaker?

According to the speaker, financial independence is when one's passive income covers their fixed expenses, while financial freedom is a stage where money is not a worry and one has the means to cover not just personal expenses but also larger financial goals and desires.

Why did the speaker leave their job in Dubai?

The speaker left their job in Dubai because they felt it was not the right fit for them, and they had the confidence to do so due to their financial independence.

What is the speaker's current focus in terms of wealth building?

The speaker's current focus is on entering the final stage of wealth building, which is achieving financial freedom through ownership and scalability.

How does the speaker feel about the role of social media in building wealth?

The speaker believes that social media is fickle and not a reliable way to build wealth, and they prefer focusing on creating value and building a business.

What is the speaker's view on the importance of time in the journey towards financial freedom?

The speaker emphasizes that time is crucial in the journey towards financial freedom because it allows for compounding effects in investments and financial growth.