पाँच वर्षभित्र तपाईं यसरी करोडपति बन्न सक्नुहुन्छ || Financial Freedom Book Summary

Financial Freedom Book Review
Financial Freedom: A Proven Path to All the Money You Will Ever Need is a very popular book with those seeking financial freedom.
The author, Grant Sabatier, outlines a seven-step process to achieve financial freedom by making more money in less time, so you have more time for the things you love. Money is unlimited, but time is limited.
These seven steps demystify the concept of your ‘number’ (the money you need to have to be financial free), provide pointers to getting more out of your job and developing a side hustle and outlines the decision-making framework while making spending decisions.
The book is extremely relevant and very detailed. Sections of the book, particularly around investments, are US-centric. Readers need to adapt the framework to investment avenues available in the country they live.
Personally I found the Seven Levels of Freedom articulated in the book useful to determine the progress towards the ultimate goal of financial freedom. I found this useful.
CHAPTER 1: MONEY IS FREEDOM - How I Went from $2.26 to $1 Million in Five Years
While investment guides generally recommend you sock away 10 to 15 percent of your income (even though, as I’d later learn, that definitely isn’t enough), millennials under twenty-five are saving only 3.9 percent of their income for retirement,
Doing everything I was “supposed” to do wouldn’t guarantee anything.
I simply learned everything I could, questioned all the popular advice about money I came across, and maximized the value of my time through a combination of personal finance, entrepreneurship, and investing-three things absolutely anyone, even someone with $2.26 in the bank and a lack of marketable skills, can learn to do on their own.
The strategies I used require some effort and discipline, but they aren’t complicated.
Most of the “accepted wisdom” about money, work, and retirement is either incorrect, incomplete, or so old-school it’s obsolete.
One of the most damaging and popular myths about money is that it’s complicated.
The concepts in this book are actually pretty simple, and any math you’ll need you learned in elementary school.
I want to help you understand the mechanics behind money so you understand why and how the advice works, and how you can get results quickly.
Step 1: Figure out your number.
Your number is how much money you need to reach your financial freedom.
Step 2: Calculate where you are today.
Your net worth is the most important number in your financial life.
Step 3: Radically shift how you think about money.
Step 4: Stop budgeting and focus on what has the biggest impact on your savings.
Budgets actually reinforce a scarcity mindset
Step 5: Hack your nine-to-five.
Use it strategically to make more money today and as a launching pad to make a lot more money in the future.
Step 6: Start a profitable side hustle and diversify your income streams.
Most people don’t do it right. They spend their time side hustling for someone else instead of for themselves,
Or they spend their time trying to grow a side hustle that was doomed from the beginning.
Step 7: Invest as much money as early and often as you can.
When you invest money, your money makes money and you don’t need to trade much, if any, of your own time.
When you have enough money, you have more space and time to explore the world, to connect, to reflect, to grow, and to feel alive.
“Financial freedom,” of course, means different things to different people,
Some monks feel free without any money, choosing instead to live within a self-sustaining community.
Ultimately, the amount you need comes down to the life you want to live, where you want to live it, what you value, and what brings you joy. Joy is defined as a feeling of great pleasure and happiness caused by something exceptionally good, satisfying, or delightful-aka “The Good Life.”
Seven Levels of Financial Freedom
Clarity, when you figure out where you are and where you want to go
Self-sufficiency, when you earn enough money to cover your expenses on your own
Breathing room, when you escape living paycheck to paycheck
Stability, when you have six months of living expenses saved and bad debt, like credit card debt, repaid.
Flexibility, when you have at least two years of living expenses invested
Financial independence, when you can live off the income generated by your investments forever so work becomes optional
Abundant wealth, when you have more money than you’ll ever need
You have freedom through money.

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