Latest / Earn Your Leisure / The 7 Levels of Financial Freedom

Transcript

The 7 Levels of Financial Freedom · Earn Your Leisure

• 0:00
  Speaker 1: Let's talk about this seven levels of financial freedom charging.
• 0:05
  Speaker 2: I think you get to the seventh level if you
• 0:07
  Speaker 2: steal some labels and masters real quick. But I do
• 0:10
  Speaker 2: want to ask you if a person it doesn't have breathing,
• 0:13
  Speaker 2: realm more stability, like what can they do to get
• 0:16
  Speaker 2: to that sixth or seventh level from the conversations you've
• 0:19
  Speaker 2: been able to have with Robert Smith and Steve and Tyler,
• 0:23
  Speaker 2: et cetera, Like, what are some of the patterns that
• 0:25
  Speaker 2: you see?
• 0:26
  Speaker 1: Well, let's go through each one of them. I think
• 0:28
  Speaker 1: it's okay. So the first one is clarity, right, It's
• 0:32
  Speaker 1: like you just identify where you're at currently and you
• 0:36
  Speaker 1: identify where you want to go. That is actually very beneficial.
• 0:42
  Speaker 1: You're actually already ahead of the game. Ye from at
• 0:45
  Speaker 1: least seventy percent of the people. Seventy percent of people
• 0:47
  Speaker 1: don't even really that know where they're at financially or
• 0:50
  Speaker 1: where they want to go, right, So have that ability.
• 0:52
  Speaker 1: That's why meditation is extremely important. Having some levels is
• 0:56
  Speaker 1: just you know, calm down for a minute and take
• 0:58
  Speaker 1: things for very important. And then self sufficient where you're
• 1:04
  Speaker 1: actually able to cover your own expenses without outside support. Right.
• 1:08
  Speaker 1: And then the breathing room. Breathing room is that's when
• 1:13
  Speaker 1: you this is when you really start to pick up
• 1:15
  Speaker 1: momentum where you can actually you're no longer living paycheck
• 1:18
  Speaker 1: to paycheck. I would at this point in time you
• 1:21
  Speaker 1: would have probably six months of liquid expenses saved the reserves.
• 1:27
  Speaker 1: Yet so now you getting to the point where you
• 1:30
  Speaker 1: got forty thou fifty thousand dollars saved. Right, So now
• 1:34
  Speaker 1: it's like I could breathe, right if something happens today,
• 1:39
  Speaker 1: I'm okay, right, I'm not okay forever. I'm not living
• 1:44
  Speaker 1: paycheck because when you live in paycheck to paycheck, it's
• 1:47
  Speaker 1: very difficult to think clearly because long term, you're in
• 1:52
  Speaker 1: survival mode. When you're in survival mode, it's extremely difficult
• 1:58
  Speaker 1: to process things, and you can justify anything when you're
• 2:01
  Speaker 1: in survival mode as well. So that's why you never
• 2:04
  Speaker 1: you never want to be in survival more or when
• 2:06
  Speaker 1: you're in survival mode, you want to get out of
• 2:08
  Speaker 1: survival mode as quickly as possible. You heard this once again.
• 2:11
  Speaker 1: This is permeated in a lot of you know things
• 2:16
  Speaker 1: that we kind of grew up in, right where it's
• 2:18
  Speaker 1: like I had to do what I had to do
• 2:19
  Speaker 1: with my daughter got to eat? Right, Well, what does
• 2:22
  Speaker 1: that mean? Yeah, your daughter has to eat, so I
• 2:25
  Speaker 1: got to die. You know what I'm saying.
• 2:28
  Speaker 2: All you could have made better choices along the way,
• 2:30
  Speaker 2: knowing spending all your money at the club for four
• 2:33
  Speaker 2: weekends in a rowd could have led to the devastation.
• 2:36
  Speaker 1: That's that's the survival mode, right. So the stability, So now, yeah,
• 2:42
  Speaker 1: you're not living paycheck to paycheck, but you have you
• 2:44
  Speaker 1: have no bad debt, you're fully funded your emergency fund. Right,
• 2:49
  Speaker 1: no debt, fully funded, your emergency done. Now you're stable. Right.
• 2:54
  Speaker 1: Flexibility is a key point. Years off, right, I could
• 2:58
  Speaker 1: take twenty four months off. I'm good, Right, you know
• 3:01
  Speaker 1: I got two hundred thousand dollars saved in the bank.
• 3:04
  Speaker 1: I'm good to to. I could take two years off.
• 3:06
  Speaker 1: I want to right financial independent. Now you can pretty
• 3:13
  Speaker 1: much just live off with your assets, whether that's will
• 3:16
  Speaker 1: to state, whether that stocks whatever. But now it's to
• 3:19
  Speaker 1: the point where it's like your assets words come to
• 3:21
  Speaker 1: worst you can you can live over that. And then
• 3:23
  Speaker 1: the abundance on the web side is when you have
• 3:26
  Speaker 1: more money than you'll eleven needs. So it's the key
• 3:29
  Speaker 1: to get to that point. I think it's well, it
• 3:31
  Speaker 1: all it's all through investing, right, It's all through investing
• 3:34
  Speaker 1: and making early sacrifices. Early on we talked about this before.
• 3:39
  Speaker 1: Keep your expenses low, yes, waste to raise your income.
• 3:43
  Speaker 1: Invest as much money as possible, because then you start
• 3:45
  Speaker 1: playing multiple games right where it's like, okay, if you
• 3:49
  Speaker 1: if we get to that million, now you double that
• 3:53
  Speaker 1: million and two million, right, but now you double that
• 3:56
  Speaker 1: two million and four million. Now you double that four
• 3:59
  Speaker 1: million and eight million. Yep, you just need one more flip,
• 4:03
  Speaker 1: need one more flip? Do you get to ten digits?
• 4:08
  Speaker 1: Once you double the eight to sixteen, Now you're out.
• 4:10
  Speaker 1: You're out of here. Now, you're just it's now you're
• 4:13
  Speaker 1: out of here right now that that next flip is
• 4:16
  Speaker 1: thirty two, The next flip is sixty four levels, Yeah,
• 4:21
  Speaker 1: the next flip is one hundred and eight. You're out.
• 4:24
  Speaker 1: You're out of here at that point in time, right,
• 4:26
  Speaker 1: But you might not ever get to So really you
• 4:29
  Speaker 1: got to get to eight, but you might not never,
• 4:33
  Speaker 1: you might not ever get to eight. If you buy
• 4:36
  Speaker 1: the big horn, if you go on thirty vacations, yeah,
• 4:41
  Speaker 1: you bought a big cars. Watch if you have a
• 4:45
  Speaker 1: five hundred thousand dollars wedding because you're a millionaire, right,
• 4:49
  Speaker 1: you're a millionaire one two three million. Yeah, you never
• 4:54
  Speaker 1: get a chance to get to that point. So now
• 4:57
  Speaker 1: that could hinder your ability to ever get to that
• 5:00
  Speaker 1: last level. It's like a video game. You got to
• 5:04
  Speaker 1: get to the last level.
• 5:05
  Speaker 2: So when you don't want to get casual vibe, the
• 5:07
  Speaker 2: rent money, it was a bad investment because that's what
• 5:09
  Speaker 2: you could have spent the media or in video right. Fact,
• 5:12
  Speaker 2: and people joking say, no, well you have it. I
• 5:15
  Speaker 2: didn't get it by giving it all away.
• 5:18
  Speaker 1: And somebody wants to take it from you. Nobody. There's
• 5:20
  Speaker 1: no sympathy when you lose it. Oh, absolutely not. You
• 5:22
  Speaker 1: know have said this, like when you back at the bottom,
• 5:25
  Speaker 1: they're gonna treat you like you're worthless. Nobody gonna have
• 5:28
  Speaker 1: sympathy for you when you don't have money. No more
• 5:31
  Speaker 1: like if you have money and you lost it, they're
• 5:34
  Speaker 1: not gonna They're not gonna loan you any money at all.
• 5:38
  Speaker 1: They're not gonna treat you how they once treated you
• 5:41
  Speaker 1: when they when you oh when they thought you had money. Yeah,
• 5:45
  Speaker 1: when you back at the bottom, they're gonna treat you
• 5:47
  Speaker 1: like you're worthless, So don't try to take advantage of
• 5:51
  Speaker 1: me when you didn't help me get it.
• 5:54
  Speaker 2: How much as a millions did you loan that per year?
• 5:57
  Speaker 2: If it made it like a budget item? I know
• 5:59
  Speaker 2: my number. Mind has changed dramatically.
• 6:01
  Speaker 1: I mean, you know, loan is a tricky word. I
• 6:05
  Speaker 1: would say give because I don't even expect to get
• 6:08
  Speaker 1: money back. You know. If I'm giving money, I'm just
• 6:10
  Speaker 1: gonna give it. Yeah, like I said, bro, I'm not
• 6:13
  Speaker 1: really giving too much money these days. I'd rather employ you,
• 6:17
  Speaker 1: well said, get this W nine form, let's let's let's
• 6:22
  Speaker 1: let's let's figure it out. I'd rather have you on payroll. Yeah,
• 6:25
  Speaker 1: at least I can get a tax deduction and I
• 6:29
  Speaker 1: can actually find something productive for you to do, whether
• 6:33
  Speaker 1: that's cleaning the house, whether that's you know, whatever it is, right,
• 6:38
  Speaker 1: I'm sure there's something that you can do that's benefit
• 6:41
  Speaker 1: as opposed to me just giving you money. But to
• 6:45
  Speaker 1: answer your question, I would say, you know, tennis match
• 6:48
  Speaker 1: for me for the year, and that's just the emergency.
• 6:51
  Speaker 1: Like I don't want to have to go to that level.
• 6:54
  Speaker 1: But I ain't given that more than ten thousand. Yeah, listen,
• 6:57
  Speaker 1: I will watch it down to a grand one thousand.
• 7:01
  Speaker 1: It's over with for Nito. Well about ten is like
• 7:04
  Speaker 1: my max max. Yeah, y'all stayed way underneath that. Yeah,
• 7:08
  Speaker 1: but ass like the thirty. I need thirty thousand, I
• 7:11
  Speaker 1: need fifty thousand. Oh, I had none for you. I'm sorry,
• 7:16
  Speaker 1: I'm blocking. I'm blocking the number. That's sorry, blocking the number.
• 7:20
  Speaker 2: The twenty five hundred for now, I'm sorry.
• 7:23
  Speaker 1: But the five hundred play all right? Cool? A thousand
• 7:27
  Speaker 1: is crazy. A thousand for the.
• 7:29
  Speaker 2: Whole I've given, I've given it, got none in return,
• 7:32
  Speaker 2: and then people gave me their ask the kiss after.
• 7:35
  Speaker 2: I'm like, yo, I could have just saved this shit
• 7:38
  Speaker 2: for my And it's the crazy part. People will ask
• 7:41
  Speaker 2: me for money that my child has never asked me
• 7:43
  Speaker 2: for when he can have all of it. It's like, yo,
• 7:46
  Speaker 2: if he had if Xander asked me for twenty five hundred. Yeah,
• 7:49
  Speaker 2: y'all won't even repost the fucking link to joint stock club.
• 7:53
  Speaker 2: Why you need twenty five? You could give it twenty
• 7:55
  Speaker 2: five getting the Philliya link. I'm cool, I'm cool. I
• 8:00
  Speaker 2: tried it, I've done it, I've given out. I could
• 8:03
  Speaker 2: have bought a mayback on some of the ship I
• 8:04
  Speaker 2: gave away. I'm cool, no hard feelings, no moss,