My honest advice to someone who wants financial freedom

My honest advice to someone who wants financial freedom

Introduction (00:00:00)

  • Ali received a question about financial freedom during a dinner conversation.
  • Many people approach Ali with the goal of achieving financial freedom.
  • Ali introduces himself as a former doctor who transitioned to full-time entrepreneurship and achieved financial freedom.
  • Ali's journey from medical student to entrepreneur has been documented on his YouTube channel for the past 7 years.
  • Understand your "why": Determine your motivations and goals for pursuing financial freedom.
  • Set clear financial goals: Define specific, measurable, achievable, relevant, and time-bound financial objectives.
  • Educate yourself: Gain knowledge about personal finance, investing, and wealth management.
  • Start investing early: Begin investing as early as possible to take advantage of compound interest.
  • Diversify your investments: Spread your investments across different asset classes and investments to reduce risk.
  • Live below your means: Practice frugality and avoid unnecessary expenses.
  • Increase your income: Explore opportunities to increase your income through career advancement, side hustles, or business ventures.
  • Automate your finances: Set up systems for automatic savings, bill payments, and investments.
  • Stay persistent and patient: Achieving financial freedom requires time, effort, and consistency.
  • Seek professional advice: Consult with financial advisors or professionals for personalized guidance.

1. Why do you want Financial Freedom? (00:01:34)

  • Financial freedom is a personal concept that varies depending on individual desires and circumstances.
  • It's important to understand the specific lifestyle changes or personal fulfillment that financial freedom would bring.
  • The amount of money needed to achieve financial freedom varies based on individual aspirations and expenses.
  • True financial freedom involves inner fulfillment and goes beyond mere wealth accumulation.
  • Many people seek financial freedom to gain more control over their time and pursue personal interests.

2. What is the Dollar Amount? (00:06:08)

  • To achieve financial freedom, set a clear and achievable financial goal, considering additional expenses and taxes.
  • Regularly assess whether your current plan aligns with your goal and make necessary adjustments.
  • Financial freedom is not solely about reaching a specific income level but also involves personal growth and skill development.
  • Identify your current position and knowledge gaps, and take action to acquire the necessary knowledge and skills.
  • Starting and growing a business can be a more effective path to financial freedom compared to relying solely on employment.
  • Consider selling to businesses rather than consumers for potentially higher profits.
  • Having a clear understanding of the steps and strategies needed to achieve financial freedom is crucial, rather than just having a general goal without a plan.

3. Action (00:22:48)

  • Financial freedom requires specific skills and knowledge, just like any other profession.
  • To acquire the skills of entrepreneurship and making money, read recommended books and listen to podcasts from experts in the field, such as MJ DeMarco, Alex Hormozi, Russell Brunson, Noah Kagan, Dan Priestley, Robin Waite, Nicholas Cole, and Cody Sanchez.
  • Consuming relevant information is crucial for achieving financial freedom, as it provides a roadmap and equips individuals with the necessary knowledge.
  • For those who have consumed a lot of information but haven't taken action, the advice is to take immediate action based on what they have learned.
  • For those who lack the right information, it is recommended to read specific books and listen to podcasts to gain the necessary knowledge and understanding.
  • Financial freedom is an extraordinary goal that requires dedication and effort, and those who aspire to achieve it must be willing to put in the work and consume the necessary information.
  • Consume educational content from successful entrepreneurs and business experts to learn from their experiences and strategies.
  • Train your listening speed to efficiently absorb information from audio content.
  • Read for exploration to gain a broad understanding of different business concepts and strategies.
  • Progress to more advanced content as your business grows and your income increases.
  • Attend masterminds, events, and seek coaching from experts to reach higher levels of financial success.

4. Sort your life out. (00:35:24)

  • Take care of your health: wake up early and exercise regularly.
  • Prioritize your health over your business.
  • Maintain your relationships and hobbies.
  • Ensure you have time for relaxation.

5. Stop wasting your time. (00:36:15)

  • Avoid watching excessive TV and scrolling social media.
  • Invest time in reading business books and working on your business.
  • Understand that extraordinary goals require extraordinary inputs.
  • Consider listening to audiobooks while doing other activities.
  • Evaluate how much time is wasted on non-goal-oriented activities.

6. Use your day job to your advantage. (00:37:53)

  • There are many quiet moments during the day job that can be used to work on side hustles.
  • Use downtime at work to plan, design, or code for your side hustle.
  • Use lunch breaks to read books or articles related to your side hustle.
  • Take advantage of annual leave to work on your side hustle.
  • A full-time job has periods of downtime that can be used to your advantage.

7. Surround yourself with like-minded people. (00:39:13)

  • The average of the five people you spend the most time with will influence your own average.
  • Spending time with people who are trying to achieve similar goals can positively impact your own journey towards financial freedom.
  • The content you consume also plays a role in shaping your mindset and knowledge. Immersing yourself in entrepreneurship-related content can help you learn and grow in that area.
  • Financial freedom is a long journey, and surrounding yourself with like-minded people and consuming relevant content can help you stay motivated and on track.

8. Enjoy the journey. (00:41:10)

  • The journey to financial freedom is more important than the destination.
  • Have fun and make the process enjoyable.
  • Don't neglect health and relationships, as they are more important than financial freedom.
  • Financial freedom is like playing a video game; the goal is to enjoy the journey, not just reach the end.
  • Choose a worthwhile goal and work towards it while enjoying the process.
  • Financial freedom is achievable if you want it and take action on the available information.
  • Recognize that the journey is enjoyable, like playing a video game where the rewards are real money and experiences.
  • Entrepreneurs who make hundreds of millions a year do similar work daily, but the level of difficulty and the game's level change, making it an exhilarating journey.
  • Ensure that the plan and system you follow to achieve financial freedom are sensible.

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