Are you clear on the amount of passive income you need for financial freedom? You may want to invest your money as quickly as possible, but finding clarity on your goals and getting down the details of exactly how much money you are looking for first will get you results much faster. This week, we talk about the number one investment you should make right away, how to work backward to find your financial freedom number, and knowing how to set your monthly budget based on your goals. Hallie and I discuss ways to cultivate more joy in planning your investments and using the money you have now along with time and discipline to take your wealth to the next level. We talk about exactly how much you should be saving each month, and how to start getting to that number even if it doesn’t seem possible now. We each share our own experience with figuring out our financial freedom number, and how life actually becomes more open and relaxed when you get clear and diligent about how you invest your time and money.
In this episode, you will learn about:
- How investing in yourself first will always give you the biggest return.
- The biggest mistakes people tend to make in investing their money and/or time, and how to avoid them!
- How to still live a full and joyous life when you are saving and tightening the money belt.
Take a listen and let us know what you think with a comment below! If you like what you hear, make sure to subscribe and share with a friend.
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Timestamps
[2:39] The best investment you can make is investing in yourself, and it doesn’t always have to be with money. We discuss just a few of the many ways you can invest in yourself for free or little cost.
[4:08] What investing in yourself does cost, however, is discipline and time. There are some instances where investing money does pay off, such as gaining a new skill that can help you earn even more money or provide more opportunities down the road.
[6:41] The first step in setting aside money to invest in yourself may be paying off other things to lower your monthly costs and give you the ability to reallocate where you put your monthly funds.
[9:04] It’s important to have an idea of what your financial freedom number is that allows you passive income coming in without you having to trade your time for money. You may still choose to work on top of this, but it is your choice, and your financial freedom number becomes a tangible vision.
[15:05] More money does not always mean more happiness. However, money can be a tool that you can intentionally use to spend on things that bring you more joy and fulfillment.
[21:37] We discuss investing your money in things like real estate to get even more return, and finding the monthly cash flow number to find your dream lifestyle. People are often surprised at the actual number it takes to get to their financial freedom.
[26:02] You can already start to feel rich by putting stock in your experiences in living in the present moment while you do them. A great vacation doesn’t have to be expensive — it can be camping in nature and unplugging for a bit while spending time with family.
[31:47] Our society wants us to think that the more we gain gives us more joy, but real wisdom knows that we can cultivate joy from the inside out.
[39:02] We discuss how to get the monthly number you need from working backward with your financial freedom number.
[39:39] A goal of saving 10–25% may not seem possible at first, but living within your means and saving can make it possible. Although it may feel restrictive to think of tightening the financial belt and foregoing some luxuries now, the feeling of having money will trump the feeling of having any material items.
