Financial Freedom Buchzusammenfassung - das Wichtigste aus Financial Freedom

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Zusammenfassung von Financial Freedom

Name: Financial Freedom
Rating: 4.3 (435 reviews)
Author: Grant Sabatier

Grant Sabatier

A Proven Path to All the Money You Will Ever Need

4.3 (435 Bewertungen)

20 Min.

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Financial Freedom
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What’s in it for me? Learn how to generate enough wealth to free yourself from work, long before retirement age.

Are you spending the best years of your life trapped in a soulless cubicle? Do you struggle to save money or make ends meet? Perhaps you’re overwhelmed by debt and just don’t know how to get ahead.

This is exactly how millennial Grant Sabatier felt when he was 24. Just five years later, he’d freed himself from the need to work ever again. Grant achieved this without gambling or receiving a massive inheritance. He developed a financial strategy that would make him financially independent, and he stayed committed to his goal.

In these blinks, we’ll explore Grant’s strategy, so you can start creating your own roadmap to financial freedom.

In these blinks, you’ll learn

what Einstein considered to be the eighth wonder of the world;
why budgets aren’t that helpful when it comes to creating wealth; and
how one millennial is set to become a millionaire from $5 dog-walks.

To reach financial freedom, you have to defy social norms.

In August 2010, the author Grant Sabatier was at an all-time low. At the age of 24, he was unemployed and living with his parents. He’d worked hard for three years – nearly five-thousand hours of his life – and had nothing to show for it except $2.26 in his bank account.

When Grant did the math, he realized why it was so difficult for an American millennial like him to save. Factoring in inflation, the average income for his generation was less than half of what it was for his parents. And there were student loan debts to pay off on top of that.

Even if Grant followed the prescribed nine-to-five working life for 40 years, there was no guarantee that he’d be able to retire comfortably. It was a lightbulb moment.

The key message here is: To reach financial freedom, you have to defy social norms.

If Grant wanted to escape the drudgery and insecurity of the modern workplace, he’d have to do something radically different.

On that landmark day in 2010, he decided he wasn’t prepared to slave away in a cubicle for the best part of his life. So he set himself an outlandish goal. He would save $1,250,000, which would allow him to retire as soon as possible. That way, he’d have the time he needed to live his ideal life. But to do this, he needed to break the mold that his family and friends fit themselves into.

Grant started by learning everything he could about finance, and changed his perceptions about money. It was not a finite resource to worry about; it was a tool he could use to generate more wealth.

Armed with this new knowledge, Grant developed a strategy to achieve his savings goal. His plan involved working full-time, launching two side businesses and investing in the stock market. It was a demanding way to live, one that meant making sacrifices. But, by 2015, Grant’s wealth had grown from $2.26 to over a million dollars. His savings generated enough interest for him to live off, without needing to work if he didn’t want to. He had reached financial freedom in just five years.

You too can achieve financial independence with Grant’s strategy, which we’ll explore in these blinks. It will take hard work and commitment. But the compromises you make today will buy you years of freedom in the future.

The first step toward financial freedom is to calculate how much money you spend annually.

Einstein is quoted as naming compounding the eighth wonder of the world. Compounding makes the value of your money increase over time, even if you don’t add another cent to your investment account. This happens because every dollar in your account generates interest. If you don’t withdraw that interest, it generates its own interest, essentially giving you free money!

When the author Grant decided he wanted to save $1,250,000, it wasn’t because the word “millionaire” had a nice ring to it. It was the minimum figure he needed to invest, so that he could live comfortably off the compound interest. He worked out how much money he needed every year, and then used that as the basis for calculating his savings target.

Before you set your financial plan into motion, you must understand your starting position.

Whether you’re heading somewhere special on vacation, launching a new business, or embarking on parenthood, every journey has a starting point. On the path to financial freedom, that starting point is your net worth – or your overall financial value.

When it comes to maintaining financial independence, your net worth is the most important figure. This is because it will guide your financial strategy. It acts as the reference point, telling you how far you have to go before you reach your savings target. Without it, you’re like a boat without a rudder.

To guide your spending, work out how much of your life you’re trading for every item.

Chances are, you make small comfort purchases every day, like that morning coffee before you hit the office. Often these rituals don’t add up to much, and they inject joy into your day.

But when you’re working toward financial freedom, you have to change the way you value what you purchase. An item’s true cost isn’t its ticket price. It’s the number of hours you have to work so you can buy it. And don’t forget, the ticket price includes tax, but your take-home pay doesn’t. To buy that $3 coffee, you actually have to make $4 pre-tax.

Cutting back on your housing, transport and food costs will significantly increase your savings.

Budgets are a bit like diets. With temptation lurking in every shop and online store, they’re easy to break. And when you break them, you feel so guilty that you often give up altogether.

The problem with budgets is that they give you the impression that money is scarce – by forcing you to account for every cent. But budgets rarely help you save significantly anyway, since small savings are typically overshadowed by the larger, ongoing costs.

Proactively look for ways to optimize your nine-to-five paycheck, so you can reach financial independence sooner.

For many of us, the workplace is an island we visit five days a week. When we return to the mainland, we try not to think about it. Even if we love what we do, we want to spend our precious nonworking hours with our loved ones, and pursuing our passions.

This mindset is completely understandable. But when we see our jobs in a bubble, and not as part of our wealth-building strategy, we cheat ourselves of opportunities that support our financial goals.

Diversify your income by setting up side businesses.

Meet Matt, a full-time graphic designer based in Chicago. Matt loves his job, which pays $55,000 a year. But there’s more. At just 25, Matt’s on track to having $1.5 million saved by his 30th birthday. All thanks to the dog-walking business he set up, just three years prior.

As a cash-strapped student, Matt started charging dog owners $5 a walk. At first, he was only walking about ten dogs a week. But then more pooches moved into the neighborhood. He was so overwhelmed with business that he had to hire people to meet demand. Now, Matt has all the benefits that come with nine-to-five employment, plus a side business that brings him an extra $200,000 a year that he can save.

Even the best financial strategy only works if you put it into practice.

The author’s journey to financial freedom began with him realizing he had to do something different. But it’s no easy task to be a pioneer.

Grant lost his job in 2010, due to the recession. Before that, he had enjoyed boozy Saturday lunches with his friends, followed by a nap. But to reach his savings target, he had to cut these back to once every two-to-three months, and instead use the time for his side businesses.

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Worum geht es in Financial Freedom?

Financial Freedom (2019) offers a financial strategy that will help you generate enough wealth to live off the interest of your investments, freeing you from the need to work. Irrespective of your present financial situation or income level, you can use this strategy to achieve financial independence so you can retire sooner, and happier.

Bestes Zitat aus Financial Freedom

Every purchase you make is a trade-off – spend money on one thing, thats less money you can save.

—Grant Sabatier

Wer Financial Freedom lesen sollte

Nine-to-fivers longing to escape their cubicles
Millennials wanting to retire long before their sixties
Sufferers of financial anxiety

Über den Autor

Grant Sabatier is an entrepreneur, author and self-made millionaire. He has provided advice about gaining financial independence to over ten million readers through his website, Millennial Money. Financial Freedom is his first book.

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