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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Financial Freedom summary
Grant Sabatier
A Proven Path to All the Money You Will Ever Need
20 mins
Brief summary
Financial Freedom by Grant Sabatier is a personal finance book that teaches a step-by-step process to achieve wealth. It emphasizes on increasing income, reducing expenses, and investing smartly to attain financial independence.
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Financial Freedom
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Key idea 1 of 8
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.
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What is Financial Freedom about?
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.
Best quote from Financial Freedom
Every purchase you make is a trade-off – spend money on one thing, thats less money you can save.
—Grant Sabatier
Who should read Financial Freedom?
- Nine-to-fivers longing to escape their cubicles
- Millennials wanting to retire long before their sixties
- Sufferers of financial anxiety
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