Define What Financial Freedom Means for You, Ep #030

What does financial freedom look like for you? Is it paying off debt? Does it allow you to travel the world? In a world where talking about finances is taboo, we are bringing the conversation front and center. Money is important. Money is needed. You should want more of it. We talk about the benefits of financial freedom and also touch on some concepts from the book “The 4-Hour Workweek” in this episode of Both on Board.

Highlights From Our Conversation

  • [0:45] The topic of finances shouldn’t be taboo
  • [2:30] The goal is to be rich, not look rich
  • [6:00] What does being wealthy really mean?
  • [9:30] What does financial freedom look like for you?
  • [14:40] How to find fulfillment and happiness
  • [19:30] “The 4-hour Workweek” by Tim Ferriss
  • [27:00] Renting versus buying
  • [30:30] Inactivity is not the goal, doing what excites you is
  • [39:35] The entrepreneurial mindset: be an investor
  • [44:05] Cashflow first, big payday second

The goal is to be rich, not look rich

I saw this statement on Instagram and it struck me. The goal is to be rich, not look rich. So many people prance around Miami, showing off their nice cars and expensive apparel—but in reality, they’re broke. In reality, we are just seeing their highlight reel. Are they just trying to put on a mask? Are they choosing retail therapy over facing inner demons?

In reality, the goal shouldn’t be to look rich.

The goal is to be rich. We don’t say this to sound snobbish, uppity, or whatever you want to label it. But guys—God didn’t make you to be broke. He created us to live in abundance, to provide for our families, and to find fulfillment. How about, instead of “fake it til you make it” we embrace “make it so you don’t have to fake it”.

“Money is not everything, not having it is” – Kanye West

We are being completely open, honest, and blunt in this episode. You may claim that money isn’t everything, but you need it. Everyone lives a different journey and has a different mindset about money, and that’s okay. Get clarity on what it means to you and what financial freedom looks like.

Then embrace the fact that money is important.

Without money, you cannot have abundance. You can’t give from a place of want. You should have enough cash flow to sustain yourself and your family. You need money to give to others. Whether you like it or not, money is a critical tool in survival. 80% of US citizens live paycheck-to-paycheck. Is that really what you want for your life?

Financial freedom allows you to live a life of fulfillment

Ray poignantly stated that we were willing to trade 5-10 years of our life—which most aren’t willing to do—so we could live a life that most can’t. We hustle and work hard for what we’ve earned, and it’s allowed us the financial freedom that we desired. It was never about the money, but growing into the life we want to live.

We can take our daughter to Disney World without hesitation.

We can move wherever we want, whenever we want. 

We focus on experiences over material things.

We give to worthy causes.

Because those are the things we value. What gets us those things? Money. We desire to give Valentina magic moments. We don’t want to place our limiting beliefs on her by saying something is not possible. The reality is the world is full of possibilities—but you have to be willing to work hard for it.

Inactivity is not the goal, doing what excites you IS

What hit me hard and made me realize it was time to quit my teaching job is when someone said I only had 25 more years to go before retirement. I couldn’t fathom working another 25 years in a job I wasn’t invested in. Not only that, but our mindset has shifted. If we are doing something we love, why would we want to retire?

I’m not going to pretend I’m happy for 25 years while waiting on a retirement fund that might not even exist when I retire. We don’t want to retire early. We want to spend our lives doing what excites us. Do you want to live a lie and end up broke and unfulfilled?

Financial freedom for us means having enough money to live the life that we’ve imagined and finding fulfillment. Keep listening as we chat about some more topics from the book, cashflow, and much more. Remember, there is no excuse for not living the life you want to live!

Resources & People Mentioned

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