Achieve Financial Freedom: 8 Key Goals for Success

Name: Achieve Financial Freedom: 8 Key Goals for Success
Uploaded: 2023-06-19 07:02:57
Description: Achieving financial freedom involves obtaining a high-paying job, creating additional income streams, managing debt, saving for emergencies and retirement, owning one's time, and finding purpose and balance in life.

This article is a summary of a YouTube video "8 Key GOALS you'll need to achieve for financial freedom | Freedom Pyramid | Akshat Shrivastava" by Akshat Shrivastava

TLDR Achieving financial freedom involves obtaining a high-paying job, creating additional income streams, managing debt, saving for emergencies and retirement, owning one's time, and finding purpose and balance in life.

Key insights

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"We want money freedom, time freedom, and location freedom so that we can enjoy life and pursue our passions without stress."
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"I work for only three to four hours a day...I only work for three four hours. A day spend most of my time with my family." - This suggests that achieving financial freedom doesn't necessarily require working long hours, but rather finding a balance between work and personal life.
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Having an emergency fund is crucial for financial freedom, as it provides a safety net in case of job loss or unexpected expenses.
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Having both health insurance and term insurance is crucial for financial freedom because life is uncertain and unexpected expenses can arise, as seen in the case of the COVID-19 pandemic.
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"Once you have your 5 to 10x yearly expenses saved...you move to step number five which is an even more audacious goal."
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Owning your time is a critical goal for achieving financial freedom, as time is the most valuable commodity.
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Finding your purpose, or "ikigai," is essential for a well-balanced life and involves seeking meaning in your work beyond just earning money.
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Achieving balance in all aspects of life, including relationships and family, is crucial for true financial freedom.

Timestamped Summary

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00:00
To achieve financial freedom, it is important to have a good job, create additional income streams, and take risks.
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02:53
To achieve financial freedom, aim for high-paying jobs in industries like management consulting, investment banking, private equity, or venture capital, either in India or abroad, and focus on creating discretionary income.
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05:26
Avoid unproductive debt before age 25, and if necessary, keep it below 30% of your income; ensure home loan EMI is affordable to avoid financial strain.
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08:15
Save an emergency fund of 1.8 lakhs (equivalent to six times monthly expenses), get health and term insurance, and save 5 to 10 times yearly expenses for financial freedom and security.
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11:13
Save 25 times your yearly expenses to live off of interest and follow the four percent withdrawal rule to avoid depleting savings.
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13:02
Owning your time is the next important goal after achieving financial stability, as limited time decreases with age and should be prioritized for spending with loved ones.
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14:40
Choose content wisely, automate work, invest for parallel income, find purpose, maintain balance for financial freedom.
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17:42
Achieving financial freedom involves helping others, sharing knowledge, and balancing different viewpoints, with one example being teaching free workshops on financial literacy for kids.