FINANCIAL FREEDOM | SECRETS THAT ONLY RICH KNOWS AND POOR DON'T | RICH AND POOR | GIGL

So friends, in this video we first saw that whenever we want to achieve financial freedom, we have to go through 7 stages which are

1) Clarity:- where we will know where we are

What is the total amount required to be financially free?

2) Self Sufficiency:- Where we will start earning so much money that we will not need any help from anyone.

3) Breathing room:- That means we have saved money for the next 1-2 months.

Stability :- Where we will get money for next 6 months

it is saved..

Flexibility:- That is, how much money have we added to our expenses for the next 2 years.

Financial independence:- Where we have our assets or our savings, we have to know how to earn.
assets or our saved money means that we have earned so much money that it can pay for our living expenses.

Abundant wealth:- i.e. I have a lot of money and added money.

This is something we can't even spend in our entire life... and that's it.

Now I have to give time to my family and my hobbies.

After this we discussed how we can move from one stage to another so we looked at thinking models, the first of which was:-

Time is more valuable than money:- i.e. always think that the time we are giving to something is more than our hourly value. If not then invest that time in some useful place.

Thinking model 2 was no:- We saw that if we calculate 25 times of our annual expenses then that is not an approximation of what can free us financially. In this we will also talk about index funds in detailed description in this video.

Next thing model was compounding:- i.e. every one thousand notes that we invest now can make us financially free that soon. So the big expenses where we can save money are house, house, expensive food and marriages.