How to Become Financially Independent (for beginners)

How can you become financially independent so you no longer need a job?
In this video, I'm going to give you 5 simple steps to become financially independent and how I apply it.

How to Become Financially independent (for beginners)

Segway: and all the steps for financial freedom, I learned from a very old book, over 2000 years old. So if you make it to the end, I’ll tell you the book and also how to get it. Plus I'm going to translate the book to the 21st century.

1. You want to Pay yourself First: ( and with that money you can start investing )
- Whenever I got paid for my work. I would be the last person to actually receive money.
- Uncle Sam got first Dibs, then the state, Then my credit cards, then my bills, and then after all the expenses I would have over maybe 20-50 bucks per week.
- But I change that.

Heres how:
- Set amount to set aside when you get paid: my number was 10% at first and now its 45% ( not less than 10%)
- When you get paid: take 10% or 40% of your paycheck
- Save that money for a year, once the year is over, invest it, to create more income

Tip: My first Investments were books, and when the end of the year came I would start a business. If you fail, try again next year.

2. Create a Budget: if you can't manage $100, you won't be able to manage $10,000
- At my lowest point ever in my life
- I was earning $60 per week and didn’t know what to
- So I budgeted $60 and paid my self $6, it was embarrassing but it taught me basics

Heres my budget:
I have a free budget video on youtube: Its called the simple budget
Link: https://www.youtube.com/watch?v=K2iqN4KT8eo

Core Idea: To make sure every dollar you have, has a job.

3. Put money to work
- Money in a savings or under your bed might be safe but it's doing anything
- You have to find a job for your money
- A good, safe job so you don’t lose it

Heres what I do:
- I invest in index funds with Acorns ( 7-12% return per year average)
- Working on buying real estate for next year ( 10% and above returns)
- I have two business Invested money into ( over 50% returns every year)

The point: making sure your money is growing: anything below 3-7% returns is to low.

Below 7% Poor
Above 7% healthy
Above 12% Wealthy

Ps: Don’t forget to protect your investments and not to take crazy risks.

4. Own your own Home for Free
- I know it sounds like a scam but it does make sense
- My aunt rented for 20 years plus and never owned any property
- That’s not what I want.

So here how I’ll do it:
- I’ll start off with buying real estate and living in it for a year and learning the basics
- Then I’ll move and buy another property, and do this many 10 times
- After a few years, I’ll have enough rental income to cover all my expenses and I’ll live for free.

Ps: Currently I'm taking a course by Meet Kevin, learning more about real estate.

5. Increase Your Income
- Now if I kept the same skills I had when I was 19
- I would be earning 60 bucks per week still
- But reading this 200 bucks helped me learned new skills

Heres the plan:
- Start small: read a book a month, I try to do one weekly
- Try taking a course a month and testing it out
- The more you fail, the more you learn, the more you’ll earn
Tip: Someone times a college degree or master degree might do the trick, just make sure it’s a good investment

Conclusion:
I learn all these tips from the richest man in Babylon, one of my favourite books

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