Financial Freedom Lecture

Introduction

• Speaker: Ali (former doctor, turned YouTuber and entrepreneur)
• Discusses financial freedom based on personal journey
• Transition from medicine to full-time entrepreneur

Why Want Financial Freedom?

• Important to identify why you want financial freedom
  • What will it get you that you don't already have?
  • Money and financial freedom are both psychological constructs
• Example from Ali's own experience:
  • Ali wanted to reduce his workload as a doctor to 3 days a week
  • Financial freedom for Ali initially meant buying free time

Understanding Financial Freedom

• Financial freedom is a feeling rather than a reality
• Key questions to ask yourself:
  • Do you want to work part-time or quit your job altogether?
  • Do you want the lifestyle of rich people (private jets, yachts, etc.)?
  • How much money do you need to feel financially free?
• Financial freedom requirements vary based on lifestyle and location

Steps to Financial Freedom

1. Identify the Dollar Amount Needed

   • Calculate the monthly income required before expenses
   • Example: Ali would feel financially free with £5k/month

2. Reverse Engineer the Goal

   • Example: John needs £200k/year to save £125k/year for a goal of £1m in 8 years
   • Break down how much needs to be earned yearly and monthly

3. Set a Clear Plan and System (GPS Framework)

   • Goal: Specific financial target
   • Plan: Identify viable paths to achieve that financial target
   • System: Consistent actions to follow the plan
   • Check consistency between current plan and financial goals

Knowledge and Skills

• Financial freedom requires knowledge and planning
• If unaware of paths to achieve goals, there's a knowledge problem
• Suggested resources (books and podcasts)
  • Books:
    1. The Millionaire Fastlane by MJ DeMarco
    2. Million Dollar Weekend by Noah Kagan
    3. $100M Offers by Alex Hormozi
    4. Expert Secrets by Russell Brunson
  • Podcasts: Interviews by Ali
    • Dan Priestley
    • Robin Waite
    • Nicholas Cole
    • Cody Sanchez

Practical Tips

• Take care of your health and manage time well
• Reduce time waste on TV and social media
• Leverage downtime at your day job for side hustle
• Surround yourself with like-minded individuals
• Make the journey enjoyable

Summary

• Financial freedom is a journey that requires careful planning and dedicated action
• Figure out the “why” behind your goal
• Equip yourself with knowledge and surround yourself with the right people
• Ensure your actions align with your goal
• Enjoy the process as much as achieving the goal