3 Bad Habits Holding You Back from Financial Freedom #Finance

all right so in this CashNews.co we’re going to be talking about three bad habits that could potentially be holding you back from getting to Financial Freedom now if you’re new here hi my name is Ali I’m a doctor turned entrepreneur and for the last 7 years I’ve been

documenting the journey on this YouTube channel starting off as a medical student making CashNews.cos helping students study for exams and eventually building a business to the point where I am financially free now for me that Journey has been very long and very windy and I’ve been trying to

get to Financial Freedom for the last 15 years and it took me maybe 12 years to get to the point of Financial Freedom so I’m hoping but that by watching this CashNews.co CashNews.co and the other CashNews.cos on my channel where we talk about this stuff you able to shortcut that process so

we’re going to talk about three bad habits that are potentially holding you back but before we do that let’s talk about how should we even think philosophically about what Financial Freedom is and how do we get there all right so what is Financial Freedom well I really like Professor

Scott Galloway’s definition which is Financial Freedom is when your passive Income exceeds your burn rate I.E there is more money coming in without you having to do stuff then there is money that you are spending this means that if you want to be financially free you’ve

kind of got two levers to play with you can increase the amount of passive Income you you have coming into your life or you can decrease the amount of money that you’re spending and ideally you would do some sort of combination of the two things and you probably won’t

want to retire and just not do anything because that gets boring after a while and then people who who retire get depressed and have heart attacks and stuff but you’ll have the freedom and the ability to do what you want when you want with whom you want and you will probably realize that you

want to do work of some sort but you’ll have the freedom to choose what sort of work you’re actually doing and that’s really the true value of Financial Freedom so that then sort of begs the question how do you arrive at this point at Financial Freedom where you’re

increasing your passive Income and that passive Income is greater than your costs well based on this equation we can basically see that there are two levers you can pull you can decrease your costs or you can increase your passive Income now

broadly there are actually two paths to this MJ DeMarco in his book The Millionaire fast lane which is a good book says there’s the slow lane path and then there is the fast lane path and even fast lane for the record he defines as being about 10 years long so that’s considered fast in

this world so the slow lane path is where you have a job and your job generates Income and then you put that Income into Savings or into Investments or into slowly buying out a property every now and then or maybe putting it in a

Stock Market index fund like the S&P 500 and eventually um you use what’s called a 4% rule which is that let’s say you end up having a million pounds in the S&P 500 which is the Stock Market index fund you can withdraw 4% of that safely every

year without touching the principal so your passive Income in that case would be 40K per year now if you can live on less than 40K per year Inflation adjusted etc etc uh now you are financially free because your passive Income has exceeded your

lifestyle costs this is the slow lane path this takes a very long time to get there and there is an alternative approach the alternative approach is the fast lane path and the fast lane path is where you really figure out can I build some sort of asset or can I build some sort of business the slow

way of getting to Financial Freedom is by having a job and by Saving and investing well and doing that over a very long period of time the faster way which still probably takes about 10 years is to build some sort of asset or to build some sort of business and so in this CashNews.co I really want

to focus on this fast lane approach there are other CashNews.cos and we might do one in the future that that is aimed at people where the goal is you know what I just want to have a job and I want to put aside 20% of my Income into Investments and 20 years from now

I will then be financially free to me that that doesn’t hold much appeal cuz I don’t really want to be financially free when I’m 50 I’d like to be financially free when I’m 30 or 35 or 28 or 25 or 23 or whatever the thing might be really I’d like to be

financially free as soon as possible because then I’m able to use my time which is my most valuable non-renewable resource on things that I actually want to use my time on rather than necessarily on my day job which if I was able to design my life however I wanted chances are I wouldn’t

do the day job that I’m currently doing so the goal really is the fast lane approach to Financial Freedom how do we build an asset or business that boosts a passive Income while keeping a l talk cost reasonably low so that we can get to this equation for Financial Freedom and

so in this CashNews.co I want to talk about three bad habits that are holding you back from this fast lane approach that hold a lot of people back uh the first one is what’s the first one all right so let’s talk about bad habit number one now if we understand this equation we know that

the goal is to build some sort of asset that gives us enough passive Income such that we can feel financially free and the the way we do this is a skill it is a skill it is not luck of course luck is involved as with everything in life but the ability to build businesses and

Assets is a skill if you were to take all of Elon musk’s money and connections and stuff away he would probably become financially free fairly quickly because he has the skill of building businesses and Assets and think with me I have less of a skill of

building businesses and Assets than Elon Musk does but I’ve been trying to make money on the internet and building businesses for about 15 years of my life now so I would say I have the skill so if I were to lose all of my money and all my clout and all my fame and my YouTube

channel and everything I suspect within a year I would probably be able to get to a point of Financial Freedom because I have the skill of building Assets and businesses that I’ve developed over the last 15 years now given that this is a skill um I think this is one key

important thing to keep in mind that a lot of people who aspire to Financial Freedom just don’t appreciate that the skill of building these Assets is a skill and like all skills skills can be learned and so really bad habit number one is the habit of ignorance where you a

don’t recognize that it is a skill to build Assets and businesses to get to Financial Freedom and B even if you do realize that you’re just not putting in the time to absorb the stuff that will give you a sense of what this map is but one good Financial habit that you

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you learn about the skill well you carve out time in your day to read books to listen to audiobooks to listen to podcasts to watch YouTube CashNews.cos about building that skill of building businesses on my podcast for example there’s a bunch of CashNews.cos I’ve done with other

entrepreneurs where they break down the exact methods they used to grow multimillion dollar businesses and to become financially free similarly there are a bunch of books uh there’s million dollar weekend by Noah Kagan there’s millionaire fast by MJ DeMarco there’s uh Cody Sanchez

and hasba coming out that’s very good make epic money by Anu waraku just looking around at my like there’s Doom Secrets by Russell Brunson there’s anything but Alex hosi there are literally hundreds and hundreds probably thousands maybe even tens of thousands of business books out

there lots of them are on Audible you can listen to them in audio book format how many of those have you read if you’re like most people I speak to about Financial Freedom the answer is probably not very many I’d say maybe about 80% of people don’t really read enough or listen

enough or watch enough stuff about building the skill of building businesses oh by the way if you’re enjoying this CashNews.co so far you might like to check out my book Feelgood productivity it’s about how to do more of what matters to you in a way that’s enjoyable meaningful and

sustainable and a big part of this journey to Financial Freedom is finding the time and energy to actually do the things that will help us on our route to Financial Freedom so you can check this out it’s on Kindle it’s on Audible it’s on hardback you can listen to it in the car in

your spare time I hope you’ll get some value from it and so at this point some people might be saying that like okay well it’s a skill but you can’t get the skill just from learning about it and yes that’s true you cannot just get the skill by just listening and learning and

reading and all all that kind of stuff you have to take action as well but essentially what the learning does is that it gives you a firmware update in your own mind it lets you see what the map looks like it’s like imagine you’re navigating a forest and the destination you’re

trying to get to is this destination of Financial Freedom but it’s like this dark forest and there’s a lot of fog and you don’t know what’s going on you don’t know what the map to that destination looks like but when you listen to podcasts where entrepreneurs who have

made millions of dollars are breaking down exactly the path that they followed it’s like oh okay that’s one route to Financial Freedom you would listen to another podcast where someone breaks down how they built a ghost writing agency to get to a million dollar a year oh okay

there’s another path you would watch a YouTube CashNews.co where someone like me talks about how I got to Financial Freedom through the vehicle of a YouTube channel and that’s another path and the more you read and listen to and absorb this sort of stuff the more you’ll realize

that the pathway from where you are right now to where you want to be which is probably Financial Freedom if you’re watching this CashNews.co you’ll realize that oh there’s all of these different paths to getting there and then you can decide which of these paths do I want to take

action on you don’t need to know what are 100 different paths to get to Financial Freedom but it’s useful to appreciate maybe like 10 what are 10 different ways where you could theoretically start from where you are right now and get to the goal of Financial Freedom within a time frame

that seems reasonable to you and you do that by reading by listening to by watching stuff and once you have those 10 at that point you can move on to Habit number two which is we’ve talked about how you can get a sense of what this map is based on the learning but bad habit number two is

where even when you do have a sense of what this map is you decide to stay exactly where you are and you don’t decide to go on this journey you don’t take action bad habit number two is the habit of inaction there are a lot of people I know who want who aspire to Financial Freedom who

don’t do any learning about it at all but then there’s also quite a lot of people who do aspire to Financial Freedom but who are stuck in this sort of paradox of just consistently consuming content and never actually taking any action maybe you’re in that boat if you’re

watching this CashNews.co maybe you’ve seen all of my CashNews.cos about Financial Freedom maybe you’ve listened to my podcast maybe you’ve read these books that I’ve mentioned maybe you’ve been watching every CashNews.co that Alex homos has ever put out but maybe you

haven’t actually taken that first step to try to make your first dollar on the internet maybe you’re not carving out the time to actually take action on the thing now how do you do that how do you do that if you’re busy if you’re maybe you’re a student and you’ve

got stuff to do in the day maybe you’ve got a full-time job so you have stuff to do during the day maybe you’re a parent you’ve got kids so you’ve got stuff to do during the day and like not even during the day firstly it’s important to realize that almost everyone who

ends up becoming financially free very few of them got there by having a completely empty Cali calendar and they just had swats and swads of spare time and that’s how they were able to build to build that business mostly you know I’ve interviewed probably hundreds of people at this

point who are financially free they were all busy they all had life commitments family commitments job commitments the whole shebang and they found a way to build this asset or build this business if they’re going down the fast lane approach in their spare time so what might this look like in

the case of one of my friends uh what he does is that he carves out Monday and Tuesday evening after work every every week without fail to work on his YouTube channel and his courses business because he has decided that YouTube channel plus selling a course is the vehicle that he wants to do to get

to Financial Freedom if a friend says hey do you want to hang out on Monday evening he’s like nope sorry I’m busy that evening he does Wednesday Thursday Friday Saturday and Sunday to hang out with friends but Monday and Tuesday evening is carved out for work on the YouTube channel and

work on the course alternatively you might decide that an hour every morning before work is the amount of time you are carving out to work on your dream of Financial Freedom that is the time you are going to spend taking action it’s not the time you’re spending learning the skill

because you can learn the skill while doing the laundry while doing the watching while commuting to work you can listen to stuff you can watch CashNews.cos in those spare moments throughout the day but it’s those concerted hourong at least blocks of time where you’re actually taking

action and actually trying to build the thing so many people aspire to Financial Freedom very few people put in the time because if you look at someone’s calendar and you see what they spend their time actually doing for most people who aspire to Financial Freedom you’ll probably find

that the calendar does not reflect this goal of Financial Freedom and then finally we come to bad habit number three and this is a habit that I like to call environmental inertia inertia is sort of where you just let things happen as they already happening you’re sort of operating with the

default mode now we’ve talked about how an important Habit in getting to Financial Freedom is learning the skills and appreciating what the map looks like we’ve talked about taking action but there’s a third aspect which is intentionally designing your environment so that

you’re able to come into contact with people and with inspiration that will help you out on your journey you know one of the easiest ways to get to Financial Freedom or rather to speed up your process in getting to Financial Freedom is to surround yourself with people who are also on that

Journey now these people might be exactly where you are on that Journey there might be a couple of steps in front of you there might be a couple of steps behind you but if you have friends colleagues relatives a network if you have people around you who are also on the journey to Financial Freedom

you are all more likely to make it because you all benefit from this compounding effect of the people that we have around us people around us give us a lot of energy it like means that when motivation dips which it always does on this journey to Financial Freedom it’s not really a straight

line it’s more like a s way for motivation waxes and wains in those moments where you’re feeling down where your business isn’t working you just got rejected from a sales call that you did your YouTube CashNews.co absolutely flopped no one bought your course all of that stuff you

have people around you who understand they get the journey that you’re on if all of the friends that you have are people who have normal jobs and who do not aspire to Financial Freedom chances are you will find it very difficult to go on that Journey on your own it is a lot easier to go on

that Journey when you’re with other people so environmental inertia is when you’re not putting any effort into designing your environment you’re not putting any any effort into going to events for aimed at entrepreneurs or aspiring entrepreneurs you’re not putting any effort

into going to classes you’re not putting any effort into going to meetups you’re not putting in any effort to reach out to people in your local area through Twitter or Instagram who you might be able to send a cold message to be like hey you know you’re an entrepreneur I I am as

well I’ve checked out what you’re doing would you like to grab coffee or lunch sometime creating this network of other entrepreneurs other people trying to build Assets and businesses on this fast lane to Financial Freedom I think is one of the biggest things you can do

to massively shortcut your process of getting there and to ensure that you don’t allow the dips in motivation to completely stall your progress on this journey now if you Vibe with this CashNews.co firstly I would love to hear a comment in terms of if you’re at this point what is one

action point you’re taking away from this CashNews.co on your journey to Financial Freedom and secondly if you want a whole CashNews.co where I break down the journey and more detail you should check out this CashNews.co over here which is my honest advice to someone who wants Financial

Freedom and in that CashNews.co I recommend a bunch of different resources that you can use to also improve your odds of getting to Financial Freedom so thank you so much for watching have a lovely day and I’ll see you in the next CashNews.co bye-bye