How To Set Yourself Free From The Money Trap

hey what's going on welcome to a new episode of the Darius furusho and on today's episode we're gonna talk about how you can set yourself free from the money trap alright alright alright so the money tribe but it's something that is very real and a lot of us are held captive by the fear of money and specifically a lot of us are captive by the fear of losing money so my main goal in life is to be free and I want to live my life the way that I want to and I want to spend my time with people that I want to spend my time with and I want to do what I want and I think to me that is the true definition of freedom now I know that a lot of people have the same goal right a lot of people think that you can achieve that if you are financially free so what a lot of my friends and a lot of people I know do is save money or work very hard so they can some day retire and be free now I don't think that is a good strategy at all because some day might never come or you might simply die before that day comes so how can we speed that kind of mindset up how can we achieve that goal of freedom faster now I've have I have a few thoughts on this and I wrote an article about it as well and I'll link it below in the description and I share four things that I gave up but in this episode I want to specifically focus on money because money is I think the thing that holds us down way more than a lot of other things so there are a lot of responsibilities that we have towards to a work or family members or friends or coworkers or a relationship and we feel that we have all these kinds of obligations that are holding us down and we feel that we can't live the life that we those things are also very real but money is I think the number one thing that a lot of people think about that they need so they can be free now is that really the case do you need money to be free the answer is yes or no of course you need some money to be free but you don't have to be a millionaire you don't you don't have to be extremely wealthy to be free nor do you have to be a cheapskate to be free as well because if you Google personal finance and how to accumulate wealth what you will see is to very extreme IDs so there's one group that basically says go all-in make as much money as you can become a millionaire billionaire whatever and money is really important that's the only thing there is right there's some good ideas there that you can use to accumulate wealth especially specifically what I like is the whole abundance thinking about that kind of strategy which I really like because I don't think life is a zero-sum game and then on the other side we have a group of people who say save all your money right save as much as you can live very frugally right don't spend spend money don't invest in risky things right be very careful with your money and just have and don't do a lot of work right just retire early to me those ID is a very far away from each other they have some similarities now I personally don't identify myself a lot with those get rich people and I also don't really identify with the be frugal people who are I personally believe in two things two specific things that you can do to set yourself free from the money trap number one is very obvious is to save some of your money at least ten percent you can go up as much as 50% now you don't have to save all your money you can still enjoy your life I believe because life is meant to be enjoyed we should be happy and we should be free right that's that's the whole goal here but sometimes people forget the goal right they say ok I want to be free or they go out and save as much as they can right they do their job and they come home and that's it or they take on so much work and they because they get burnt out and the other people get bored right so there's no balance at all it's extreme living living I don't like that now my saving strategy is I save as much as I can right and I still enjoy my life you know if I like something I'll buy it but I always make sure that I have a buffer I have at least one year of expenses to live on right that's how much I say right so I calculate how much I spend at least on food and fixed costs and gas and that kind of stuff stuff that's necessary some people even argue with that is a car necessary well to me it is so to you every before everybody's different right depends on where you live how you live but for yourself look at how much you have to spend every single month to be happy in your life right and be very honest with with yourself you don't have to buy new clothes or new watch or news fancy things every single month right keep it low keep it keep it also just be realistic be realistic in your desires and your wants all those things be very honest with yourself I think honesty is very important him calculate it and save at least 6 months I prefer a year because that gives me ultimate freedom because in a year you will there's enough time to figure things out in case things go wrong so that's the first step where I save at least six months probably a year money that you can't fall back on because you don't get income anymore and that brings us to step number two is acquire income generating skills and I think this is one of the most important things that I've done in my career is that there are certain income generating skills in the marketplace now you can think of sales persuasion copywriting graphic design accounting programming coding depends on the the marketplace and depends on your location but as some of the some skills there are always wanted now what those specific skills are that's there's not a an endless list I like the things that I mentioned right now maybe a few other things that you can think but it's finite there are few skills that have been proven to be valuable leadership is also another skill that's valuable so what you want to do is spend almost all your time specifically and especially in the beginning of your career or doesn't matter if you're changing yourself reinventing yourself focus on acquiring valuable skills because that will give you freedom so now if I look at my own career right in my in my own life now I have enough saved to live years off it right that gives me the freedom to do what I want I'm not afraid to lose money and if I do lose money I have my skills to fall back on so let's say even if I'm out of work and I don't generate income for six months I'm confident based on history right ever since I had jobs ever since I was 17 years old I'm now I'm 32 I've always had a job even when I was getting my degrees in when I was going to graduate school I always had jobs and then later on started my own business and you choir skills and you prove and you have a track record of providing value what that means is the history of history obviously will not be a good predictor in a sense of it will not predict the future per se it's not a guarantee however you can use history as a guideline if you were able to make money in the past there's a big probability you will keep making money in the future and especially if you kept on growing every single year if you keep that up the same strategy that you used to achieve those results you will keep doing that in the future now obviously none of this is a guarantee right but that's life nothing in life is guaranteed well there are a few things in life there are guarantee we all know what those things are but that's not the point here the point here is be free don't worry about money don't let money control your life because I to me there is no difference between rich people who are always thinking about accumulating more money and always they're obsessed with money and poor people who are also obsessed with money because they don't have enough of it right to me there's no difference because either way you are obsessed with money I don't think that's the purpose of life purpose of life is to enjoy life have fun make ourselves useful create value help others move forward keep progressing and do something that is useful and ultimately they will also make us happy again so it's like a cycle and as you keep on going through that cycle you will find out that you will keep growing and as you keep growing you'll keep learning more keep investing more and accumulate more and ultimately you'll find yourself being rich as well not always but it happens to a lot of people who choose this path so let me know your thoughts in the comments send me an email if you have any questions any thoughts on this because I think this is a sensitive topic to some people because they say oh well I've tried this in the past and didn't work what I want to say to that is if you try things in the past that did not work what that means is you need to just and I've tried a lot of things in the past as well that did that work but I did not keep doing those things because they did not work now we have the only thing that we have to realize that sometimes we give up too early because that can be the case as well if something does not work within a year doesn't mean it's it's a bad move so for example if you start learning a skill it can take years to get good at it and they in those years that you are acquiring it and learning and improving you don't see any results so be like we talked about earlier be very honest have self-awareness look at your life and if he tried certain things and they did not work out adjust but also don't be impatient I think that's also really important because ultimately the reward is freedom the reward is freedom and think about it it's a great way to live your life and I look at my time as an investment you know everything that I do I want to have some return out of it and in terms of skills acquire things learned lessons learned energy given because some people you spent time where they get energy and some people who spend time with and they drain your energy so look at yourself as an investor because those lessons really prove our life but ultimately don't give too much value to money it's all about value creation improving yourselves and money just like happiness is Cyprus I product so thanks for checking out this episode I hope you enjoyed it and found it useful and let me know your thoughts I read all the comments and emails that I get and if you haven't subscribed to the show already feel free to do so and until next time like always take care hey thanks for watching this video if you enjoyed it feel free to check out some of my other videos and also don't forget to sign up to my newsletter to get two free ebooks in your inbox

Channel: Darius Foroux

Views: 2,934

Rating: 4.8857141 out of 5

Keywords: money, money advice, life advice, darius foroux, financial advice, financial freedom, rich and poor, valuable skills to learn, valuable life skills, life advice motivation, life advice for teenagers, rich and poor people, motivational video, motivational speech, inspirational video, money advice for young people, money advice from millionaires, personal finance, how to invest, saving money

Id: KgiI5xxOA1w

Length: 13min 50sec (830 seconds)

Published: Sun Apr 21 2019