2022년 8월 21일

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https://youtu.be/fkwQKFHj38s Transcript [00:00:02.290] - Darshan Doshi

Hello. Hello. Welcome everyone. In this video, you are going to find out what financial freedom really is and why is it important? My name is Darshan Doshi and I am extremely curious about financial freedom, all things related to money. In the last ten years, I've spent a lot of time understanding financial freedom, investing, money saving, and a whole lot of things. I've worked in different jobs, I've invested my own money across different asset classes. And I'm going to bring this to you.

[00:00:36.450] - Darshan Doshi

In this video you will find three things. What is financial freedom? How do people define it? How is financial freedom different from retirement? Lastly, what does financial freedom get you? During the course of this video, if you have any questions about financial freedom, be sure to pop it in the comment section and I'll be sure to reply to you. So how do people define financial freedom? There are a lot of misconceptions, misrepresentations and different definitions about financial freedom. For one, when I go on Google and I search financial freedom, this is what I get. Financial freedom is the point or the status at which one can cover their life expenses without being dependable on anyone else. Say you have a parent, guardian, elder, sibling, you don't have to depend on them to cover your bills and expenses for the year or for the rest of your life. So that could be a definition of financial freedom. On the other hand, many people say financial freedom is the point where you not only take care of your current lifestyle, but any future lifestyle. So, for example, if you're driving a Toyota today and you want to drive a BMW, that would be incorporated in your financial plan and the investments so that you would be financially free to buy that BMW or to drive that BMW. What is my definition of financial freedom? I break down financial freedom into two things. One is a destination. Second is a mindset. What do I mean by financial freedom as a destination? It's an exact point. It's a point where you have enough money in the bank so that you never have to work in your life again.

[00:02:29.910] - Darshan Doshi

You can choose not to work. You would have enough income, you would have enough money in the bank, you would have enough investments in place so that your current expenses, annual expenses, future expenses, as well as all your financial goals, present or future, are taken care of through those investments and the money that you already have in the bank. So it's true or false. You either have that money in the bank or you don't.

[00:02:58.640] - Darshan Doshi

The second part of financial freedom for me is the mindset. Any person who's worked hard to become financially free say, they've worked hard for 10, 12, 15, 20 years to accumulate enough money so that they don't have to work ever again. Do you think this person is going to just retire and not do anything? It's unlikely, right? It's unlikely because these people have made money by becoming good at what they do. And so it's a financial freedom is a mindset. It gives you options to do what you love and what brings meaning to you. And so that impact is what is the most important thing that optionality is the most important thing for being financially free. And that is how I define financial freedom as a destination and as a mindset.

[00:03:53.990] - Darshan Doshi

Think about it this way. If you lost your job today, or if your business went through a rough patch similar to March 2020 when the pandemic hit and you didn't have a source of income coming through, would you be able to survive with the same lifestyle for the next one to two or three or five years from now? That is what is important, right? How can we build or create a situation such that you don't have to worry about whether you are getting income or not? Now, according to me, there are three stages of personal finance. The first stage is financially weak. In this situation, your expenses are greater than your savings or the investments that you make. You're basically bleeding money. Therefore more money is going out of your pocket than coming in. This is a situation which could be a really tough situation to be in. You're probably one major catastrophe or tragedy away, say one medical emergency away from being totally bankrupt and really being a tough, tough spot in your life. Clearly there is a need for you to not just cover your expenses, but to build an emergency fund on top of it. The second stage is being financially secure. This is the point where your current income, active income, income from your jobs and investments, covers all your bills, all your expenses, and you're able to meet your current lifestyle needs. So if you are someone who's traveling two times a year, three times a year, lives in a nice home, buys some of the lovely gadgets like the Apple Watch, and you can afford it, and you can meet your financial goals, you're probably someone who's financially secure.

[00:05:45.170] - Darshan Doshi

The last and the most important stage being financially free. This is the point where all your expenses, all your current lifestyle and future lifestyle is taken care of through the investments that you already have in place and the money that you have in the bank. You don't have to work if you don't want to. You can focus on what matters to you the most, that is, things that you love to do the most. And that, according to me, is the best way to become financially free. It gives you optionality, the choice to do what you want to do.

[00:06:22.530] - Darshan Doshi

The last part of this video. What does financial freedom get you? What is the benefit of working towards becoming financially free? I think there are two parts to this. The first part is peace of mind. Here's the situation. Imagine you have a home loan. You're working at a job and you are barely making the ends meet and pandemic hits you. Because of the pandemic, the company lets you go. They fire you from your job. Now you don't have an emergency fund in place. Therefore the home loan adds a lot of stress to you and you're not able to sleep peacefully. This has happened with a lot of people and it's not a good position to be in on the other side. Imagine you did lose a job. You did have a home loan, but you had an emergency fund for about twelve to 18 months. So you could take care of the EMIs. You could look for a job over the next six months and it would still be a tough situation, but not as much stress as the first situation. So what financial freedom brings you, or the approach towards working towards financial freedom brings you is peace of mind. The second part is optionality. You get to do all the things that you want to do. Imagine you love to travel around the world. Wouldn't it be nice that financial freedom lets you travel around the world, explore new cultures? Maybe you like Indian classical singing. You've worked the last 20 years of your life trying to become financially free and now you want to pick up that hobby of yours, which you did when you were a child. Financial freedom allows you to spend a major chunk of your week practicing Indian classical singing. Maybe you'll get a degree in that too. You never know, you could pursue hobbies. Maybe you want to retire. Maybe you don't want to retire, right? Even if you don't want to retire, you can take up jobs, part time jobs, interests, side projects so that you can pursue and be happy with what you are doing. That's what financial freedom gets you.

[00:08:32.670] - Darshan Doshi

So I hope this video has brought a good understanding of what financial freedom really is and what benefit you can get by becoming financially free. I've tried to decode things like what are the three stages of personal finance? How do you define financial freedom defined by people around the world and how do I define it? I've given you some numbers around financial freedom as well, and I've given you some examples around what are the benefits of becoming financially free. Now, all of this was covered in a short span, but what really it comes down to is you. Is financial freedom important to you? Drop a comment, share some thoughts, share your own experiences. If you have any questions about financial freedom, maybe you are someone who does not believe in financial freedom. I'm very curious to hear, listen, discuss with you. So please pop in a comment. If you've enjoyed this video, please subscribe to this channel. Share it with your loved ones, people who you care about, who you want them to become financially free. In addition to this, I also run a LinkedIn newsletter where I write all things about financial freedom. It goes out every Friday. You can take a look at my LinkedIn account. Thanks a lot for listening. I look forward to hearing from you.

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