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Financial Freedom

Financial freedom and the value of time

January 23, 2023 by Brett Tams

Note from J.D.
Last October, I had a chance to read an advance copy of Grant Sabatier’s new book, Financial Freedom, which was just released this morning. I liked it. I loved parts of it. In fact, the second chapter of Financial Freedom inspired my article about how time is more valuable than money.

Today, I’m pleased to present a (heavily edited) excerpt from that second chapter. Here’s Sabatier on why time is more valuable than money — and why you can and should retire early. (Links and photos are from me. Everything else is from the book. Note, however, I’ve heavily edited this chapter in order to abridge it and to make it more readable in blog format.)

If some ninety-year-old rich dude offered you $100 million to trade places with him, would you do it? Of course not. Why? Because time is more valuable than money.

The average person has approximately 25,000 days to live in their adult life. If you’re reading this, you likely need to trade your time for money in order to live a life that is safe, healthy, and happy. But if you didn’t have to work to make money, you’d be able to spend that time however you wanted.

No one cares about your time as much as you do. People will try to take your time and fill it up with meetings and calls and more meetings. But it’s your time. Your only time. Financial Freedom is designed to help you make the most of it. Make money buy time.

My goal is to help you retire as early as possible. When I say retire, I don’t mean that you’ll never work again, only that you’ll have enough money so that you never have to work again. This is complete financial freedom — the ability to do whatever you want with your time.

Financial Freedom by Grant Sabatier

Traditional Retirement Advice Doesn’t Work

I don’t ever plan to retire in the traditional sense of the word, but you could say that I’m “retired” now because I have enough money and freedom to spend my time doing whatever I want. I no longer have to work for money, but I still enjoy making money, and it’s attached to many of the things I enjoy doing. I love working and challenging myself and hopefully always will, so checking out to a life of leisure just isn’t my vibe.

If you want to “retire” sooner rather than later, you need to rethink everything you’ve been taught about retirement and probably most of what you’ve been taught about money. As a society, we have collectively adopted one approach to retiring: get a job, set aside a certain portion of your income in a 401(k) or other retirement account, and in 40+ years you’ll have enough money saved that you can stop working for good.

This approach is designed to get you to retire in your sixties or seventies, which explains why pretty much every advertisement about retirement shows silver-haired grandmas and grandpas (typically on a golf course or walking along the beach).

There are three major problems with this approach:

  1. It doesn’t work for most people.
  2. You end up spending the most valuable years of your life working for money.
  3. It’s not designed to help you “retire” as quickly as possible.

The first major problem with traditional retirement advice is that even if you follow it perfectly (and most people usually don’t), you still might not have enough to live on when you are in your sixties.

The popular advice to save 5% to 10% of your income isn’t enough. You should be saving as much money as early and often as you can. If you want to be sure you’ll be able to retire at 65, you need to start (and keep) saving at least 20% of your income from the age of 30.

Here’s how big a difference it makes.

Posted in: Financial Freedom, Retirement, Taxes Tagged: advice, All, Arizona, author, beach, before, big, Blog, Books, building, Buy, Career, Careers, cars, commutes, company, Compound, couch, coupons, creativity, decades, desk, dream, driving, Earn money, earning, earning money, East Coast, Economy, energy, Finance, Financial advice, Financial Freedom, Financial Wize, FinancialWize, food, frugal, Frugality, gap, gas, Giving, goal, good, Grant Sabatier, graph, great, Grow, growth, healthy, Holidays, house, How To, hunting, importance of time, Income, indiana, Inflation, internet, Invest, Investing, investment, job, Learn, learned, Life, Lifestyle, Live, LLC, Main, Make, Make Money, making, Making Money, Manage Money, market, millennial, money, More, more money, Moving, neighbors, netflix, new, opportunity, Other, parents, passive, passive income, paycheck, Personal, personal finance, photos, plan, Planning, Popular, present, race, rate, retire early, retirement, retirement account, returns, rich, routine, running, safe, Salary, save, Saving, second, single, Spending, Spending Less, states, stock, stock market, story, suburbs, The Stock Market, title, trading, traditional, Travel, travel the world, united, vacation, value of time, volunteer, Vs., walking, washington, will, work, working, youtube

Host a Vision Board Party: Plenty of Ideas for Success [2023]

January 18, 2023 by Brett Tams

A vision board is a powerful tool that can help you manifest your dreams and goals. But did you know that you…

Read More… Host a Vision Board Party: Plenty of Ideas for Success [2023]

Posted in: Financial Freedom, Money Tips Tagged: 2, 2023, action, All, Amazon, art, ask, before, Benefits, bond, business, Buy, Career, clear, collaboration, commission, Convenience, cost, creativity, design, DIY, dream, energy, engagement, environment, experience, Family, Financial Freedom, Financial Wize, FinancialWize, food, fun, games, goal, goal setting, goals, good, great, growth, guests, guide, helpful, hold, How To, ideas, Inspiration, Life, list, Live, Make, making, memories, Millionaire, money, More, Motivation, Music, needs, new, opportunity, organize, Other, party, Party Planning, Personal, photos, plan, planner, Planning, Popular, present, project, questions, safe, smart, snail mail, space, stress, tips, traditional, trend, unique, wall, Websites, will, work, working

How I learned to stop feeling hopeless about money

January 11, 2023 by Brett Tams

J.D.’s note: Last week’s talk by Vicki Robin was hosted by the School of Financial Freedom, a Portland-based organization I’m friendly with. At that talk, I met Naomi Veak, one of the school’s coaches. She and I have a lot in common (grew up poor in small towns, attended the same college, etc.). I asked if she’d share her story with Get Rich Slowly readers. She agreed.

Have you ever thought how different your life could have been if you’d taken someone’s advice? What if I told you it may not be too late?

I recently rediscovered a letter my mother wrote to me when I was 19, attending a small liberal arts college in another state.

Letter from Naomi's mother

Towards the end of the letter, she told me to save it, so I did — even though reading it left me angry and frustrated, and not a single word sunk in. You see, she was giving me financial advice after another tear-filled plea for money.

“Don’t expect your thinking to change overnight,” she wrote. “Give yourself time to feel the inward peace of mind that will eventually come.”

This “inward peace of mind” took me 25 years to achieve! How did I finally get there? My name is Naomi Veak, and this is my story.

A Poor Girl at a Rich School

I was a poor girl at a rich kid school.

It was a school I couldn’t afford, and I was surrounded by lifestyles I was ashamed that I couldn’t pay for.

This was only the beginning of a long struggle with finances, where the same money scripts — unconscious beliefs about money that drive our behavior — played themselves out again and again. (For more about this idea, see J.D.’s article about how your money blueprint shapes your world.)

I wanted money. I just couldn’t hold onto it.

Naomi (on the left) in Seattle, 1994

Shortly after college, I became homeless. One friend after another was put to the test when I crashed on their couch for too long.

A year later, my boyfriend and I were living out of his truck on the cold and rainy Oregon coast. I remember sitting in the cab, crying as I counted our last handful of change. He later wrote about stealing a sandwich to split with me in a short essay he titled “Desperation and a BLT”.

Overwhelmed by credit card debt, I made an appointment at a debt settlement company to help me get things under control…only to continue charging to the same account a couple of months later.

Then my student loan debt doubled when I returned to school for another degree.

Posted in: Debt, Financial Freedom, Personal Finance Tagged: 2, advice, advisor, after college, All, assets, Behavior, Careers, College, company, couple, Credit, credit card, Credit Card Debt, Debt, dining, earnings, education, Emergency, Emergency Fund, experience, finances, Financial advice, Financial Advisor, Financial Freedom, financial independence, Financial Literacy, financial management, Financial Wize, FinancialWize, friendly, Giving, habits, Happiness, history, job, jobs, Learn, learned, lessons, Life, loan, Make, Make Money, math, mindset, money, money stories, More, new, Oregon, organization, Other, photos, protection, Psychology, restaurant, rich, Salary, save, School, School of Financial Freedom, settlement, single, small towns, smart, Spending, story, student, student loan debt, Technology, under, wants, will, work, working

The [Ultimate] Collection of Vision Board Quotes to Inspire You

January 9, 2023 by Brett Tams

A vision board is a powerful tool that can help you manifest your dreams and goals. Creating a vision board is simple:…

Read More… The [Ultimate] Collection of Vision Board Quotes to Inspire You

Posted in: Financial Freedom, Money Tips Tagged: advice, All, Amazon, Bank, bank account, Behavior, big, bills, Books, business, Career, clear, commission, cost, creativity, desk, education, environment, Family, Financial Freedom, Financial Wize, FinancialWize, fire, fitness, front, fun, Giving, goal, goal setting, goals, good, great, Grow, guide, gym, Happiness, health, healthy, helpful, home, house, How To, Inspiration, items, jobs, journey, Law, Learn, Life, list, Live, Make, Make Money, Make money online, making, market, money, money control, More, Motivation, Move, Moving, Music, needs, new, offers, Other, party, patterns, planner, points, Popular, president, Raise, Review, rich, routine, School, states, story, tips, tools, Travel, trust, will, work, work out, working

Vision Board Pictures to Help You Achieve Your Life Dreams this year

January 8, 2023 by Brett Tams
Vision Board Pictures to Help You Achieve Your Life Dreams this year

Do you have dreams and goals that you want to achieve? If so, then creating a vision board can help you to…

Read More… Vision Board Pictures to Help You Achieve Your Life Dreams this year

Posted in: Financial Freedom, Money Tips Tagged: 2, All, Amazon, big, Books, Buy, Buying, Career, collecting, Contentment, cost, couple, custom, design, desk, existing, experience, Family, Financial Freedom, Financial Wize, FinancialWize, fitness, Free Printables, front, fun, goals, good, great, grocery, guide, gym, habits, Happiness, health, helpful, house, How To, ideas, Income, Inspiration, internet, iPhone, items, Life, Lifestyle, Make, making, mobile, money, money goals, More, most popular, Motivation, needs, new, News, offers, office, Offices, organize, Original, Other, party, Personal, photos, planner, Popular, premium, project, property, protect, Quick Tips, ready, running, save, Saving, School, search, searching, Starting Out, stock, Style, tips, Travel, update, upgrade, vacation, wealth, white, will, women, work, working

Working Toward Financial Freedom

May 15, 2022 by Brett Tams

We connected with Becca, a 27 year old personal finance entrepreneur from New York to learn more about her journey with Mint! Check it out. 

The post Working Toward Financial Freedom appeared first on MintLife Blog.

Posted in: Financial Freedom, Financial Planning, Investing, Personal Finance Tagged: All, app, budgets, Finance, finances, Financial Freedom, Financial Goals, financial journey, Financial Planning, Financial Wize, FinancialWize, goal, goals, Grow, Income, journey, Learn, Life, Lifestyle, Live, Make, Mint, Mint user, money, More, net worth, new, new york, Other, Personal, personal finance, retire early, Saving, savings, Savings Account, Spending, trends, women, work, working

What is the FIRE Movement + How to Make It A Reality

May 10, 2022 by Brett Tams

In a world with stagnating wages and an increasing cost of living, many people are looking for a way out of the rat race. That’s why radical investment strategies and risky business ventures are so popular. Believe it or not, there actually is a reliable way to achieve financial independence – but it’s far from

The post What is the FIRE Movement + How to Make It A Reality appeared first on MintLife Blog.

Posted in: Budgeting, Financial Freedom, Financial Planning, Investing, Retirement Tagged: balance, Budget, Budgeting, build, business, calculator, Careers, College, Consumers, cost, Cost of Living, expenses, Featured, Finance, Financial Freedom, financial independence, Financial Planning, Financial Wize, FinancialWize, fire, freelance, frugal, goal, goals, health, Health Insurance, How To, Income, Inspiration, Insurance, insurance premiums, Invest, investment, job, legacy, Life, Loans, Local, Main, Make, making, Mint, money, More, more money, offer, Other, party, paycheck, Personal, personal finance, planner, Popular, priorities, property, property tax, race, Raise, retire early, retirement, save, Saving, saving money, savings, schools, Side Hustle, Spending, starbucks, starting a business, student, Student Loans, tax, wages, will, work, working, young

How to Create Passive Income with Real Estate

March 3, 2021 by Brett Tams

I love passive income because it is money that you make without working. Examples of passive income are cash flow from rental properties, stock dividends, interest from loans, royalties, money from businesses, or other investments that you are not spending time on. A lot of people will argue that there is no true passive income … Read more

Posted in: Financial Freedom Tagged: 1031 exchange, agent, agents, All, Amount Of Money, bank accounts, big, building, business, Buy, Buying, car, cars, cost, Deals, dividends, estate, Fall, Financial Freedom, Financial Wize, FinancialWize, financing, front, goals, Grow, house, How To, Income, interest, Invest, Investing, investment, investments, job, Life, Lifestyle, Live, loan, Loans, Make, Make Money, market, money, More, more money, net worth, Personal, property, Purchase, Real Estate, real estate agent, Real Estate Agents, Real Estate Investors, Rent, rental, rental properties, rental property, Rentals, returns, rich, running, Saving, Sell, selling, sleep, Spending, stock market, stocks, stress, tax, Tax Advantages, vacation, wealth, will, work, working

Can you Get Rich Quick With Real Estate?

February 28, 2021 by Brett Tams

Many of us dream of getting rich quick! We dream of hitting a big deal or an amazing opportunity falling into our lap that makes us a ton of money. Or maybe, we do nothing at all and a rich uncle we never knew leaves us his fortune! Wouldn’t that be amazing? However, the reality … Read more

Posted in: Financial Freedom Tagged: agent, All, big, build, business, Buy, buyers, contracts, Deals, driving, Entrepreneurs, estate, Financial Freedom, Financial Wize, FinancialWize, How To, kids, Make, Millionaire, money, More, more money, movies, Planning, Real Estate, Refinance, Rent, rental, rental properties, rich, Sell, selling, wealth, will, women, work

Good Debt and Bad Debt: Is There Really a Difference?

January 23, 2021 by Brett Tams

Many people think all debt is bad, others think it is okay to have good debt, and still some like all kinds of debt! Is there a difference between good debt and bad debt and what is good debt vs bad debt? Most people will tell you that good debt is debt that is against … Read more

Posted in: Financial Freedom Tagged: All, borrowing, Broker, build, Buy, Buying, car, car loan, cars, Commercial, cost, Credit, credit card, credit cards, Debt, estate, Financial Freedom, Financial Wize, FinancialWize, financing, furniture, house, How To, interest, Invest, Investing, investment, Life, Loans, Make, money, More, more money, Mortgage, Mortgages, property, rate, Real Estate, save, tax, trust, wealth, will, work

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