701-Seven Rings of Freedom: Financial Liberty
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 21 February 2020
⏱️ 67 minutes
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Summary
Today, we reach the seventh, capstone Ring of Freedom: Financial Liberty. When you are Financially Independent (able to live your desired lifestyle on the income from your investments), you have reached a genuinely huge level of personal freedom.
Joshua
Transcript
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| 0:00.0 | Welcome to Radical Personal Finance a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now, while building a plan for financial freedom in 10 years or less. |
| 0:10.0 | Today in the show we're going to finish out our seven Rings of Freedom series by talking about financial liberty. |
| 0:17.0 | I'm using that word financial liberty just because it fits my theme of liberty, liberty, liberty liberty or freedom |
| 0:22.8 | financial freedom but here in ring number seven we're going to talk about |
| 0:26.2 | being financially independent and the definition here that I'm going to use for |
| 0:30.8 | financial independence is the ability to live your desired lifestyle |
| 0:35.8 | based purely on the income from your investments. The ability to live your |
| 0:41.5 | desired lifestyle based purely on the income from your investments. |
| 0:47.0 | This is a definition that I would use to classify somebody as genuinely, truly wealthy. |
| 0:54.6 | When you can live on your investment portfolio, you don't need to work for wages or for income. |
| 1:01.3 | Any point in the rest of your life I would classify you as genuinely |
| 1:04.9 | wealthy in that circumstance. And in fact I think this is one of the only |
| 1:10.6 | this is what the word passive income this is one of the only way it places where the word passive income comes in and is relevant |
| 1:16.4 | with regard to financial freedom and financial planning. People talk about passive income |
| 1:21.8 | and maybe you can make passive income from a real estate portfolio |
| 1:26.4 | As far as I'm concerned I think the only thing that truly qualifies as passive income |
| 1:32.1 | would be something like dividends from a publicly traded company. |
| 1:36.8 | I'm even nervous about dividends or income from a private company just simply because generally |
| 1:41.0 | there's going to be some amount of work needed for you in a private company much of the time. |
| 1:44.5 | There's no rule why it has to be that way, but just seems like generally that's the case. |
| 1:48.8 | But if you can sit back and you can own shares of Coca Cola Corporation and the dividends that you get from |
| 1:54.6 | Coca-Cola Corporation are sufficient for you to pay your lifestyle for the rest |
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