Financial Freedom by Grant Sabatier Book Summary Review AudioBook

are you wasting the most beautiful times
of your life stuck in a callous
workplace
do you make great efforts to set aside
some money or get by
maybe you’re engulfed due to death and
just don’t have a clue how to find a way
out
millennial grant sabatiere had these
feelings at the age of 24.
only a half a decade later it was no
longer necessary for sabatiere to work
for the rest of his life
grant managed to do this and he never
gambled nor did a great deal of
inheritance pass down to him
he created a financial tactic that would
render him economically self-sufficient
and sabatiere continued to stick to his
aim
what you’re going to learn through this
summary is grant’s tactic so that it’ll
be possible for you to begin drawing a
roadmap for yourself toward economic
independence
chapter 1 in order to achieve economic
independence
it is important to challenge social
norms august 2010 was the lowest point
in grant sabatia’s life
he was 24 and had no job and was staying
at his parents
after having laboriously worked for 36
months which
approximately equals to 5 000 hours of
his time on earth
and everything he had was two dollars
and 26 cents in his bank account
after making some calculations sabatiae
became aware of the reason behind the
fact that it was almost impossible for a
u.s millennial like him to set aside
money
taking inflation into account he
estimated that the median income for his
peers was equal to half of the money his
parents earned
moreover sabatia also had to clear off
his student loan debts
suppose that went on with a general nine
to five working hours for four decades
still sabatiere could never be certain
that he would retire with his mind at
ease
grant was having a moment of clarity
were he to desire to get out of this
hard work and uncertainty of the
contemporary working environment
it was necessary for him to do something
thoroughly distinct
on that important date of 2010 sabatiere
determined he wasn’t poised to work very
hard in a cubicle for the most beautiful
years of his existence
thus sabatiae decided on an unusual aim
which involved him setting aside one and
a quarter million dollars that would
permit him to go into retirement in the
shortest time
after doing that he’d be able to have
his ideal life
however in order to achieve this it was
necessary for him to destroy the mold
into which his parents and buddies put
themselves
grant set about discovering everything
he can about finance and altered his
views regarding money
rather than a limited source to fret
about money has become a tool to
increase wealth
furnished with this novel information
grant came up with a tactic to
accomplish his savings objective
his tactic included having a full-time
job establishing two side companies
and making investments in the stock
market this kind of life is very
exhaustive and requires sacrifices
nevertheless until 2015 grant’s bank
account had gone from two dollars and 26
cents up to more than a million dollars
the money he set aside created
sufficient interest for him to live
without any need to work unless he wants
to work
it only took half a decade for sabahtea
to achieve economic independence
it is also possible for you to attain
economic self-sufficiency by employing
grants tactic
which you’ll learn about in the
following chapters you’ll have to toil
and be dedicated to what you do
however what you give up today will help
you get years of independence in the
future
chapter 2 for starters you have to make
calculations about how much money you
spend each year in order to attain
economic independence
einstein is cited as referring to
compounding as the eighth wonder of the
world
compounding helps the value of your
money go up through time even when you
don’t put any dime to your investment
account
this occurs due to the fact each dollar
in your account makes interest
unless you get the generated money the
interest continues to create its own
interest
basically providing you with free money
while determining to set aside one and a
quarter million dollars
sabatia wasn’t impressed by the word
millionaire that amount was the lowest
amount of money to help him happily live
off the compound interest
sabatiere calculated the amount of money
he had to make annually and then
employed that number as the essence for
determining his savings objective
all people have a different conception
of how they want their lives to be
thus we cannot talk about tactics that
have been around for many years when the
discussion is about what your economic
savings objective should be
grant made calculations that he was
desirous of half a hundred thousand
dollars annually to live comfortably in
chicago
however the amount you’ll need hinges on
where you live and how your lifestyle is
in order to determine how much you want
to set aside start by learning what are
your most costly expenses at the moment
such as lease or mortgage payments taxes
government services
insurance trips to other cities
education
things you eat and things you do for fun
try to understand the amount of money
necessary for you to finance your yearly
expenses
then include all plans you make for the
future such as children
a bigger house or relocating to a more
opulent neighborhood
second you should divide your yearly
costs by percent four
what you get after this calculation is
your principal the quantity necessary
for you to put into a compounding
account in order to be able
to live off the interest while your mind
is at ease but
what is the reason for four percent
actually four percent is the most
essential thing as regards making your
compounded interest and income
many compounding interests happen at
seven percent therefore
when you live off only four percent the
money you put in will continue going up
moreover you also allow for inflation so
you guarantee that there won’t be any
need to use your principle and allow it
to help you earn your annual income
do not get frightened should your
savings objective is too big
after distributing it to several years
you’ll start feeling that you can handle
it
don’t forget this is a long road and
it’ll take some time until you reach
your destination
the wonder of compounding will assist
you throughout your journey
chapter 3 prior to putting your
financial layout into action
it is important to see where you’re
first regardless of where you’re going
for a holiday
starting a novel business or embarking
on parenthood
all journeys have a starting point in
your journey toward economic
independence
your beginning point means your net
worth or your overall economic assets
as regards preserving your economic
freedom your net worth constitutes the
most essential number
this is due to the fact it’ll help your
economic plan it serves as a basis
where you can constantly return to check
how much you have to set aside more in
order to reach your target
not having a net worth is similar to
having a boat but not a rudder
in order to see how much your net worth
is start first listing what your assets
are
assets constitute something that belongs
to you and has economic value
which also includes money and bank
accounts and pension funds
write down everything you possess and
that’s economically more valuable than
and how much they would help you get if
you decided to put them on sale
for example if you have a couch that you
bought for half a thousand
this couch might help you gain 60 your
list must contain everything you possess
even your automobile any real estate
artwork
and jewelry the combination of your bank
account balances and calculated sales
prices make up your assets
after doing this learn how much your
liabilities amount to
liabilities refer to the quantities of
money you have to reimburse
which can be credit card balances
mortgage payments
and student loans write down the debts
you have and how much they add up to in
total to see how much you have to pay
back
doing this will give you your
liabilities after doing this
see what your net worth by subtraction
of liabilities from your total assets
no need to worry if your net worth is a
minus figure the writer sabotaged 20 000
in credit card debts at the time he took
the road toward economic independence
include your debt by raising your
financial savings target
after doing this sabatia’s target of one
million two hundred
fifty thousand dollars raised to one
million two hundred seventy thousand
dollars
when your net worth has no minus sign in
front of it it means you’re in excellent
financial condition
take out any money your assets create
from your savings target
such as rent money you collect from a
property of yours
begin making investments with your money
as soon as possible in order to get
closer to fulfilling your objective
spare five minutes in your everyday life
to look at your net worth
initially it might make you feel like it
is just another extra work
however while your money increases this
routine will help you preserve your
motivation for saving money
chapter 4 if you want to bring under the
control you’re spending
find how much of your life you’re
exchanging for all objects
most probably you buy tiny stuff daily
such as that morning coffee you drink
before going to the workplace
usually these routines don’t give you
much yet
they just provide you with some joy in
your day however
if you’re planning to achieve economic
independence it is necessary to
transform how you value the things you
buy
what something actually costs is not
what you see on its ticket
a true cost includes how many hours you
have to work in order to be able to
purchase it
keep this in mind what you see on the
ticket includes tax
however your take-home pay doesn’t do
that in order to purchase the three
dollars coffee
it is required to earn four dollars
pre-tax spending 15 bucks every week on
small-ticket things such as coffee might
not be so big of a deal
however what can we say about novel
clothes vacations
or automobile what is the number of
hours you’re going to spend to get them
how much do you lose in compound
interest after buying these rather than
setting aside the money
after you change your perspective to
looking at everything from the
perspective of hours of your life
they’ll start looking like much costlier
than they look now
transforming your perspective on buying
doesn’t imply you should quit buying
stuff altogether
it is just important to be aware of what
something truly costs in order to be
able to understand if something is worth
it
in order to do this it is important to
see how much you make per hour
that sounds easy no yes you simply make
a division of what you earn by the
number of hours you work
really when you do that there are a lot
of missing parts for you because this
estimation overlooks work-related
matters that don’t give you any money
such as going to the workplace ironing
your clothes doing after hours work
or de-stressing after including these
you will perhaps decrease the money you
make for every hour
after being cognizant of the amount of
money you make each hour
you’ll start figuring out the actual fee
of each object you buy
utilizing this number as a reference
point will assist you to curb your drive
or emotional buying
rather it might be a good idea to
consider the compound interest that
money will generate through accumulating
in your investment account
getting you closer to early retirement
chapter 5
spending less money for the place to
live inside on transport
and food expenses will notably amplify
your savings
we can say budgets resemble diets
because of the temptation that hides in
each store and internet store
people are liable to break them if
people break them
they experience guiltiness which leads
them to often stop their diet completely
the issue concerning budgets is that
they make you get the feeling that money
is very limited
through making you explain each and
every cent however
budgets seldom assist you to set aside a
huge amount of money anyway
as small savings are generally dominated
by the bigger continuing expenses
the most excellent method to increase
your saving to the maximum and manage
your spending is to aim
these massive expenses thus it is
necessary to examine the big three
a typical u.s family uses approximately
six-tenths of what it earns on three
fundamental things
housing transport and food in 2016
the amount of money spent on these was
equal to 35 000
annually were families to reduce this
number by 3 10
they’d create an additional 17 500
money to invest through two decades of
funding this figure would be equal to a
fascinating 835
000 then what’s the way of reducing the
costs of the big three
first we’ll discuss housing a great many
u.s citizens use around 30
of what they make for housing however it
is possible to change it
if you can move to a smaller house or to
a less costly area
for some duration several years in a
more cost-effective house will provide
your savings with a sizeable increase
let’s move on to transport having an
automobile makes up the second
continuing biggest expense
and there are things other than loans or
purchase prices that are deleterious
if you make 15 000 miles annually it
means you’ll have to give up 8
000 for gas car maintenance and
insurance
using public transport or carpooling
alternatives are a terrific means to
avoid these extra expenses
unless you are okay with these
alternatives think about buying a moped
or scooter
apart from being way cheaper compared to
a car mopeds and scooters are also
exciting and cool
so what’s the way of reducing expenses
for the last of the big three
food to begin with there are retailers
on the internet that present discounts
if you order the same products
in order to benefit from this prepare a
list of things you generally need and
then put a regular order at a website
that offers discounts
moreover if you consume everything
benefit from promotional offers
and keep drinking tap water have the
goal of setting aside at least
one-fourth of what you earn
through cutting back on the big three
doing this will substantially lessen the
years that’ll last for you to attain
your target
chapter 6 be active in searching for
methods to increase the salary from your
nine-to-five job to a maximum and it’ll
make it possible
for you to achieve economic freedom
sooner for most people
where they work resembles an island they
visit during the weekdays
once they are back in the mainland they
don’t even want to think about it
even when they like their job they would
rather spend our valuable hours during
which they don’t work with those dear to
them
and by indulging in their hobbies it is
totally easy to grasp why people think
like this
however if they view their jobs in a
bubble rather than as an element in
their wealth building plan
they become a hindrance in front of
themselves and their goals of economic
independence
for starters check your pension fund
it’s very possible that the place you
work for will provide you with free
money up to a certain figure
through matching any extra contributions
you make for it
however this is not the only perks each
time you put money into your pension
fund
that number is taken out of your pay
earlier than tax this decreases your
total taxable earnings
moreover because your pension fund makes
up a part of your assets
it assists your savings objective as
well the next method to increase your
salary to a maximum is through a request
for a raise
you might get the feeling of afraidness
or embarrassment however
when you present your request in the
proper style it’ll possible to take away
much of that discomfort
the first thing to do is to learn about
how much others working in the same
position as you’re in different
companies earn
you can get help from online job offers
after this
consider how valuable you’re to the
company according to the company what
other roles do they give you other than
your true role
how have you contributed to business
results after having finished this
assignment
you should look for an appropriate time
your supervisor will consider how
valuable you are prior to general
performance evaluation or at the end of
a fiscal year
which is the time for novel budgets to
be implemented when you ask for a raise
ask it in terms of a percentage rather
than of figures 10
is a way less concrete term than 5 000
therefore
you’ll have greater chances of having
your request accepted
the final method to increase your salary
to a maximum is to find out whether it
is possible for you to work from home
this will reduce your commuting time and
costs and provides you higher
flexibility
as explained in the gallup state of the
american workplace report from 2016
employees who work at their home three
or four days each week have the greatest
engagement levels
so this is a win-win situation where
both employees and company benefit
chapter 7 have different sources of
income by establishing side businesses
let me introduce you to matt whose main
job is picture dressmaker who works
solely in chicago
his profession is a passion for him and
he earns 55 000
annually however he has more than this
matt is just 25 years old yet and is on
way to set aside one and a half million
dollars by his 30th birthday
for that he owes much to the dog walking
enterprise he established only three
years ago
as a student who needed desperately
money matt began asking five dollars per
walk from dog owners
initially he was just walking ten dogs
per week
however then the number of dogs
increased in the neighborhood
the demand was very high and he was
engulfed by all the work so it became
necessary to recruit new people
today not only has he every advantage
that accompanies a nine-to-five job
but he owns a side business as well
which yields an additional sum of two
hundred thousand dollars annually that
he can set aside
you should keep up with the trend as
well owning a side business is a
fundamental element in reaching your
savings target
this results from the fact that however
well you may be making at your day job
you’ll simply have the ability to
exchange your time for a set income
however it is possible for you to follow
the footprints of madden to set up a
side enterprise that yields profits with
very small effort on your part
or put differently passive income act
strategically while choosing what your
side business will be
because it’ll be necessary to let go of
entertainment time in order to grow your
enterprise
it’ll be much better should you do
something that gives you pleasure
look for something that’ll be engaging
for you and fit your talents
it’ll make you stick more to your side
business after deciding on what you want
to do
learn more about your future rivalries
at the time matt began walking dogs
he had just a few competitors in his
neighborhood matt increased the number
of his clients by offering them a free
dog walking for each person to whom they
referred him
should you find out that there is no one
to compete with you can infer that there
is no demand for what you offer or that
you hit the jackpot with your unique
idea
feel no hesitancy to take the measure by
setting up your enterprise and seeing if
your enterprise is doing well
many of us have to attempt several times
until we manage to discover a business
that’ll work
but while setting up a business it is
important that your expenses are at a
minimum level
in this way the prospects of your money
becoming air will be very low
keep in mind in order to increase your
earning capacity to the optimal level
put every dime you earn from your side
business into your funding account
doing this will help you collect the
highest figure of compound interest
chapter 8 even the most excellent
financial plan solely works when they
are executed
sabatiere’s road toward economic
independence began after he became aware
that it was necessary that he did
something distinct
however being a trailblazer is very
difficult
sabatiere was made redundant in 2010
because of the recession
prior to the recession he had relished
saturday lunches
with a lot of alcohol with his buddies
after which he had slept for some time
however in order to fulfill his savings
objective it became necessary for him to
reduce these lunches to once in two to
three months
and he used this extra time for his side
business
while making your mind for economic
freedom you’re actually agreeing to do
things in a reverse way
your family and friends may tell you
that you have no idea about what you’re
up to
that you’re an idiot because you refuse
to listen to the advice many people
stick to
you may feel hesitant however it’s
important that you do your job without
any delay
when you are determined to be
emancipated from economic worries
it’ll be necessary to be bold enough to
jump in and begin your side business
without any delay
even though you believe you are not
fully ready surely
it’s very normal to defer things while
you try to realize a huge change in your
life
you’ll be able to find another ebook to
finish or road to take until you
commence your business
however for each day you don’t benefit
from compound interest
you’re dropping your wealth and adding
up to the years that’ll last until you
attain economic freedom
therefore the most important thing is to
set about your journey
you should take action as early as
possible by arranging an appointment
with your hr department in order to
discuss these contribution matching
schemes
or you can go to a bank and have a
compounding investment account opened
then put into it your first money even
though the amount is merely 100
unless it is possible then simply spare
an hour to think about business ideas
don’t think that you must be
knowledgeable about everything in the
beginning
to be honest you’ll make errors just
like everyone else
this is just a part of the road you take
no matter how you begin
it is essential that you remain faithful
to do your side business in the long
term
sabatiae had spent half a decade until
he achieved his savings objective
you may need to go longer than him
taking into account how much your net
worth is and how much money your side
businesses help you profit
remaining concentrated on your purpose
will involve saying no to a great many
people
among whom there will be your buddies
and your partner however
relinquishing those idle weekends for
several years may help you get many
years of leisure time in the future
always think about the final reward
you’ll see how valuable it is in the
long term when you reap its benefits
financial freedom a proven path to all
the money you will ever need by grand
sabatia book review
there won’t be any economic security for
you if you simply deposit the standard
five percent of your monthly income into
a retirement fund
even those who earn big figures can be
unable to emancipate themselves from
work
because of exorbitant spending or not
making smart investments
and the other people continue working in
cubicles imagining a remote future where
our time will belong to us
however all of us possess the ability to
maximize the use of our money
at this moment implement what you’ve
learned to maximize your money
control your expenses and make such
investments that your economic security
will be guaranteed
collectively these will help you achieve
economic independence
arrange a routine hangout to discuss
economic strategy
the topic of money is considered taboo
for most people
many people think that money is a
personal subject that shouldn’t be
brought up
however exchanging your economic
strategy with other people is an
extremely good method to find out more
about optimizing savings
and it has the potential to motivate you
as well why not arrange a hangout with a
small group of family members and
buddies to discuss
economic plans this is a terrific idea
to exchange notes
remain concentrated and stay accountable

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