Hey everyone welcome back, It’s Tom! So I have said to you all My goal with this channel is financial freedom, and you may ask what is financial freedom? So, Financial freedom is kinda different based on everyone. It’s subjective. Everyone is going to gain it a different way everyone is going to look at it a different way, and that’s just how it works. If you asked me what I feel financial freedom means It means this: I don’t have to go to work in order to make money. meaning, you can have your assets such as, businesses, real estate, or stocks. You make more money there Than you do working a job. There’s 3 levels of income. There’s ordinary income, There’s portfolio income, and then there’s passive income. When you’re working a job that’s ordinary income and that gets taxed the highest When you have money coming from stocks or bonds or anything like that, that’s portfolio income and then there’s capital gains taxes, and you’re not paying as much as ordinary, but you’re still getting taxed pretty good.
Then there’s the best passive income which is real estate and businesses. and they don’t get taxed near as high as both of them. and then they are your ideal situation for financial freedom What I look at for financial freedom to me is I work under my own schedule. In a way, I am my own boss, but I know when I work the best, I know how I work the best, and it’s a lot of self-awareness I’m self-aware to know what I’m good at I know what I’m good at and what I like to do, so I set up my schedule based on that so I know about midday for me is acutely my most productive time, but for many people it’s different. One of the things that I think financial freedom is most important is to do the things you love to do. One of the things I love to do is go flying.
I love to go flying. This goes into the next section about what one of my goals are, but I want to go Out on a day like this when it’s beautiful, sunny, No clouds in the sky, 60-70 degrees Go drive to the airport. Hopefully, I’ll have an airplane by then, or something like that. If you all know me you’ll know what I’m saying. and I wanna go fly on a beautiful day and just enjoy it. and not have to go work a 9-5, or whatever just go fly and then once I land check my bank account and I got more money in my bank account like that is my ultimate financial freedom goal If i did that then I’m obviously financially free and i’m loving what I do, and that’s the key is to love what you do, because you are financially free and you can do the things you love to do. The last thing is I don’t have to worry about money in order to live.
I don’t have to worry about, Oh, I have to live paycheck to paycheck, like most Americans do and I can’t spend money until I get paid here, but with financial freedom it’s infinite return If you can create your own businesses or products, real estate Passive income you’ll always get paid. So you don’t have to sit there and and live on that paycheck to paycheck you are creating your own destiny with financial freedom. So, you might ask What are my financial goals? Well, for me right now financial goals are pretty low. I think the hardest thing to know your financial freedom number, you have to know your personal expenses and think ahead about your emergency fund. For me I’m young and i have good health I don’t have a family, a house, I do have car payments, I don’t have student loan debts I don’t have credit card debt. I don’t have any of that.
So, my personal expenses are really low. and so I know financial freedom number right now is about 30,000 a year. If i can find a way to make passive income of more than 30,000 per year, I don’t have to work. At a job. I can work on building myself assets that will work for me .
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