How To Achieve Financial Freedom Faster Through Business

[arve url="https://www.youtube.com/watch?v=Q-33_HAggx0" mode="lazyload" align="center" /] You can accelerate your way to financial freedom by having a successful business. How? That's what we talk about in today's episode. Transcription: Working in a job and investing in property is a great way to achieve financial freedom within a relatively quick time frame. We're talking 10, 15, 20 years, still earlier than most people achieve financial freedom, but you can actually accelerate that through having your own businesses. And this is something that both me and Ben did. We achieved financial freedom through using business and so we want us to talk today about how business can help accelerate your financial freedom or give you financial freedom. So we want to talk about the reasons why businesses good for financial freedom. Yeah. I think as you said, in terms of a get out of jail or I get out of a job that you absolutely hate. Scenario. Achieving financial freedom through a business can be a lot faster just because the short term cash can be significantly higher than, as you talked about before, like waiting that 15 year period to wait for your property to do it. Saying yes and so waiting for the property to go up in value, waiting for the cash flow for the property to go up as you pay off the debt or as the rent goes up does just take time and there's no two ways about it. Obviously you can do renovations and you can add value and things like that, but generally speaking, that is a time factor that you need to wait out and property. Whereas business you can take a lot more action to increase your income and to get to that financial freedom faster. So let's just talk a bit about the ways business can help people achieve financial freedom. So we'll give you guys some food for thought because I bet a lot of you out there haven't thought about starting your own business, haven't thought about starting your own side business, so this will just kind of get the wheels turning in your head. Get the cold's going as something to start thinking about. So looking at business, Bro, a lot of people think, oh, I might or might not be able to do that and it can be confronting for people to get the confidence to do it and the way that I think you and I did, it was really nice. You know, I started my own little businesses on the side when I was still working for someone else. So there was effectively absolutely no risk for me in starting something and that gave me the confidence with those short term wins, um, that you get from starting your own business and trial and error over time to enable me to now do, you know, full time business for myself for the last five years or with you and to just, you know, excel at it. So I think putting your toe in the water in terms of starting a business can be a great idea and there's probably plenty of things that you do day to day or week to week on unique knowledge and skills that you have that you could easily apply to starting a business. You know, if you're a project manager, then you could take on small projects outside of your full time job. If you're an it engineer, then you can, you know, pick your time, I suppose on the side or you can like start responding to stuff on air tasker or high pages if you're trading on the weekends and start building like a passive cashflow completely outside of what you're doing in your actual day to day life, which just can be put back into investing or it can be put back into savings and you can use that savings to obviously go full time into business and speed it up or just do what I did. And you know, I had these little businesses on the side for six years before I went full time in the business and I used the money I made from these little businesses to actually buy off buy properties or pay for renovations or money that I couldn't save at work with my family. Yeah. Well let's talk about the different ways business can actually help you achieve financial freedom. And the one that Ben's talking about is that you have your job, which pays your bills, hopefully you're saving a bit as well, and then you start a business on the side which can bring in extra sums of money and keep bringing in lump sums of money from jobs that you do and you can then take that extra money and use it as a deposit to invest so where you might not be able to do it through just your employment because you're not earning enough, you're not saving enough. It's really hard to get that deposit together. Was He at the second deposit together but still working in your job but then also starting a business on the side or contracting on the side. Then you can take that money and invest and accelerate your financial freedom that way. So that's what you did. That was what I started with and I think that massively accelerated my ability to invest outside of that business too. And took the pressure of the finances for my household from a week to week basis as well. But any little bit of extra money. Yup. And the other way you can do, which is what I did, I simply, I also started my businesses on the side, but then I went full time into my business and created a passive income business model. So rather than taking the extra cash from my business and applying it to property to achieve financial freedom that way I saw business as a vehicle for me to achieve my financial freedom. So each of the businesses that are created had really passive elements to it that I would do work now and then I wouldn't need to do work in the future. And the work that I did now would continue to pay me into the future. Explain what that really means for people because the way that you do business is unlike anyone I've ever met. And it's actually like incredible. Like it's wrapped up very, very differently. But your thought process, even since we, we met five, six years ago. Sorry guys. Um, yeah, like the way that you've done this and it's just so different than the way I was historically taught how to do it. So what, what do you mean by that? Like creating something that can last the long term period of time and create passive income. I was thinking about this on the drive down and I'll probably do a full video on this, but to create a passive income business the easiest way. Well, the way that I did it was you want a passive product or something that you can sell. So when you sell one or when you sell $100, it doesn't take a lot of extra work. And now passive isn't completely passive and there's zero work. There's still some maintenance and there's still some work, but you're not working for money. So a passive product is the first thing that you can sell and it doesn't require a lot of work from you versus like if you were in it or if you're building websites for someone and every time you get a client you've got to build them a website. You know, every time you get a new client you've got extra workload versus selling like a website theme where if you sell one, you create it. And then if you sell one grade, it is 100 grade. You know, there's not that much extra work behind it, so in some of the businesses that you've had, like it's so interesting in terms of everything from a coaching product to Ebo dad in a niche space to a subscription model to a certain product that you point people in the direction of like really broad across. Yeah, I agree. So you can create your own products or you can market other people's products and get a percentage for that. And then I think the other element that's required is passive marketing. So for a lot of businesses I spend money in a market wants and then they've got to do work to keep marketing and for me I wanted to create, do work that creates marketing that just works over and over again. So like podcasts, like youtube videos, like really well, like this video will create this now and we're working while we're walking here, are we working to edit this and to upload this to get it transcribed. But once that's done it and lives online and people will view two years to come. Yeah. So that might be a bit high level for people, but basically I actually financial freedom through creating passive business. Other people do it in your business, pumped on property as a buyers agency, your, it's more intensive and that each time you bring on a new client, obviously there's work you got to do to find the property, talked with real estate agents for the clients or that sort of stuff. But then you can start to create that passive by hiring other people to do that as well. So you can get to that passively in a non passive business through hiring other people. But as we told you about previously, I'm not applicant managing that kind of wasn't the best option for me. For me personally. I like being around other people. I like being around high performance in the model that we've got at pumped on property or in the other business are run, which is a management business. Um, it's very high touch. It's one to one where I suppose your model is a bit more sort of one to many model is a bit more time for money where your model's a bit more sort of infinite returns. Start thinking. I've learned from observing by today our businesses is I grow that certain businesses can be great for something at the businesses can great for other things. It really depends on your life stage and you know, do you want to work with a day, you want to take either heads on day one, a campy time for money effectively or do you want something that's more passive, more evergreen that lasts for a long time and I think it's not necessarily one or the other, it's just what your skill set right now and what can you take advantage of. And then as you learn over time, you can refine the model to better suit what you truly want. Some. Yeah, as you were saying, some businesses are better for some things than others.