Books Reviews

Financial Freedom Book Summary

In this post, we will see the Financial Freedom book summary by Grand Sabitier. For more book summaries, please visit the Book Summaries Page. Finacial Freedom is a book written by Grant Sabatier. He describes his situation in 2010; lacking money, residing with his parents, being jobless, and having no idea where to go. He was trying to make his way through the world while looking for work. This situation faced Grant Sabatier in 2010, and he shares his experience in the book “Financial Freedom.”

From the above-mentioned concerns and challenges to the metamorphosis and complete change in your life’s course. Grant’s journey from $ 2.26 to over $ 1.25 million was not straightforward. And rest assured that it won’t be simple for you either. You can use this book to achieve your goal of financial Freedom. A Promotional Video about this book made by author as below

Time is Gold

According to author, Time is main currency that everyone have. if someone use his time wisely he can do anything. Author quotes value of time in these words

“The purpose of this book is to help you retire as early as possible. When I say retire, I do not mean that you will never work again, except that you will have enough money so that you never have to work again. This is complete financial freedom, the ability to do what you want with your time.

Since we have a certain amount of time, we should work relentlessly to manage both our time and our finances. Understanding how we actually want to test it will help us decide how to spend it, where to spend it, why, and how. When did you start trading? An American citizen works, on average, between 70, 000 and 80, 000 hours over their lifetime, without including travel time or activities performed at home. The time we all have is limited. Every time you make a decision, start by considering how time and money relate to one another.

You must know how much is your time is valued. You can calculate your hourly earning from calculator provided by Grant. Real Hourly Wage Calculator.

Because they haven’t taken into account all of the additional time required by their jobs, the majority of people are unaware that they are actually making less money than they believe. Time that you wouldn’t have to spend if you didn’t have to work for a living is required for everything from getting ready to commuting, travelling for work, and even de-stressing.

It’s crucial to total up all of this time and include it in your pay in order to determine the exact amount of money you are exchanging for your time. Keep in mind that while money is limitless, time is not. Although you may always go out and get some extra cash, you can never get your time back. What would you be willing to give up your life for?

Your Personal Number

“How much money do you spend? and How much Money do you need for the rest of your life?

How much money should you save on a daily, weekly, monthly and yearly basis?

Personal finance is, obviously, personal. Therefore, no two lifestyles are the same; instead, each person has a unique financial situation. Learn what your definition of financial freedom is so that you can determine what your number is.

Use the resources on the Financial Freedom website to assist you with this. Grant emphasises how crucial it is to understand your stats, which are usually less significant than you might believe.

How much money you will need for the remainder of your life depends on a variety of things (your financial independence or fi number). When I initially used a retirement calculator, it informed me that I would need to save more than $3.5 million before I could “retire,” but that amount sounded simply too high.

Also, how at the age of 24 could I even begin to come close to how much money I would need for the rest of my life? As it turned out, I required a lot less than I imagined, and I was entirely in control of how much I would need. While some factors, like as inflation and investment returns, are beyond your control, most factors (such as how much money you h

On his website he gave many tools which includes calcualator for your number named “FIRE Calculator“. You can use this calculator to find your number.

Your Current Point

Once you calculated your number, calculate where are you Now or Your Net Worth. You can’t progress unless you track.

Knowing where you are starting is essential for progress. Therefore, it is crucial to understand whether you are just beginning or are already halfway there.

“How much do you make an hourly rate? How much do you own?” How much does it cost you to live? Grant wants you to have the answers to these questions. You must use the website Financial Freedom for this, and it’s probably not as big of a deal as you may think.

The most significant figure in personal finance is your net worth. Your scorecard is here. You determine your net worth by deducting your liabilities (amounts you owe, such as credit card debt and student loans) from your assets (things that you could sell for money).

No matter how much money you make, if you spend it all, it doesn’t matter. Working to raise your net worth over time is what matters.

You can calculate your Net Worth Here

Build Your Wealth

The next stage is finding out how to get there now that we are aware of where we are and where we want to go. Three “variables” will be of assistance to us:

  • Create various income streams by acquiring multiple sources of income. Being an entrepreneur is a wise decision;
  • Savings: What effect does your savings rate have on your total? On the website Financial Freedom, Grant offers one more resource to assist with your research.
  • Costs: How can you control your costs? Are all of your spending truly necessary?

We can see how these three “variables” interact with one another thanks to the concepts Grant elaborates on in this section of the book.

The fastest approach to accumulate riches is to maximise each one of them.

Control Your Expenses

What is the cost of these pair of shoes? What practical consequences will this credit card purchase have for your financial future? Is “x” amount of my time worth that pair of shoes?

The amount of time it takes to pay for anything is more important than the actual cost. A limited resource is time.

In addition, it’s acceptable to spend money on things that enhance your life. The issue is when you make purchases that don’t add up to anything and take up valuable time.

Grant Sabatier also provides a list of 11 inquiries to make before making a purchase:

  • How content I’ll feel with this purchase?”
  • How much will it cost me to buy it?
  • How much of my life am I planning to pay for that?
  • How much can I afford?
  • Why are costs compared using percentages?
  • Can I purchase for less?
  • How much would this service cost me?”
  • How much would it cost me annually or over the course of my life?”
  • How much does this item cost each use?”

Manage Your Working Time

In many English-speaking nations, “nine to five” refers to standard business hours. In other words, the individual arrives at 9:00 am and departs at 5:00 pm.

Your employment is probably where you earn the most money. It is likely where you spend the majority of your day’s time and energy.

Increasing your revenue is the following stage. Then, you’ll need to boost your workload. Adopting “4 basic steps,” according to Grant, can be beneficial.

  • “Find out your market value,” which refers to the price that other businesses are prepared to pay for a person with your qualifications and experience;
  • “Determine your value to your organisation,” that is, how much money you bring in and how much it would cost to hire a replacement for you;
  • Choose the appropriate moment and amount to ask for;
  • ask.

In his book “Financial Freedom,” Grant Sabatier makes the important point that you should enjoy your work in order to advance your career. Continue doing this over the long term and during all phases of your life. Expand your network and diversify your skills.

Live a Rich Life

According to Grant Sabatier’s book “Financial Freedom,”

“Freedom from debt is the ability to live your life as you like. You may possess this. It’s feasible to earn a lot of money rapidly. It is possible to have extra time. You can live your life on your terms and have a special opportunity that few others do. You can actually have all the money you require.”

Living a rich life is what all the graphs, case studies, techniques, and statistics come down to. The way is now more obvious, but each of our paths will be unique, with some being simpler and others more challenging.

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