In this episode Murray exposes the BIG LIE as he dissects the typically subtle differences between Financial Success vs. Financial Freedom. Not recognizing the difference could trap you in a financial cage!
Financial Success vs. Financial Freedom
Many of us focus on financial success, especially when we are first starting out. Do you believe that being successful means making a considerable amount of money? If we were to take a look at some of the wealthiest people in the world what we will learn is that a high percentage of them make money from multiple streams of income.
The difference between these two mindsets to me is drastic – I call one financial success and the other financial freedom.
Financial success requires our ongoing participation to generate revenue on a continual basis.
Financial Freedom to me is not having to work for money and having the freedom to do what you want when you want – your income continues regardless. Think of Financial Freedom as the ultimate destination – and everything else is a stepping stone on the way.
In this episode, we discuss the difference between the two to understand how to achieve the latter. Join in as I walk you through the ways and means to become financially independent!
Value points:
- When you get a raise, you start making more, your business takes off, you’re in a new sector — but all of a sudden, your expenses shoot up, luxuries become necessities.
- You can’t outwork an income-producing asset.
- Case study – It’s not always about the product! How McDonald’s’ success stemmed from providing an average product and mastering a system of delivery to the online consumer and doing it better than their competitors.
- For long-term financial freedom, the industry you’re in must be enjoying a positive growth trajectory.
Find Murray on LinkedIn @Murray Miller
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