HOW TO BECOME FINANCIALLY FREE IN YOUR 20s | money mindset, passive income & investing for beginners
Aug 25, 2023
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Explore the societal expectations around achieving financial security and entering a 'rich girl era'. Redirect expenses towards investments and education. Discover the potential of generating passive income through early investing. Learn three ways to make and invest money: retirement, business, and stocks. Diversify investments with ETFs, rental properties, and HMOs. Rewire your brain, eliminate false narratives, and build an abundance mindset.
Develop an abundance mindset and focus on making money rather than just saving it.
Diversify income and explore various passive income streams and investment options for long-term financial growth.
Deep dives
Building an Abundance Mindset and Making More Money
The podcast episode discusses the importance of developing an abundance mindset and making more money in order to achieve financial freedom. It challenges the traditional belief that saving money is enough to secure a peaceful life post-retirement, highlighting the need to focus on making money rather than just saving it. The episode emphasizes the importance of investing money in assets like stocks and real estate to allow it to grow over time. It also encourages spending money on personal growth, such as financial literacy books and courses, instead of penny-pinching. The podcast emphasizes the benefits of diversifying income by creating passive income streams and exploring various investment options. It promotes the idea of living below your means, taking calculated risks, and continuously educating oneself to improve financial literacy and success.
Challenging Scarcity Mindsets and Shifting towards an Abundance Mindset
The episode presents a comparison between a scarcity mindset and an abundance mindset, using the fictional characters Lola and Athena. It highlights the pitfalls of Lola's scarcity mindset, including excessive saving, restricting expenses, and working additional jobs for limited incomes. In contrast, it promotes Athena's abundance mindset, which involves spending money to make money, investing in financial literacy, prioritizing self-improvement, and focusing on building passive income sources. The episode discourages the idea of relying solely on savings accounts and encourages individuals to explore investment opportunities like stocks, real estate, and businesses. It also urges listeners to surround themselves with like-minded individuals, cut off negative influences, use credit cards wisely, and prioritize outcome over cost while making financial decisions.
Exploring Passive Income Streams and Investment Opportunities
The podcast episode introduces various passive income stream ideas for generating wealth, such as creating online courses, starting an e-commerce business, vending machines, ATM businesses, and YouTube channels. It emphasizes the importance of diversifying income and highlights the benefits of investing in stocks, ETFs (Exchange-Traded Funds), and real estate for long-term financial growth. The episode also suggests selling digital products, such as downloadable artwork, on platforms like Etsy, promoting UGC influencer content creation for brands, and exploring apps like Honeygain for generating extra income. It encourages individuals to engage in continuous learning, research, and self-education to make informed investment decisions and improve financial literacy.
Building Wealth through Investing, Self-Education, and Mindset Shifts
The episode highlights the significance of investing in oneself, whether through acquiring new skills, attending networking events, or constantly learning and self-educating. It promotes the idea of living below one's means, delaying instant gratification, and making long-term investments in assets such as stocks, ETFs, and rental properties. The episode challenges traditional beliefs about homeownership and emphasizes the benefits of renting out properties for generating cash flow. It also emphasizes the need to surround oneself with successful and positive-minded individuals, practicing positive affirmations, and using language that promotes abundance and financial growth. Additionally, the episode advises taking advantage of credit cards for improving credit scores and encourages responsibility with money to achieve financial freedom.
https://youtu.be/xAGyhkWoDX8
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