Shit You Don't Learn in School

21. What is Financial Freedom and Are You There Yet?

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Jun 1, 2021
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ANECDOTE

Post-Economic Anecdote

  • Sam Parr, on the "My First Million" podcast, was asked about his net worth.
  • He replied, "I'm post-economic," implying money doesn't affect his decisions.
INSIGHT

Financial Freedom as a Tool

  • Financial freedom is having money as a tool to do what you want.
  • Define your wants, then determine the money needed, avoiding lifestyle inflation.
ADVICE

The 4% Rule

  • Calculate your "retirement number" using the 4% rule.
  • Invest wisely to withdraw 4% annually, covering your expenses indefinitely.
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