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973: Is Starting A Business the Fastest Path to Financial Freedom? by Chris Reining on Early Retirement & FIRE Movement


This is optimal finance daily episode. Nine seventy three is starting a business the fastest path to financial freedom by Chris. Rining of Chris Rining DOT COM. And hello again. My name is Dan. I'm your host here and happy Friday to you. Hope you've had a great weekend that you've enjoyed our post so far. Today's post as I mentioned is from Chris. rining thing which we're going to get to in just a second but first I wanNA thank fundraise for their support you know. They're frequently mentioned as a recommended tool in the blogs that I narrated right here and for good reason and fundraise enables you to instantly access high quality high potential private market real estate projects from high rises in D. C. to multifamily apartments in L. A.. And each real estate project is carefully. Vetted and actively managed by fundraisers team of real estate pros fundraise is the future of Real Estate Investing Visit Fund fundraise dot com slash Oh. FD That's F. U. N. D. R. I.. Sei Dot com slash O. F. D. to have your first three months of fees waived for now l.. Let's get right to our post as we start optimizing your life is starting a business. The fastest path to financial freedom by Chris rining of Chris Running Dot Com. Today's question comes from. CJ He asks quote. I related a lot. Dear story I I look around the cubicles here at NBC. See a lot of older people doing what I'm doing and it scares the fat of me. I'll be thirty years old and four weeks and I make seventy thousand dollars a year And live in Brooklyn with my girlfriend. Who's twenty eight and makes the same? We split our rent twenty one hundred dollars a month so ten fifty each and utilities. I like to say okay. I live comfortably poor. Currently I'm not saving any money and generally living paycheck to paycheck. We want to be able to start our own production company and work for ourselves within the next next five years. This basically means having financial freedom. I estimate that we will both be making just over a hundred thousand dollars a year respectively within the next three years like like I said we have not been saving money and have no investments or 401k or anything like that. What are the basics that we should be doing in order to save significant money over the next five ten or twenty years after taxes? I take home thirty four hundred dollars a month and most of that goes towards rent utilities food transportation gym membership et Cetera. Ah How much of my monthly paychecks. Should I realistically be saving. I have no clue how to invest my money. And just WANNA start getting into the game and quote Brawny Ronnie. Ware spent years talking with people about to die and she found they all wished for the same things that they'd been happier stayed in touch with their friends express their feelings and hadn't worked so much. WanNa guess what their biggest regret was it was. I wish I had had the courage to live a life true to myself and not the life others expect of me at thirty. You have a big hairy goal to start your own business and reach financial freedom. The good news is you can because you have decades left to do it. I've said it before and I'll say it again. You can get whatever you want in this life and it doesn't require money it doesn't require a degree it doesn't require lock. It only requires the ability to learn and to take action. And here's what you should do one set up your 401k. You can't keep procrastinating about this. Why not because a third of people near retirement age are going to live in in poverty for the rest of their lives and most families entering retirement only had one hundred four thousand dollars? Saved up. Trust me you don't WanNa do that to your future self. Besides you're probably leaving free money on the table. Most employers offer a 401k match. Meaning they match. Whatever you're putting in usually up to a certain percentage for example if you put four percent of your paycheck into your 401k? They match it with another four percent. So contact your HR department and get your 401k. Set Up and put in at least the minimum to get the full match to stay comfortably. Poor together you guys earn one hundred forty thousand dollars and soon that'll be two two hundred thousand but there are a lot of people who make two hundred thousand dollars and still live paycheck to paycheck. So here's a trick you can use if after you get your raises you keep spending the same amount of money you are. Now you'll automatically be saving sixty thousand dollars and that's not just one big lottery size check. That's every year forever. You can keep that money money in a savings account or you can invest for retirement. But if you really want to try starting your own business than keeping it in a savings account is what you should do three. Start Your Business Business. You shouldn't start a business because you want some specific outcome like financial freedom. You start a business because you have to. You see the media likes to make it look like success happens ends overnight for everyone when in reality it takes ten years of insanely hard work for someone to quote succeed overnight and if you start a business based on want you're going to fail so if you have to start your business than just do it now remember. You don't need money or a degree or luck only the ability to learn and take action in fact you have an incredible opportunity because you work at NBC. And they do what you want to do. So you can find mentors there you can build your network there and learn everything you need to. You know it's kind of like when I started this site at first. I just wanted to get my ideas out there but after a couple of years I got interested in how I could turn it into an online business i. I didn't know how to do that but I was willing to learn and take action. But here's the mistake I made. I looked at the people who were five or ten years ahead of me. People with six and seven figure businesses and thought. I needed to do what they were doing that. I had to get professional headshots. Start a podcast. Do videos on youtube have an email list do seo optimization run run AB split tests and on and on that's tactical and I was in wasting time and energy so I decided to focus my resources on what I thought mattered in most which was writing and what happened. My writing skills improved because repetition is the mother of skill. Once I sharpen my writing skills I could focus on the next skill. You need to focus on your one thing and I can't tell you what that is but it might be something like making short films and once you sharpen that skill then you move onto sharpening the next one and at some point you'll have the skill set to start charging for your work and when you can start charging for your work give means you take the leap and you won't have to worry about money because you've been saving leaving sixty thousand dollars every year. Starting a business will be the hardest thing you've ever done. That's why wanting isn't enough. You do it because you have to. And because he wanted die saying saying. I'm glad I did that. Instead of I wish I had. If financial freedom is a byproduct all the better sir you just listened to the post titled is starting a business. The fastest path to financial freedom by Chris rining of Chris Rining DOT COM. And thank you again to fundraise for their support. It is frequently mentioned in articles from our authors. Right here on the show. Because it's a great tool come by fundraise dot com slash. Dave have your first three months for free. Private market. Real estate has historically provided excellent ongoing cash flow even as it supports long-term growth private market assets like these these are a strategy for diversifying beyond public market investments and even other kinds of real estate like publicly traded reits and fundraise is the future of real estate investing the platforms innovations power and investor. I model by eliminating the bloated costs and middlemen that have traditionally weighed down relocate investing which saves investors time and money unparalleled transparency. And real time. Reporting that you see how the development of specific properties impact your overall portfolio. So come check it out. VISIT FUND RISE IS DOT com slash. Lefty that's F. U. N. D. R. I S. E. DOT COM slash. Oh FD to

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