0001. What is Financial Independence?

Financial Independence Now

This is the inaugural episode of "Financial Independence Now", and it is a “must-listen”. In this episode, Randy Luebke discusses the keys to achieving financial independence, something he calls Retirement 2.0. You see, retirement today is very different than it was for your parents or grandparents. Their retirement plan, or Retirement 1.0, generally meant they would work for one company their entire life. Then, once they stopped working, they were done working altogether.

The problem with the Retirement 1.0 model is that most people would work until they couldn’t and, as a result, they would put off doing many of the things that they enjoyed, including spending time with those they cared about most. This concept is called delayed gratification and, while this strategy does have many benefits, the biggest downside is that none of us know how many years are ahead of us, and what a shame to put off living the life you dream of for decades only to learn that you really don’t have as much time as you hoped ahead of you.

Today’s retirement, Retirement 2.0, is about beginning to live the life you dream of, NOW. It’s about doing more of the things you really enjoy and spending more time with those your care about most, today. Randy is not advocating financial irresponsibility. On the contrary, he insists you live within your means today and forever. What he advocates is achieving Financial Independence, “When the assets you have, provide the income you need, to live the life you want, and work, is no longer a requirement, it’s an option”.

Randy explains that with financial independence, you will still utilize delayed gratification, however, the goal is no longer about working for a living and then retiring to begin living your life. Instead, it’s about working to achieve financial independence as quickly as possible. You see, most people, work to earn money to buy things. Wealthy people work to buy things that make money. Those “things” are assets, like businesses or income property or annuities and pensions. This is a shift in the retirement paradigm. A shift to beginning to live the life you want today, by acquiring the assets you need to provide the income you need to live the life you want, a less stressful and more fulfilling life.

Topics Discussed:

• The definition of financial independence
• The benefits of achieving financial independence
• The five steps to achieve financial independence

Links Mentioned: - lifetimeparadigm.com

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