What To Know More About Financial Freedom?

I talk about financial freedom. A lot. In fact, I believe I am one of the few accountants who do.

Most accountants are concerned about reducing current taxes and to be honest so are most medical professionals. The problem is, reducing taxes without long term wealth in mind can have a detrimental effect on any chance of financial freedom. Besides most accountants I know have not achieved financial freedom themselves so if they have not done it how are they going to teach their clients how to get there?

This is because to reduce taxes you must show reduced income which is likely to mean you have less cash in your pocket.

I have spent years studying financial freedom. I have read books, interviewed those that have achieved it and those that have strived for it but never got there. I have studied this subject inside out back to front and upside down.

In fact, I am writing a book about it. Some would say that makes me a bit of an expert.

I will tell you one thing that I have found. Without one ingredient you will never achieve financial freedom. And that one item is cash. Without it, financial freedom is pie in the sky.

So, when you aim is to reduce taxes, it usually means less cash. Less cash means less chances of financial freedom.?

But to be quite honest I was quite late joining the bandwagon with Financial Freedom in mind. In my youth I had a few good mentors who told me to invest which is what I did. At the time, I never really thought it was for financial freedom. But with hindsight I should have done a lot more.

But then I worked out that financial freedom should be at the forefront of what everyone should strive for. So, I worked on how to get there by studying and learning from those that had done it too.

I then took what I learnt from various experts and developed my own financial freedom blueprint model specific for those in the medical industry.

So, when I am asked what the first step should be one’s journey to financial freedom, I give my model but then always say do your own research too.

Ignore mainstream media on their views of investing. Their objective is to sell newspapers and subscriptions not your financial freedom. Most are journalists who have not achieved financial freedom either.

Books are great but they take time to read which many of you do not have. So, my suggestion is to get them as audio books, and you can listen to them whenever you like.

Here are my best five books on the subject. Oh, and when I complete my book, it will be the 6th book I recommend!

So here they are:

·????????The Richest Man in Babylon by George S. Clason

?A classic in personal finance, written in 1926 and is based on the teachings of the richest man in Babylon, a merchant, 4,000 years prior.

?It is based around systematic savings which finance gurus still follow.

?·????????The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley and William D. Danko.

?This a book that is a real eye opener. It details the research over many years to find what those that are financially free and wealthy do in the United States. It was written in 1996 so the figures used are not relevant in today’s day and age, but the concept is still valid.

?They found that those that looked wealthy were not actually wealthy and more likely to be consumer driven via debt whereas those that looked middle class were wealthier than those that looked wealthy.

?The authors make specific references to medical professionals who they believe do not have as much wealth as they should not because of ability but because they do not follow systematic ways of investing.

?A very interesting read.

?·????????The Barefoot Investor by Scott Pape

?A basic down to earth book written by an Aussie that is easy to implement and explains how easy it is to save, invest and reduce debt. A book everyone should read.

?·????????Rich Dad Poor Dad by Robert Kiyosaki

?A wonderful book if you want to teach children about money. I have used Robert Kiyosaki’s teaching with my kids and have played his board games. If you want to understand passive income and why you should have it, this book will convince you.

?It is based around a child who had a poor dad (one who worked hours to earn income) and a rich dad (one that believes in passive income).

·????????Think & Grow Rich by Napoleon Hill?

Another old classic. This was written in 1937 and explains how thinking and mindset can make you rich. But it not just visualisation – you do have to take some action.

This is one book I have read more times than I can remember. A financial life changer.

·????????The Passport to Wealth & Real Financial Freedom for Medical Professionals by Hitesh Mohanlal

?Okay, so not yet published but will be in 2021 and you will get a chance to read it soon.

?Written by yours truly, it has been written specifically for medical professionals and outlines 9 key steps or areas which if followed will result in real financial freedom.

?It is based around creating a financial foundation, maximising income and cash and what to look at when investing, creating passive income and building wealth.

?Which of these have you read? Which one is your favourite?