Here are 10 ways to become financially independent from the best-seller “Rich Dad and Poor Dad” by Robert Kiyosaki.
The 10 steps to become financially independent
1. Find a project that motivates you and that goes beyond reality, your wildest dream
Imagine the freedom, the lifestyle you would have if you could control your time. Think about what you don’t want to be and draw a line under it.
Let me illustrate this point with a personal example: when I left school at 18, when I launched my business start-up project, it completely changed me. I was summoned to the office of the school principal in my last year of college and he told me: “Olivier, we need to talk”. It was quite serious and to the point. And he told me: “Olivier, you are so demotivated that you demotivate teachers. There are teachers who don’t want to go to class when you’re in the classroom. As a result, you won’t be invited back next year”.
At the time, that was a fair reflection of my character, if you had seen me in a classroom, I would have been slumped over my desk and totally lacked any form of motivation, to the point that I drained the motivation out of those around me too. Yet, a few months later, I had set off on my own business project, which transformed me into a new person.
I was highly motivated, I was unstoppable. If I saw a mountain in front of me, I would run into it and dig a tunnel.
Yet, I was exactly the same person, just a few months older.
What turned the slumped over Olivier into ultra-motivated Olivier, who managed to start up his own company, aged just 19, is that I started on a project that motivated me, that challenged me, that forced me outside of my comfort zone.
I really wanted to succeed. It’s what allowed me to discover who I am.
2. Put your willpower to the test each day
That is, see if you can resist temptation when it’s put in front of you, when you have promised yourself to do something else. Your options are to watch “Wheel of Fortune” or “Capital”, or to read a book that will help you with your project. Basically, it depends on how you want to spend your time and energy. It’s your call.
3. Choose your friends wisely
Don’t be influenced by opinionated individuals who seem to have an opinion on every single issue but never seem to anything about them. Mix with creative people who really want to be in charge and do with their lives. As you progress in your career as an entrepreneur, investor, you will surround yourself with people who have a more positive attitude to life and situations, instead of people who hold you back.
4. Learn how to look after your finances
Read books and learn about the subject because it’s not something you will be taught in school.
5. Pay yourself first
Have some self-control and keep your expenses as low as possible. Your tenants should fund your expenses and investments, not pay your bills. So the first transfer you should make every month is to your investment account.
6. Make sure that you pay the people who earn your income for you generously
If they are good at what they do, be grateful. This will give them even more motivation.
7. Diversify your risks
Don’t put all your eggs in one basket.
8. Treat yourself
Once your investments start to earn you a decent income, don’t hold back, treat yourself to that nice Audit TT or that round the world trip. Go for it.
9. Find a mentor
And behave like them each day. The more you feel that what you do is exceptional, the more exceptional you will become. Personally, without a mentor, I would have never made it to where I am today.
In Tim Ferriss’ latest book “Tools of Titans,” Arnold Schwarzenegger wrote the foreword and said, “I am often asked how I came to be a self-made man”, that’s to say a man who made it all by himself.
“I’m not a self made man, I’ve had hundreds, thousands of people who have helped me in my career and in my life. And I wouldn’t be where I am today without all these people.”
It’s the same for me and for all successful people. Find yourself a mentor, or mentors, who will help you get to the next level. It can be a physical meeting, or read their books, attend their courses or watch their YouTube channels.
We live in extraordinary times, when it has never been easier to connect with someone you want to be taught by. So it would be a shame to miss out on these opportunities.
10. Give and then you shall receive
If you give from the heart with no expectations in return, you will receive the equivalent a hundredfold. It’s the law of attraction in action. That’s the truth.
From personal experience, you can see that the majority of my business is driven by a lot of free content, which I’m happy to offer, even though it’s a lot of work. But it’s because of that free content that I can offer paid content and, as a general rule, that’s a good thing because people who like the quality of my free content then want to delve deeper and buy paid content, whether it’s a book or a course, for example.
Sometimes I even have readers or people in the audience who just want to thank me because they had no obligation to buy anything, not even a book or a course, as my videos and articles offered them so much insight.
This is the power you build when you give as much as you can. Remember, if you manage to do this, it will always be your best ally, not a chronic wait-and-see attitude.
Here is your blueprint to achieve financial freedom:
- Stop what ever it is that you do, assess your current situation.
- Don’t do the things that do not work and consider all possible options.
- Always be on the lookout for new ideas.
- Be proactive, find people who have already done what you want to do and meet with them.
- Ask them questions and get their advice. Take them out to lunch for example.
- Educate yourself, buy podcasts or online video courses or books.
Make lots of proposals.
- Negotiate, test the waters and engage with your future customers if you want to build your business. Be proactive.
- Take a look around the neighborhood and keep track of real estate listings. A great deal may be just around the corner. Think big, don’t limit yourself to what you think is already good enough.
Learn from history.
- Don’t be afraid to read the biographies of billionaires from around the world to understand what their journey was and how they thought. In terms of what you can learn, they are a gold mine.
There are a few books that I can recommend: “Losing my virginity“ by Richard Branson, the latest biography on Xavier Niel that came out in French, and “Total recall“ by Arnold Schwarzenegger.
He is not a billionaire, but he has been very successful, when you consider that he was born in a village in Austria with no electricity, no tap water and managed to become financially independent.
He not only became a world champion bodybuilder, but also one of the highest paid Hollywood actors and, after that, the governor of California.
So, there are probably a few things we can learn from him.