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Jimmy Naraine is an online entrepreneur, adventurer & public speaker. He travels the world full time (66+ countries) while teaching hundreds of thousands of people online.
He has been featured in Entrepreneur & Business Insider and conducted workshops at MindvalleyU. His Udemy courses are officially featured as bestsellers and in July 2015 he won the first Udemy Innovation Award.
As a teenager Jimmy suffered from social anxiety and lack of confidence. Now, his mission is to help others in destroying their limiting beliefs and taking control of their lives.
Some concepts pertinent to financial freedom discussed in this video:
-You don’t need millions to live like a millionaire. Many people have the misconception that only massive wealth will guarantee them their dream lifestyle. It’s simply not true. Living like a millionaire and having millions of dollars are two different things. You need to figure out what’s your vision and come up with the plan of action that will get you there. It’s very likely that your ideal lifestyle is cheaper than you think it is.
-Stop deferring your happiness and collecting money so you can start living to the fullest when you retire. Life is unpredictable and you should make every hour count. Stop deferring your happiness.
-Lifestyle Designers strive to design their lives so that they can build wealth by following their passion. Of course, not everybody can make money on their passion (for example activists/volunteers). What do they do? They simply build automated streams of income that bring them money month after month. Thanks to passive income streams they don’t need to worry about making money and have enough time to focus on what’s really important – their passion.
So how to create financial freedom?
1) Diversification. When you have only one source of income you are keeping all your eggs in one basket. If you drop it you are in trouble. On the other hand, creating multiple sources of income give you this sweet awareness that whatever happens to one of your businesses, you have other streams of cash pouring in.
2) Stop trading time for money. If something happens to your current job you suddenly stop making money and it doesn’t matter whether you make $20/h or $200/h. How would it feel to have multiple businesses that bring you money while you are sleeping no matter what?
3) If you love your job keep going. Lifestyle Design is not about quitting your job! However, you can use your free time to engineer additional streams of income. Imagine making your base salary + the same amount from automated businesses. Suddenly, you have WAY more options financially and most importantly – you feel secure financially.
4) How passive income works – Initially you invest a ton of time, effort and energy to create your business. However, once you automate your venture, it frees up a lot of your time. It can be spent working on additional business ventures/on following your passion. If set up correctly you can enjoy the fruits of your labor for years to come.
5) Eliminate negative spending patterns. We are addicted to spending as it gives us an adrenaline rush. You should consciously work on destroying those patterns for example:
“the more I make, the more I can spend” bullsh.t
I am also discussing an amazing exercise that Jim Rohn performed during one of his seminars (you’ll love it).
6) Get rid of personal debt. Unfortunately, we live in a credit card culture and so many people end up being trapped by their finances. Most people choose instant gratification instead of looking at long term success/benefit. Lifestyle designers believe that life with debt negatively impacts your life in various ways. You may be not aware of it, but it happens on the subconscious level. Having debt takes your power away and makes you a prisoner.