https://youtu.be/fkwQKFHj38s

Transcript [00:00:02.290] - Darshan DoshiHello. Hello. Welcome everyone. In this video, you are going to find out what financial freedom really is and why is it important? My name is Darshan Doshi and I am extremely curious about financial freedom, all things related to money. In the last ten years, I've spent a lot of time understanding financial freedom, investing, money saving, and a whole lot of things. I've worked in different jobs, I've invested my own money across different asset classes. And I'm going to bring this to you.[00:00:36.450] - Darshan DoshiIn this video you will find three things. What is financial freedom? How do people define it? How is financial freedom different from retirement? Lastly, what does financial freedom get you? During the course of this video, if you have any questions about financial freedom, be sure to pop it in the comment section and I'll be sure to reply to you. So how do people define financial freedom? There are a lot of misconceptions, misrepresentations and different definitions about financial freedom. For one, when I go on Google and I search financial freedom, this is what I get. Financial freedom is the point or the status at which one can cover their life expenses without being dependable on anyone else. Say you have a parent, guardian, elder, sibling, you don't have to depend on them to cover your bills and expenses for the year or for the rest of your life. So that could be a definition of financial freedom. On the other hand, many people say financial freedom is the point where you not only take care of your current lifestyle, but any future lifestyle. So, for example, if you're driving a Toyota today and you want to drive a BMW, that would be incorporated in your financial plan and the investments so that you would be financially free to buy that BMW or to drive that BMW. What is my definition of financial freedom? I break down financial freedom into two things. One is a destination. Second is a mindset. What do I mean by financial freedom as a destination? It's an exact point. It's a point where you have enough money in the bank so that you never have to work in your life again.[00:02:29.910] - Darshan DoshiYou can choose not to work. You would have enough income, you would have enough money in the bank, you would have enough investments in place so that your current expenses, annual expenses, future expenses, as well as all your financial goals, present or future, are taken care of through those investments and the money that you already have in the bank. So it's true or false. You either have that money in the bank or you don't.[00:02:58.640] - Darshan DoshiThe second part of financial freedom for me is the mindset. Any person who's worked hard to become financially free say, they've worked hard for 10, 12, 15, 20 years to accumulate enough money so that they don't have to work ever again. Do you think this person is going to just retire and not do anything? It's unlikely, right? It's unlikely because these people have made money by becoming good at what they do. And so it's a financial freedom is a mindset. It gives you options to do what you love and what brings meaning to you. And so that impact is what is the most important thing that optionality is the most important thing for being financially free. And that is how I define financial freedom as a destination and as a mindset.[00:03:53.990] - Darshan DoshiThink about it this way. If you lost your job today, or if your business went through a rough patch similar to March 2020 when the pandemic hit and you didn't have a source of income coming through, would you be able to survive with the same lifestyle for the next one to two or three or five years from now? That is what is important, right? How can we build or create a situation such that you don't have to worry about whether you are getting income or not? Now, according to me, there are three stages of personal finance. The first