Welcome to the Financial Freedom Fast podcast with your host, Matt Amabile. In this episode, Matt talks about one of the most crucial steps to achieving financial freedom - knowing your Financial Freedom number.
Matt stresses the importance of having a clear goal in mind when it comes to achieving financial freedom. He explains that your Financial Freedom number is the amount of money you need to have in order to achieve financial freedom, which means being able to cover your living expenses without having to work a traditional 9-5 job.
Matt shares some useful budgeting tips to help you figure out your Financial Freedom number. He suggests that you start by determining your monthly expenses, including all necessary bills, groceries, and other essential expenses. Once you have a clear understanding of your monthly expenses, you can multiply this number by 12 to get your annual expenses.
Next, Matt advises adding a buffer of about 25% to your annual expenses to account for unexpected expenses and emergencies. This will give you a rough estimate of your Financial Freedom number.
Matt also emphasizes the importance of creating a budget and tracking your spending. By doing so, you can identify areas where you can cut back on expenses and redirect those funds towards your Financial Freedom goals.
Overall, knowing your Financial Freedom number is a crucial step in achieving financial independence. By having a clear goal in mind, you can create a plan to work towards achieving it. So start budgeting, tracking your expenses, and building towards your Financial Freedom number today. Thanks for listening to this episode of the Financial Freedom Fast podcast with Matt Amabile.
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