Money is unlimited. Time is not. Become financially independent as fast as possible. Grant Sabatier starts out strong with his new book Financial Freedom, available to purchase February 5, and your Chief Money Man is part of the reviewing team, across the internet’s top money sites, bringing you distinct reviews of each chapter of the book.
Mine is Chapter 6: Is it worth it? 11 Ways to think about Money before you buy anything.
However before we jump right in, let’s check out Grant Sabatier first. Here’s the pitch:
In 2010, 24-year old Grant Sabatier woke up to find he had $2.26 in his bank account. Five years later, he had a net worth of over $1.25 million, and CNBC began calling him “the Millennial Millionaire.” By age 30, he had reached financial independence. Along the way he uncovered that most of the accepted wisdom about money, work, and retirement is either incorrect, incomplete, or so old-school it’s obsolete.
Let’s pause on that pitch for a second. When Grant was 24 year’s old he had $2.26 in his bank account. That’s not a good spot to be in. 6 year’s later he was financially independent (“FI”). Given after 5 years, his net worth was already above $1.25 million, his FI must have been somewhere above $1.25 million. Let’s assume it was $1.5 million. At a 4% return, that means Grant was earning himself passive income of about $60,000/year. That’s a healthy amount of money for a 30 year old.
That pitch should be the reason you go and buy this book. Given my Amazon Associate account was disabled as nobody who clicked on it bought anything, I’ll just tell you to go search on the internet for the book and buy it from whomever you please.
Before I jump into my assigned Chapter, I’m sure you’re dying to know how Grant was able to ramp up his net worth so quickly?
Buy the book!
Chapter 1 explains just how Grant was able to pull off such a monstrous growth in wealth in such a short time and is being reviewed here Personal Finance for Beginners.
Chapter 6: Is it worth it? 11 Ways to think about Money before you buy anything.
I got to give Grant credit. He writes in a simple way, but yet engaging at the same time. Part of the problem with wealth building is that it is hard to save money or said in another way, it is hard not to spend money. So where do you start as you think about increasing your savings rate?
Grant explains it well.
He equates spending money to trading off your freedom. The longer you are tied to a job, the longer you will be chained down and not really free. The quest to become financially free requires one to think about spending in a whole new light. Financial and Freedom and the fact that money can effectively buy you to freedom is in itself an interesting concept and luckily Grant starts his book with this notion as it is fundamental to understand.
Grant’s book also spend a lot of time explaining the unique words that you will come across on the world’s money blogs, like side-hussle and passive income. He includes a helpful glossary explaining what each of these are. He also gives examples of real-life people who have used some of the strategies he explains and retired long before the usual retirement ages. So you can be sure that the things he explain are usable and not just concepts that one can’t put into action.
In Chapter 6, Grant lists out 11 questions to ask yourself on the subject of spending. They are simple, yet powerful questions designed to help you think about what you are buying. From things like ‘will this make me happy’ to understanding how many hours you actually need to work to buy something, Grant takes the reader through a few easy to understand steps.
Ask yourself just a few of them, when wanting to buy that next take out food rather than cooking at home and I am certain you’ll probably end up refraining from buying the take out.
You can download a card of the questions Grant lists out as well as find more calculators and tools at the following link: https://financialfreedombook.com/tools/
The questions are not just centered around spending, but also help you grasp concepts like how much you really make from working. You might think this is an odd concept and that you make your salary, but actually it is a little more complicated than that, especially when you bring it down to how much you make per hour.
And no, it is not just your annual wage divided by the number of hours you work. There are many more hours you spend getting ready for work, traveling to work, buying clothes for work, that Grant explains in a simple step by step approach that allows you to calculate your actual wage per hour.
I bet you’ll be surprised when you walk through his process at how much (or how little) you actually make versus what you expected.
If the rest of the book offers up the same simple and easy to follow advice as Chapter 6, then I would say the book is worth it, just on Chapter 6 alone, and will help you find and execute on simple ways to wealth.
Also make sure you check out Grant’s website for loads more insights and tips to financial freedom. https://millennialmoney.com/
For the rest of the Chapter reviews, check out RockstarFinance.