FM 015: Early Financial Independence With Luke Landes
Sure, you want early financial independence. But how do you achieve it? What are the necessary action steps to reach the goal, and how can you expect your life to change afterward? Surprisingly, it doesn't work like most people think. In this latest addition to our podcast series featuring early financial independence success stories (see previous episodes with Darrow Kirkpatrick and/or Doug Nordman), Luke Landes shares how he achieved freedom from day-to-day financial worries at such an early age, and what his life experience has been like since reaching the goal. Surprisingly, it's not like most people would expect. Luke's story differs remarkably from previous success stories because he never really set out to achieve financial independence. In fact, he sort of fell into it by accident (even though he still worked hard and planned strategically) by being the right guy in the right place at the right time. Luke's story is also different from previous stories because he didn't save his way to methodically reach the goal with discipline. Instead, he attained it through the business path to wealth with a single buyout of a single business. I really appreciate how generous and candid Luke was in this interview sharing his experience of life and the pursuit of happiness following financial independence. He tells you the straight truth about struggles with motivation when money is no longer a concern. He explains the challenges of leading your own life when normal career constraints and the need to make money are removed. So get motivated to move to the next stage of your life where the focus is on fulfillment instead of money with tips to help get you there faster and with fewer mistakes. In this episode you will discover: * The many definitions of financial independence… and which one Luke has chosen. * Exactly how Luke achieved financial freedom – almost by accident. * The role of luck and being in the right place at the right time for some types of financial success. (Hint – you still have to work hard and be strategic even when you're lucky.) * How single point failure risk can destroy a fortune quickly, and what you must do to manage it. * The value of diversifying revenue sources within your business model to control risk. * How to prepare a business for sale so that you maximize the value. * What you must do to find a buyer who will pay more for the business than it is worth to you. * The unexpected difficulty with motivation that everyone who achieves early financial independence must overcome. * Why you may already be financially independent and not even know it. Seriously! * How the human need to serve somebody – whether financially independent or not – turns the whole idea of “freedom” on it's head. * How autonomy affects your motivation and sense of personal freedom – whether employed or not. * The million dollar myth – Revealed! * Why it's all about cash flow… not assets. * Exactly how your motivation for work and new projects will change after financial freedom. * What to do when your passion in life requires hard work, but you no longer have to work at all. * How early financial independence is just like 2nd generation wealth… but without the second generation. * The absolute, foolproof way to know exactly what you are truly committed to. It never fails.