Let’s look at the first 3 steps that you need to start on your journey.
Join Brett & Immanuel discuss the latest in Personal Finance tips, tricks and disciplines to supercharge your finances despite the crisis.
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Immanuel is a property developer and personal finance specialist who authored the book – The 6 Steps to Financial Freedom Download your copy of his book at https://www.the6stepstofinancialfreedom.com
Brett and Immanuel here for personal finance rant. I’ll just have to fix that guys but anyway how about we get started anyway you’ll just see me clicking away it’s good fun but no okay so we’re good side so what we want to cover today work-wise was the first three steps so we’ve been doing various things where we’re basically looking at a lot of going to what you need to do change that okay so but anyway good fun so yeah so guys yeah three steps so look you know it’s interesting actually where I try and keep things simple and for any of you guys they’ve got kids in the UK you may have watched a thing called Special Agent Oso and Special Agent Oso
is it’s a cartoon bear but what he talks about is three special steps and what he teaches you in every session is whether it be tying your shoelaces blowing up a balloon making a cake whatever it is breaks it down into three special tips I can tease got a little jingle three special steps is all that you need anyway I’m not listening to you but the bottom line is that he breaks it down to be really simple and personal finance and your approach to it should be very simple.
So effectively what you know what we’re gonna do today is just look at your first three steps and what we feel they should be and look
you know yes within those three steps there are some other steps so look we’ll get started with the first step so step one is pretty simple okay it’s read or listen yeah it’s up to you whether you like reading books or listen in audible or maybe you’ve got your Kindle you know sitting whatever however you want to do it okay personally I do audible because basically when I go for a run I put my
earplugs in and I run and you know I play through the books yeah so I was looking at me out last year I did a hundred and two books I read you know on audible which is a pretty cool year so if you think about that a hundred and two books that are two per week, yeah you know so it’s interesting that you can do that and you know the great thing about that is gamified but the point is is that I’m able to listen to those and what I like to do is actually listen to a lot of books and go back and actually study a few of them so I don’t find that all of my get huge value out of but if something props my interest I basically take it down or audible and I listen to it
So but in this case and what do you do mate what’s your preference yeah 100% you know and I think that’s the thing if you consume knowledge and you look you know I think in the first part read as many books as you can you know you can take the approach that I want to study every book in absolute detail and you know what I have no problems with that you know because to be fair in doing that a lot of times you’re actually gonna get some bloody good you know some really good insights you know whereas
really hundreds of books you know you can fall in the trap of becoming more focused on getting to your next book than you are to listening to it you know the thing I like about audible too is that I am able to listen at one point to five times and I found that if I go to one point five I can listen to it and if it’s a story I’ll listen to one point five times but if it’s something like a fiction book
sorry non-fiction book that I want to actually digest I needed a one-point two five times my brain just doesn’t work that fast you know or faster than that.
But the other thing there’s other apps like blink lists okay or bleakest I think it’s called actually and what they do is
they summarize books yeah now my concern with the summarizing books is this great to be able to say yep I’ve read that book I’ve read that book but unless you’re actually going to take it and apply it oftentimes you know hearing the same thing over and over again actually rather just a summary allows it to bed down you know and having those stories that are attached to each of the concepts actually helps you integrate that so I personally find with Linkous I had the membership for a while you know I listen to or what you know heaps and heaps of previews they basically take every bookie down in a ten minute you know summary but what I found was I wasn’t getting any out of it I wasn’t actually it wasn’t achieving the goal that I wanted so you’ve got always remember what is the goal for doing this, yeah anyway that’s anything else to add on that?
On the reading sent me too I’m forever going back you mean having to read that for a while like the richest man in Babylon I would not be lying in saying that I’ve probably read that 50 times you know Rich Dad Poor Dad I don’t know how many times I read that when I first come out you know you know so so these and the point here is you know get into that’s step one because you want to start gradually changing the way you think okay but these books specifically for me have good lessons in them okay and it doesn’t mean you take every lesson out if it doesn’t mean you take everything out of it you look at it you work out how it works for you and then you apply so richest man in Babylon I love it for its simplicity it’s a very simple story you know set back in olden
times you know it’s just you know I read it in one sitting maybe two sittings in most times you know it’s not a hard book to read it is almost like reading a fiction book but the lessons in it are profound yeah Richard rich dad poor dad you know as much as I love the book the concept I loved about is one concept that I think everybody needs to take out which is that you know in assets I things have put money into your you know Bank and liabilities take it out you know and effectively so people think that you know buying the latest you know cars and all these sorts of things are assets they’re not assets their liabilities you know so that’s a great
the concept for there and that’s something you need to learn there are whole other lessons in there I’m not discounting the book is fantastic because he talks about he’s Rich Dad Poor Dad what brought about your lessons from those two.
What about the next one mate there are six steps to financial freedom that’s meaningful so most people get to change that they’re doing now in its principles I learned in our areas things like we just know the link is in the description anyway so that’s fine I can download it they can also download mobile which isn’t listed here because my book is much more about once you’ve got your personal finances how do you build a property portfolio so I haven’t put it in there but the point I want to make that I found with the two bullets because I actually I’ve been through your book now mate finally although it’s not inaudible I don’t know what’s going on he needs to get in the order been again neither is mine so we need to get in the audio chamber and and and write it.
One of the things I found was Rich Dad Poor Dad is excellent conceptually but trying to take it and apply it lacks the practical ability whereas I think yours has a lot more insight in it which is quite good because of one of the problems with
Rich Dad Poor Dad is you get all motivated and you’re like yeah I want to get there and I want to do it but then it’s like what do I actually do you know because the other thing is if you go and search Rob it online a lot of what he talks about its getting into mutual funds and and things are you like what the hell they, because he’s very us centric in some things, look the principles are there you know he has an excellent and in fact probably one of the best board games called cash flow you know as well which you know he’s used to actually run nights where we used to have you know come around have drinks and have cash flow nights but but I think those two books are critical because this is all starting to build a really good practical and conceptual basis for going forward okay.
And interestingly the next one which is called thinking Roerich which I’m you know most successful people will have read ok the interesting thing is with this and it is a fantastic book and I love the book because what it talks about is effectively the author
Napoleon Hill allegedly and I say because there is something whether he did or didn’t but he was supposed to have effectively interviewed the richest people who are around at his time which is back in the nineteen I think it was the 20s and 30s or something it was early on yeah and effectively he got the insights that they had and wrote them down this is what this book is now look
you Chi even if the story is not right not true and it’s the same with Rich Dad Poor Dad even if Robert didn’t have a rich dad
and a poor dad you know it you know in real life it doesn’t matter it’s a concept behind this you know and so you know as well but still giving the enemy away you can’t say that it just Davey anyway well even not the ending the punchline spoiler alert and the thing that need leads out is consistency and they’re gonna have to go to what about all those steps yeah.
And the final one the fun ones interesting because I love the 5am club and I love the concept behind it but for me, the whole 5 a.m. thing doesn’t work because I’ve got kids because my businesses are in the UK and Australia so in Australia not so much but the UK means that I’m sometimes awake until 1:00 or 2:00 in the morning so for me to get up at 5:00 a.m. would be ridiculous it wouldn’t make sense but the concept about spending you know an hour your first hour of the day you know which I think that the books motto is um controller was it control your morning you know what I can’t remember it’s something like control your morning dominate your life or something like that anyway but the point is is to actually set aside some time for yourself now if you think about when we might previous videos when we talked about apportioning the money we said to pay yourself first yeah which was as soon as
you have money come and put money aside for savings for a long time investment yeah and do that first before you do everything else and this is the same concept is that what you want to do is you want to put aside time for yourself every morning you know it’s when your brain is most function is when you’re most alive away creative all the stuff you just slept so you know that’s what the book isn’t and that’s a lesson you really want to take a look but look is lots of lessons there so it is worthwhile reading that okay even if 5 a.m. doesn’t work for you which you know and even in a later slide to see I don’t even put 5 a.m. there up at 6 a.m. you know but yeah what about your thoughts mate its the thought of gaining an extra power you get up early and you didn’t make that fine yeah 100%.
So look that step one gets into reading and listening, yeah you know and these books you know these five books here will give you the basics that you need now obviously some of the lots of the things that are in there that are prayer appurtenant we’ve covered in this
series the personal finance Rant you know so you know to watch the videos read the books you know or listen to the video sorry what’s I’d say listen here whatever anyway but um yeah so that’s step one look step two is all about tracking your spending okay so you know tracking your spending and it’s interesting cuz Immanuel and I have different approaches to this okay which is that he does 90 days I do 30 days, yeah and and and they will achieve the same thing pretty much yeah and you know I’ve been doing 30 days for many many years you know so but the other side is if you haven’t watched the video on how to split up your take-home income yeah
which is those three models the 10 20 70 the 10 10 10 20 50 the ten ten ten ten ten five or fifty you know if you don’t
know what that means go and check out the other go into it because we’re going to look detail with each of those and what that
means but the point is that’s how you actually you split up your income but it’s how you track it and whether you do that on an app whether you do that writing it down whether you do I mean it’s interesting I’m right now I’m doing calorie counting
because I’m basically in a phase where I want to lose weight okay so effectively what I’m doing is I’m using my mobile phone wherever it is and on everything that passes my mouth whether it be water food gets recorded yeah so now I know exactly not exactly the calories because some of it is I’m using the app to decide what calories there are but the point is tracking it brings the focus onto it and brings acknowledgement of it and it shows up.
So the point here is pay our start one or is to read and listen that stuff so you’re putting good stuff in step two through tracking your
spending you’re going to see all the issues that are going to come up in your in how you spend in what you spend and you’re going to start questioning those things so yeah so it’s really really important to track your spending you know enemy you want to add my first make you really aware out and weddings most people don’t do that any card bank checks and let me track dispensed he goes out without seeing her experimental tea so I’ll make changes perfect when you start tackling something with my calories in agrestic it’s the motivator stop making change so that’s the first part we need to spear you can start making changes so going through that process although any support typically you can really see way the money’s leaking and then have fun they can take them in get them to do we do nightly like every 90 days happens over slight lung area yeah hundred percent.
I think the key to this and this is where you know you need to be disciplined and this is where you’re gonna face your demons this is where not only you’re gonna be seeing what you’re spending and becoming aware of that and all of a sudden have to face up to that realization you know and a lot of that is to do with your own lack of discipline your own lack of you know focus your own failings and it’s it’s not just your failings to be fair it’s actually how society bred you because you know the consumeristic society it wants you to spend without thinking about it it wants you to put stuff on credit cards and get into a never-ending debt cycle you know so a lot of these issues are going to come up and life will throw at you you know a lot of these curveballs and this is where you have to stay disciplined you have to stay focused as you say well it was routine wasn’t it creative routine around it you know so you know a hundred percent you know you have to do this and when you do this actually it’s amazing how you know one of the things they say is it takes 66 days to you know to create a routine now it depends who you believe there’s 30 days it’s 20 days there’s all sorts of numbers as to how long it takes you know but the point is what’s gonna happen is it’s gonna be bloody hard at the start that’s good you know because it’s all new you don’t know what the hell you’re doing you’re a bumbling idiot then it’s gonna be in the middle that’s gonna be you know really really hard because you now you’re in the point where you’re not seeing any results and you’re just having to keep doing it keep doing TV and then the third bit is we’re actually now you start seeing the results and now you really start benefiting from it.
And that third bit is where you know that’s where you lead to mastery you know but if you give up you know in the first or second phases most people are still in novelty in the first phase you know so look a lot of people won’t get two days into this they’ll give it up you know they’ll find a reason why not two but it’s absolutely essential that you need to do this to bring your awareness into you know your finances yeah and part of the tracking of spending is not just tracking and spending your spending but it’s looking at you know what income you’ve got what expenses you’ve got and actually you know getting a list of them and that’s why I recommend writing it down in an Excel spreadsheet or on one of these apps you can get lots of apps in the phone someone will even you know import your bank account details so anything you spend on your cards and that will come into that app it’s really good yeah so you need to yeah and I think you know don’t put on like on that from my own experience.
Recently is that I took the decision that I wanted to get back into doing a marathon and half marathons and those sort of you know long-distance adventure racing and things like that and so I figured I’ve been riding my bike I need to get off my bum and actually do do some running and so what I did in January I set the goal to run a half marathon by the end of the year which at the time you know if I ran to K’s seriously I was had you know the lung hanging out and probably wasn’t that bad but but I was doing about two to three K’s you know and you know I’d have sore knees and saw this and saw that but you know now and we you know so that’s January and given that I actually had three weeks traveling in there where I didn’t do any running and then I come back and I was in isolation for two you know so there was a bit of a gap in the middle but you know got back into it got back on the boat and actually now I’m running 12 or 15 K’s every other day yeah you know and that’s all we’re talking about you know that’s three months it’s more than three months now but the reality is starting from two or three K to 12 or 15 K and and you know what I’m now 12 K I’m not gonna say it’s easy because it’s I still do it long but um not really but um but the 15 K is the stretch but now I’m 15 K for the next three weeks and then I’m gonna go 18 K you know and then you know do that so you know so I’m you know I want a program where I’m just doing bit by bit and I want to build up to where I’m doing 21 case you know and and I’m not worried about speed all I’m worried about is distance right now is you know compared to some my mates who you know I’m doing for four-minute kilometres you know over five K’s you know when they’re 40 or in fact 20 50 this year you know I’m a slight hope you know I’m like an elephant but the point
is start off slow and you build it up and you know that discipline builds up to where you get the result yeah.
So cool okay so step one is read on this and step two is track your expenses track your spending yeah and then the third okay step is spend your time differently okay and and look what I’ve done if you have a look here we’ve got 6 to 9 9 to 6 and 6 to 9 all right now the reality is that gives you you know this is not fixed this is just conceptually again alright so let’s have talked about that so what do we do 6 to 9 so obviously that’s before work that is where we want to spend our extra hour getting focused on ourselves spend time on ourselves and yes we’re gonna get to work and we’re gonna do lots of stuff but we’ve got three hours yeah where we effectively focus on ourselves plan and preparing then we’ve got 9:00 to 6:00 which if it’s your boss controls that time they control you that time but you know and effectively that’s where you make a living yeah and then six to nine is where you create a life yeah so that’s where you get back into doing whatever it is is going to make you whether that be going along to seminars will that be reading whether that be networking whether that be whatever it is yeah but point here is by setting aside times to do certain things.
I think with this a lot of people think that they go to work and they’re so exhausted when they come home from work that they don’t you know their new sit down in front of Netflix and I have to say I’m amazed at how many people have almost devoured every bit of content on flicks you know it’s just like you know it never ceases to amaze me because they’re the ones all sit there so they’ve got no time to do anything and let you know and and and really for me there’s a distinction between those people would go out and do and succeed and those people who you know watch other people do it and halves you know spectate you know and the challenge is
are things like Netflix things like social media things like you know if you are either produce or consumer I mean we’re sitting in front of a camera right now producing yeah we’re giving our insights you know and part of that is part of the motivation for that is to help people you know and to be fair that’s the biggest one because really we’re spending an hour and a half airtime you know to plan to prepare or that’s the stuff and we’re not really getting remunerated for that you know there’s not a huge amount of
the money you know maybe there is you know when you know YouTube gives us lots of clicks and things like that or you know you guys click and watch the ads and you know who knows but the point is there’s not actually a lot of money but we’re producing stuff whereas the people who are watching this now obviously if you’re watching this type of video fine you know but if you’re sitting there
watching the endless news and the latest you know to YouTube no YouTuber showing me how to I don’t even know what half these
things do you know my kids have been watching Preston and Breanna you know and they do they play Minecraft so they’re playing Minecraft and my kids are watching these guys play Minecraft which apparently is a third of all streaming now is actually people
watching people play games you know which for me and I’m sure when I see you guys out there you know a little bit older I just like what the hell you know this is the world gone crazy but that’s what’s happening right now but they’re consumers so your choice of being a producer or consumer.
you know now that doesn’t mean you need to go out and get a youtube channel but my point is I’ve got no problem with consuming content if it’s helping you to achieve your goals but if it’s just to reward yourself for going and doing the basics like going to
work you know then I have some questions about it and often times if I sit down with people and their finances are screwed and
they’re asking for help these are questions that I’m gonna be asking you know is you know about their Netflix about what do they do with their spare time because actually that six to nine period is so fundamental and there are so many things you can do you know I used to have a rule that I was out three times a week you know I wasn’t allowed home I had dinner out and what that meant that didn’t mean dinner as in a restaurant that meant I was at a networking event I was you know even door-knocking at some points you know when I was doing door knocking and things like that or eyes on the phone or I was you know to do stuff to enhance my career you know and I think you know it’s absolutely must timing check out that will get better your time which your relationship from timing to business yeah so I think we can go on forever about this.
The reality is what do you do with those are what those segments look you need to plan what you’re doing for the day you need to be focused on the big tasks you know the 80% reward at the 80% rewards know the 80% results, not the 20% you know so, in other words, you need to do the hard stuff the important stuff, not just the stuff that’s easy to do you know and I think if you can start with big stuff and then half the time you don’t even get to little stuff it does not matter you know mo stuff will go away but I think you know that’s the six to nine period and the nine to six-period six to nine period so the 269 periods and then there sit the 96 is if you’re employed at the self-employed because then obviously gonna focus on your work and mine’s a little bit different see I live in Singapore and I’ve got businesses in Australia. Australia is two hours ahead of Singapore and then I’ve got business in the UK which is seven or eight hours behind so for me my day doesn’t start until 4 p.m. in the UK normally probably 2 p.m. by the time people start getting up and sending emails and things like that so you know so my day tends to go later so these figures don’t necessarily work for me the concept does yeah so in a lot of times what I do now is I find that my 6:00 to 9:00 actually is more like
lunchtime in Singapore because that’s what I’m doing my networking that’s what I’m going in catching up having lunches
things like that yeah you know so you’ve got to make this and the point is not the times the point is putting aside specific times to grow Pacific time to network that’s it I said Pacific denied specific no good but yeah
Guys look you know step one read and listen get the good stuff in start getting other people’s ideas who’ve been there and trodden the track that you want to go on beforehand you know to track your expenses because that will start getting your finances into focus and really you know as soon as you do that you’ll start seeing what’s right and what’s wrong with your situation you know it’ll be
confronting you know and as we say always you know get a mentor to get us you know a social group that you can actually
talk to about it and then finally you know to spend your time differently you know and get these other aspects don’t leave them as you
know the last thing that happens put them as the first thing that happens yeah anything else gives people time to focus all these family and annual finances so take this time music will never be given time again you know the government we just extended the service so there’s a lot of things actually you can do right now 100% yeah or oculi so that’s it for today thanks for joining us and we’ll be back next week all right thanks mate appreciate it as always and stay safe stay healthy and well actually you can go out a bit more
now gotcha it’s a bit more freedom well they’re not actually gonna be fighting interesting virtual Johnny yeah okay I have enough trouble running with I love all the solutions that the virtual the solution is now it’s amazing how and you know this is with anything it’s amazing how when you’re faced with a challenge the solutions you come up with that actually you may not have been even
thought of or been aware of or thought you could do before you face out with a challenge so yeah awesome guys all right
well thank you very much that was one of my cameras just dropped off so Cheers all right guys all right we’ll see you later