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Gaining Financial Independence | Darshan Doshi | Optionality | Career | Personal Finance | Podcast - YouTube
Channel: DASAR
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[Music]
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gaining financial independence this is
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another topic which is very close to my
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heart as a part of the personal finance
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podcast series today i want to talk to
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you about gaining financial independence
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we're going to cover why
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financial independence is important to
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you what does it mean to be financial
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independent
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and last how do you get there what what
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are the behaviors what are the patterns
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what are the actions that you need to
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take to become financially independent
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so let's get to it the very first part
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how why is gaining financial
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independence important to you
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it gives optionality
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flexibility and choice
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wouldn't it be nice to work on what you
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want to work to do what you want to do
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when you want to do who do you want to
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work with
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how you want to work
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this kind of freedom to do what you want
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and really pursue your passion your
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interests your curiosities
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is really what is important it gives
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meaning to life what is the opposite of
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this if we invert this it's basically
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running the mill running the race and
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really doing things because you need to
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earn money are you chasing money or are
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you chasing freedom
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i am chasing freedom you know freedom to
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do what i want to do when i want to do
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doing dasar is my expression to do what
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i want to do with the people that i want
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to do this with right i have a great
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team and i'm very fortunate uh to do so
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so it gives you optionality it gives you
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choices to do what you want to do that's
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why financial independence is important
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now what does financial independence
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mean
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it means
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can you generate enough assets in enough
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investments the
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interests or the payments from which
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you can run your life without having to
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worry about earning money let me explain
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that very simply what this means is if
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you want to live in pune for a family of
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four you need about 18 lakhs a year
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if you were to
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park about two and a half crore in fixed
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deposits
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you would generate about 18 to 20 lakh
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rupees in annual income which means you
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could do whatever you wanted to do
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without having to worry to get a job to
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get up at nine to be there till six
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and you know just go around in circles
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so that is what i mean by financial
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independence it also means
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it gives you choice to work and take on
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more risks financial independence takes
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time i give an example of two and a half
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crore in total assets and total
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investments that you need to become
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financially independent in a place like
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pune
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but maybe you your financial goals are i
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need a bmw or
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i want to have two houses
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or i want to travel
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around the globe
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then suddenly that 18 lakh rupees per
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year becomes 30 lakh rupees a year
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so how are you going to like how many
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assets do you need how much money do you
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need in investments to get that amount
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of money
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so let's again invert it
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what is the fastest way to get to
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financial independence be frugal
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cut down your expenses
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be very very frugal increase your
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savings your investments and make sound
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investments we'll get to sound
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investments in a while but let's focus
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on financial independence on how to get
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there break down your financial goals in
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buckets
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and start making investments or saving
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towards these financial goals
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here is a list of my financial goals a
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home for children
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children's education
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i love to travel
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i had a financial goal of buying a bmw
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which i have met it took me so many
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years to get there
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patience is the name of the game
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lastly retirement what does it mean for
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your parents to have a really happy and
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safe and healthy retired life
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as we get older the hospital bills also
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increase
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so you want to account for that expenses
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for later in your life so these are the
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various financial goals which you need
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to plan out which you need to think and
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you need to start putting money away in
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these different buckets
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and you need to do it now it is going to
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take you years to get there
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right
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so that suppose if you want to launch
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your own business
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now launching a business is also going
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to require some amount of money if
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you've been following our sas podcast
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series you'll know that you need
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anywhere between 30 lakhs to 60 lakhs to
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just get your
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business off the ground
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if you saw our d2c podcast series
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rohan did this with 6 lakhs of
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investment
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but he suggested anywhere between 20
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lakhs to 50 lakhs in order to really
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create a meaningful business so that you
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can earn enough money to run your house
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but also grow your business
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everything requires capital so maybe
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what you want to do is start putting
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some money away to get to that place
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which can help you build your business
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which will really help you take a bigger
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risk and create generational wealth
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so that is what i mean by financial
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independence it gives you optionality it
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gives you choices
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how is it that you will not get
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financially independent
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buy now pay later
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take more debt
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spend on everything that you can think
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about today
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buy a one lakh phone
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buy the latest watch
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uh buy the next fancier snicker
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you do that you're postponing the date
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of your financial independence
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if you join our
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90-day habit forming program called gain
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financial independence
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by the end of those 90 days you will get
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to know what week from today
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you are going to be financially
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independent if
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you follow your own routine and if you
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gain that clarity
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so your behavior matters your patience
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matters your habits matter
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and you need you need to figure out ways
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to become financially independent if you
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want optionality in your life i hope
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this has been useful i look forward to
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seeing you soon thanks
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[Music]
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