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How many properties should you own to be financially free?
Manage episode 423076562 series 3572126
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Well, it depends on the person. Some financial freedom might be earning $50,000; another might be earning half a million.
For somebody else, it could be $2 million. So, financial freedom is dependent on the actual individual. My challenge with this is that most, in my experience of, say, the last 15 years being in property, is that people think that it's based on somebody else's goals and achievements, and they're trying to achieve that. So I've got a lot of clients that have made millions in real estate, thankfully through DDP, in equity, et cetera. And they come to me and still, after 11, 12 years, being a client, saying, "Zaki, can you help me "buy my next property?" The question to them is why?
Why do you need another property? It'd be great to have another client, but is that the right thing to do? Is it the most ethical thing to do? To ask the question, why do you want to go buy another property? And this is-- the missing part is that people haven't taken the time to understand what they want, why they want it, and what financial freedom means. Once you're very clear on what you want, buying property is extremely easy. When they're not clear as to why and what they want to become financially free, they shortcut their goal.
And they probably give up too early because they're not clear. On why they got in the first place
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