You don’t need a Ferrari to be happy. In fact there’s a good chance having a base level of financial freedom and being able to do what you want with your time will make you happier than Ferraris and mansions.
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0:00 – When I was 18 I thought I was going to make $1,000,000 in that year
0:40 – My kids are super noisy, but they are having so much fun
1:20 – A lot of us believe we need lots of money in order to be happy
2:40 – If money doesn’t make us happy what does make us happy?
3:20 – #1: Relationships
4:00 – #2: Time to do what you want
4:30 – What will make you happier…a car or a holiday?
5:50 – #3: Reflection and Gratitude
7:07 – #4: Exercise
8:02 – #5: Fun and Experiences
9:27 – A challenge to you to choose Freedom over Ferraris
10:24 – What if you waste your entire life pursuing something that doesn’t make you happy?
12:00 – I’m working hard for something that will make me happy
When I was 18, I set the goal to make a million dollars in that year and I thought I was going to start these crazy businesses that we’re going to make me feel theat rich, but the whole idea that being rich makes you happy isn’t necessarily true, and what I found through my life and through achieving a level of financial freedom through my businesses is that freedom is more important to your happiness Ferrari’s. So in this episode I want to talk about this concept of freedom over Ferrari’s. Start to challenge you about what you actually want in your life and get you thinking about whether you want to pursue that excessive wealth and if you actually need that. If you can hear in the background. My kids are super noisy. They are playing at the river here in Noosa, which is an absolutely epic spot and I absolutely love that.
My work gives me the freedom to do this. That we could come here. I’ve had my kids from about 3:00 today. We came here called subway on the way for dinner and we’re just chilling out watching the sunset and really just enjoying our time here and that’s what’s got me thinking about this this moment and stuff like this adds more happiness to my life than some brand new car would, so a lot of us believe that money really makes us happy that in order to be happy, we need to be extremely successful. We see people driving the fancy cars going in helicopters living in mansions, and we think that those people are going to be extremely happy and that more money equals more happiness. But if we look at the psychological studies on this, we can see that that’s not true, that yes, money adds to your happiness up to a certain point.
If you’re completely poor, you can’t pay for your bills. If you can’t pay for good food, he can’t pay for health cover. If you have all of these issues, if you’re stressed about that, then obviously that’s going to take away from your happiness and so being poor versus being well off. There is a difference in happiness, but what they found through the studies was that money makes you happier up to a point, and that point was around 75,000 US dollars per year. It’s probably around $100,000. Australia in this study was done quite a few years ago now, so it might be a little bit more than that now rather than just a hundred thousand. But it was just really interesting to say that yes, there’s a correlation between money and happiness, but only up to a point and that point wasn’t Ferrari’s and mentions that point was being well off and being able to pay for a pretty decent life.
So if money doesn’t make us happy, what does actually make us happy? And there’s a few things. You know, the study’s kind of shows so many different things and it’s hard to really tie down while this one thing’s going to make you happy. But there are a few things that tend to make people happier. And I’ve also experienced this in my life and so I wanted to share those with you today and maybe you’ll get some insight out of those. And a really interesting thing about these items is that a lot of them don’t cost much money. Seriously. These kids are so noisy, but they like having the best time ever. They’re just so freaking happy. They just love this spot. All right? So the first one was relationships. Now obviously, relationships don’t cost money. Sure you spend money when you’re hanging out with people, but you don’t necessarily have to pay people for them to hang out with you.
And relationships really add happiness into pretty much all of our lives. We have great relationships that just adds such a deep level of happiness to your life. The relationship that I have with my children, the relationship that I have with my family, the relationships that I have with my friend had massively to the happiness in my life. And I’m sure that the happiness in your life too, that’s something that doesn’t cost heaps of money. Another one is time. If you have time to do what you want, then you’re going to be happier. If you’re stressed, if you’ve got no time because you’re spending all your time at work trying to pay the bills, stressing out about that, then that’s going to take away from your happiness and this is another aspect of that freedom over Ferrari’s concept is that if you have the freedom of time, is that going to make you happier than not having that freedom at the time, but having stuff that was really interesting study as well.
I remember reading a while ago where they compared if you purchased a really expensive item like a car versus if you use that money to go over a whole on a holiday, how would that affect your happiness over time? And they found that people who went on the holiday up being happier longterm and what happens in your brain and what happens with your memories is that time. You know, sometimes you go on holidays and then not awesome. The main Kell went in the van. We lived in the van for two months. It rained the entire time. It was a pretty horrible experience to be honest. It wasn’t ideally what we had set out to achieve when we built the van, but that holiday wasn’t great, but now looking back on it two years later, and this happens in your memory, is that when you have holidays, the negative experiences tend to be washed out.
You look back on them with humor, they’re quite funny and you generally have a positive vibe of those experiences and so buying stuff like buying a car might make you happier in the short term, but long term it doesn’t give you those experiences, doesn’t give you those memories and those happiness and so having the free time to do what you want and to actually make a life versus having staff, but living a life that’s the same every single day because you’re working in the same job that you hate every single day. Have a think about what’s gonna. Make you happier. Another thing that they found that makes people happy is taking the time to reflect and to be grateful. So reflection and gratitude, and I’ve definitely found this in my life, having taking time to be grateful is just so important and just add some eye level of calmness, reduces stress in my life as the my happiness.
I’m currently reading a book as well that is showing they’re using psychology. Just show that gratitude. There was three, it was like gratitude, compassion, and pride. A three kind of hacks that you can do to make yourself more naturally motivated and more productive, so by practicing gratitude it can actually increase your productivity as well, which can increase your wealth because you’re being more productive. But I found recently with all the stuff going on in my life, I’ve got into this really negative head space. I started being really negative. People around me were kind of mentioning that and I just got back to practicing gratitude and being grateful for the things in my life and the opportunities that I do have and the people that I do have and the kids that I have, and that gratitude just really creates happiness in your life. Something that you’re probably noticing about this relationship, time, reflection and gratitude.
How much money do these things cost? Not a lot of money. If anything, the next one as well is exercise makes people happy, so if you have time, are you more likely to exercise? The answer is probably yes because you’re less stress. Those some busy people, I will admit a very good at exercising, getting to the gym before or after work. Good on you guys out there who are exercising, but exercise is something, again that doesn’t have to cost a lot of money. Maybe a gym membership or maybe you do something like I do. I run along the beach so that literally cost me nothing because I run in my bare feet, so the name and buy running shoes in order to exercise, so I run at the beach. I do push ups, ups, Chin ups, that sort of stuff. Hanging out here with the kids as they play.
I’ll probably do some pushups and stuff in a minute as well. Exercise, another thing that is basically free, but that’s going to add to your happiness and if you have more freedom of your time, then you have more freedom to exercise as well. And then the last one was fun and experiences, which we kind of touched on in the car verse holiday thing. That’s something where money can really play a major role. Being able to live anywhere, like having been able to live in new south for the last two years has been absolutely amazing. I love the weather up here. I love all the beaches up here. I love the river up here. I love the calmness. There’s so much nature around here. And so being able to have that experience of living anywhere, money definitely buys that and financial freedom buys that, but it doesn’t have to be extremely expensive.
It’s actually a lot cheaper to live up here than it is to live in Sydney where I’m moving back to. So I’ll be moving from a house back down into a unit. It’s a lot more expensive to live in the city, but because I had that financial freedom through my businesses, I was able to live absolutely anywhere in the world. And then experiences as well. It’s up to you what you want those to be. Some people want that to be first class, first class flights, hotels. I’m going on expensive trips. Some people like me just want to go camping or want to go to the rain forests or want to do stuff like that, which doesn’t have to cost excessive amounts of money, but those things, relationships, time, reflection and gratitude, exercise and then funding the experiences. You can do a lot of those for not a lot of money and so what I want to do on this, on this channel moving forward is really challenged you guys out there to choose freedom over Ferrari’s, to aim for base level financial freedom where you can live a successful and happy life, but you can actually have the freedom of time to do what you want to do and to live the life that you want to live.
Rather than working in a job that you hate. Trying to earn excessive amounts of money so that you can be happy. That money is probably not going to add much to your happiness compared to earning maybe 100,000 or maybe $150,000 a year for a couple. So setting your sights on something that’s more achievable when you can do something like the two properties to financial freedom strategy or you can purchase some positive cash flow properties and pay them off and achieve it in a relatively short period of time that’s achievable for so many people were striving for the Ferrari’s and the mansions and expecting that that’s going to make you happy. What have you work until you’re 60, 65? What have you worked like a dog? Burn all your relationships, run your body into the ground in order to get that and then you find out at 60 or 65 that it doesn’t make you happy and you’ve wasted your entire life pursuing something that doesn’t actually add to your happiness.
I choose freedom over Ferrari’s because then it gives you the time and it gives you the ability to really take stock and to reflect on what is going to make you happy in your life. And the great thing is is that if you get to that point of baseline financial freedom where you’ve got the time to do what you want, you can take six months. You can take a year out and you can really reflect on what’s going to make me happy and then at that point you might find that you’re happy with that heaps of money. That’s definitely been my experience on it. Needed a lot of money to be happy or you might find that, you know, I’ve achieved this baseline of financial freedom, but I’m not happy. I want more money. Well then you can go and pursue that, but you haven’t wasted 40 years of your life or the best years of your life pursuing something that’s not going to make you happy.
You reached a certain point. You are able to really assess at that point and then move forward to the next thing and you know what you need to pursue. So I think freedom over Ferrari’s is an amazing concept that you need to get into your life. They’re getting that freedom is going to help you reflect and decide what is really important to you and it takes you stopping. It takes you finishing work, not having to work anymore to really actually think what is going to make me happy. It took me 18 months to two years to work it out in my life when I didn’t have to work anymore, so I’ve been really grateful for that period of time and it’s kind of come to a close at the moment I’m back at working, but I know what I’m aiming for. I know what I’m striving for, I know the level of financial freedom that I want and I know what’s going to make me happy, so now I’m working hard for something that I know is going to add to my level of happiness.
I’m not wasting my life or something that may or may not make me happy, so stop dreaming about the Ferrari’s and the mansions. Start dreaming about freedom and being your true self and being the best version of yourself and that’s going to require time to work out what that is. So I hope that this inspires you today. Absolutely love this spot. We’ve been spending heaps of time here lately. The kids just love it and I’m really grateful to be able to share it with you. They go gratitude again in action. I really do feel grateful to share this moment with you, with my extremely loud kids, but they’re the best kids ever. I love them. We will be here till it goes dark, but I am grateful to be able to share this concept with you. I’ll be talking about this more on the channel and I want to help you get to that point where you can achieve financial freedom, so if you just want Richard’s, if you want to get rich quick, then you can go somewhere else.
Obviously there’s a lot of channels that talk about that. For me, I truly believe in this concept of freedom over Ferrari’s and I hope that that resonates with some of you as well. Why you’re here, why not go and check out some previous videos I did. I did one on one. It feels like to be financially free where I talked about the experience of achieving financial freedom and what that felt like, and then I got a video here on how I actually achieved that financial freedom by the age of 28. So check out either of those videos. Links will be in the description below as well. Thanks so much for tuning in today, friends, and until next time, stay positive.