Initiating Your Financial Freedom Adventure three

Hi everyone! I’m so happy to be back with you after a week. Last week was quite busy for me as it was my first time flying again after more than a year. Though it was just a short domestic trip in Australia, the people I traveled with and the purpose of the trip made it very special, leaving me with many interesting experiences. I’ll share more about it in another podcast episode when I have the chance.

Since starting this podcast, I've found joy in sitting down each week to share content with you. It's almost like catching up with friends over the weekend. Some of you have asked why I don’t release episodes more frequently, and honestly, my current schedule doesn’t allow for it. My weekdays are filled with work, including government consulting and advising several companies. I’m also writing a book, so my podcast activities are mostly focused on weekends. I strive to produce well-prepared content, which does take time. Rest assured, no matter how busy I get, I will always set aside time for this podcast because it brings me a lot of joy.

For now, let’s stick to our weekly schedule, typically on Saturdays or Sundays. If I can find extra time during the week, I might record additional episodes, but I can’t promise that. The best way to stay updated is to subscribe to my YouTube channel. It’s easy: click the subscribe button and then the bell icon to select 'All' notifications. This way, you’ll be notified immediately when I post a new episode. You can also follow me on Facebook for updates. The link to my Facebook page is in the description of this video.

Now, back to our main topic. Today, we continue with part two of our financial freedom series. To be honest, I didn’t expect the previous episode to be received so well. Personal finance is a topic I thought wouldn’t attract much interest, but I decided to cover it because my goal is to create value for you, especially for younger audiences. I’ve mentioned before that even if my sharing has a positive effect on just a few people, it’s worth the effort.

The first episode focused on the 'what' and 'why,' which are crucial for understanding before diving into the practical steps. Although theory can be less exciting than practice, it's important to have a clear understanding of what we're doing and why we're doing it. If you haven’t listened to the first episode, I recommend going back and listening to it before continuing with this one.

I was pleasantly surprised by the positive feedback and the numerous comments and messages I received after the last episode. Unfortunately, I don’t have time to respond to all comments, but I do read them all and appreciate your feedback.

As mentioned in the previous episode, from today onwards, I'll be including visuals alongside the audio to enhance the experience. If possible, I recommend watching on YouTube for the full experience. To find my YouTube channel, just type 'Hiếu.tv' in your browser.

Let's get started with today’s main topic: the steps to achieving financial freedom. Typically, in my talks, I go step-by-step and then summarize. But for this series, I’ll provide an overview first and then dive into each step in subsequent episodes. Our journey comprises 12 steps divided into four stages.

The first stage is 'Debt,' which I call a negative milestone, common among young people abroad due to student loans. The second stage is 'Dependence,' akin to living off family support, representing a starting point for many in Vietnam. The third stage is when we start working and can support ourselves, though many remain in this stage, living paycheck to paycheck, which poses financial risks.

The next stage is 'Awareness and Action.' It begins with planning and tracking expenses, calculating minimum and standard expenses, and then moving on to eliminating bad debts. After this, we streamline our cash flow by setting up different accounts for daily expenses, savings, and emergencies.

The final stage is 'Accumulation and Investment,' where we build an investment portfolio and generate passive income. This stage leads to financial independence, where you have enough money to cover basic needs for life, and eventually, to financial freedom, where money becomes a tool to serve your life goals.

Throughout this journey, you’ll need determination and patience. I’ve made many mistakes along the way, and I hope my sharing will help you avoid these pitfalls, saving you time and effort. I aim to inspire you with each episode, gradually building the motivation to pursue this journey.

Thank you for listening. If you find this content valuable, please share it with your friends. See you in the next episode, where we’ll dive deeper into each stage and step of the financial freedom journey.