The Wealth Ladder: How To Reach Financial Freedom Before 65 | Sharran Srivatsaa

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0:42What is the money framework you wish everyone knew sooner? that you don't have to wait till you're 65 for retirement.

0:54Sharran Srivatsaa:Financial freedom is available to you today. And if you can just decide that passive income is greater than monthly expenses, you can actually create a really great life for yourself. I talk about this little thing called the wealth ladder. The wealth ladder is anyone can use it. the first rung in the wealth ladder is can we get our active income to be greater than our monthly expenses can we just get the active job that we're doing to pay for the lifestyle that we have because if the job that we're doing is not not paying for our lifestyle something dramatically is wrong so the focus there is wow can i actually improve my skills can i work harder whatever i need to do can i get that going because or drop expenses if i'm overspending exactly right Exactly right.

1:39Sharran Srivatsaa:So the first level for me is, can I get my active income greater than monthly expenses? As soon as you're able to do that, now you can say, well, maybe I can get a better job. Maybe I can do something else. The next step ends up being, how do you manage the surplus? So let's say your active income is greater than monthly expenses. You have a little bit of a surplus. Well, what do you do with that surplus? Before people do anything with that surplus, I believe that you should create a money factory, some way in which the money automatically manages itself. Because if it comes into your checking account, mechanically speaking, it's just going to sit there because that is the easiest thing to do.

2:15Sharran Srivatsaa:Instead, if you're like, hey, for every dollar that comes in, I do 70 % in my expenses. I do 20 % in my savings and 10 % in my investing. You can use a 70-10, 20-10 rule. Whatever it may be, you have a way to distribute your money. From a football analogy, I'd say that is your quarterback. The job of the quarterback, it's just to distribute, not to just have the money sit there. So to manage your surplus in some way. The third is how do you actually get your first tiny income generating asset, TIGA? Like my son is 14, invested in a VNQ, got the tiny income generating asset. And then the fourth level finally becomes, hey, can I start to get my passive income greater than my monthly expenses?

2:52Sharran Srivatsaa:When you start to look at opportunities where you can actually generate passive income, you'll realize that, wow, I made my first$50 passive income check today. Like, wait a minute. Feels good. I didn't do anything. I didn't have to work for it. I didn't have to work for it. I invested in this and I actually got that. How can I do more of this? Can I stack more in this? It gets exciting. Yes. And you also realize that you're working towards something specific, not something that is 30, 60 years away. And so if everyone just follows the active income greater than monthly expenses, manages surplus with the money factory, invest in my first tiny income generating asset, and then do passive income greater than monthly expenses, it dramatically takes out all the noise of should I have debt?

3:33Sharran Srivatsaa:Should I use a 401k? Should I use a credit card? Should I use a Roth IRA? Should I invest in multifamily? It doesn't matter because everything is in the service of only one thing, which is going to get my passive income greater than my monthly expenses. And if you can do that, you can wake up every morning and say, what would I like to do today? Yeah, yeah. That's beautiful. I got a couple of final questions for you, Sharon. This has been powerful. So thank you for sharing this. What's your main place that you're going to right now and creating the most content? Is it YouTube? Is it Instagram?

3:57Is it your website?

3:59Sharran Srivatsaa:I have realized that all the adults are on YouTube. Yeah, yeah. And for not kids for for two reasons. One is when because I have children now, I'm starting to realize how much short form is just scrambling their brains. After my daughter, who's 10, has a, you know, short form video session, I have to like not talk to her for 10 minutes just to let the snow globe calm down. But I think that changes dramatically with the long form videos. I've also realized that long form is very hard to AI fake. And so the best creators, the people that are spending a lot of time, spend a lot of time on YouTube.

4:37Sharran Srivatsaa:So we only started a YouTube channel less than a year ago, and we've had some pretty good success so far growing it. So spending all my time on YouTube right now. Wow, that's great.

4:52I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom, in your life, you want abundance in your life, and you want to stop making money hard in your life, but you want to make it easier, you want to make it flow, you want to feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is going to help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and stay tuned to this episode of The Daily Motivation Show.

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6:23Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.

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