How to Achieve Economic Freedom
What does Economic Freedom mean to you? And how does it play out in your world. Setting goals is a smart way to start.
Doug Fabian: Economic freedom is available to every adult in America. Why are so few achieving financial success? What does economic freedom look like, and how do you get started? We talk about these issues and much more in episode one of the Science of Economic Freedom.
Announcer: The Science of Economic Freedom is intended as an investor education resource. The views and opinions expressed on this program should not be construed as a recommendation to buy, sell, or hold any specific security. Consult your investment advisor and read any investment perspectives carefully before making any changes to your investment portfolio.
This program is sponsored by Mercer Advisors. Mercer Global Advisors Inc is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc is the parent company of Mercer Global Advisors Inc and is not involved with investment services.
Doug: Welcome to the Science of Economic Freedom. I’m your host, Doug Fabian. This podcast is all about helping you achieve your financial dreams. We call that economic freedom. This program is about your journey to achieve economic freedom for yourself and your loved ones.
Today, we want to help you identify your next step in that journey. This is the first episode of a brand new podcast about money. Your money, your dreams, and your goals. Have you ever stopped to think about what it would be like to achieve economic freedom? What does it look like? What do I have to do to get there? What is my next step?
What is economic freedom?
Let’s first answer this question – what is economic freedom. It is the day you go to work because you want to, not because you have to. Another way to say it, you have such clarity and peace of mind about your financial future you no longer have to worry about money. One more way to say it – you have accumulated enough assets that you can live off those assets and never have to worry about money again.
That is economic freedom. For some of you listening right now, you may have already achieved it. But will you stay there? What could happen that could take you backwards? What is lurking out there to take your economic freedom away from you? If you have made it, don’t risk it. The science of economic freedom podcast and website have been built on the knowledge and values of Mercer Advisors. We are a wealth management company with over 30 years of experience assisting clients to achieve this goal.
The Science of Economic Freedom is the collective knowledge of over 100 financial professionals using academically and scientifically validated formulas for success. We are experts in the field of finance, taxes, insurance, investments, asset protection, and estate law. The purpose of the Science of Economic Freedom is to help those who desire financial freedom.
The collective experience of Mercer Advisors is a powerful source of knowledge, and we intend to share this with you. There are four things you can do with money – save it, spend it, pay taxes, and give it away. Let’s talk about these actions for a moment.
This is the starting point. Saving money is the single most important step to achieving economic freedom. Spend it. You don’t need a lesson here. All too often the problem in America is one of spending too much and not saving enough. Pay your taxes. Yes. We must pay our taxes. But only our fair share. Finally, you can give money away. We believe that giving money to others, to those in need, to charity is also important. These actions will be discussed and explained in more detail in future episodes, so you can achieve the freedom you desire.
What does science have to do with economic freedom?
Now, back to the Science of Economic Freedom. We’ve talked about economic freedom and what it could mean to you, but we have not talked about science. This is a powerful word. Science means a branch of knowledge dealing with a body of facts or truths, systematically arranged and showing the operation of general laws. Well, let’s pull this apart. Branch of knowledge? The study of study finances relies deeply on mathematics. Two plus two is always four. Body of facts or truths, systematically arranged, science of finance is proven theories about money, markets, and how to invest. The operation of general laws. Once you have a proven concept, it can be repeated.
Adding you to the equation
We have the goal of economic freedom. We have the science to achieve it. Now, we need to add you into the equation. Let’s put your financial life into this context. By context, we mean the following – where are you now, where do you want to go, how will you get there, are you already there, how will you stay there. Those issues are still to come in more detail, but it is to suffice to say that everyone is unique and at a different place in terms of time, assets, spending, savings, and goals. But here is the reality. If you truly want to achieve economic freedom, we can help you get there. Now, here is a sad reality. Why is it that so few attain economic freedom in America? We believe there are two reasons. First, people don’t know how to do it. They lack the knowledge. There is little or no discussion of money or personal finance in grade school, high school, or college. You can take a course, attend a seminar, read a book. But for the most part, you have to teach yourself.
There was a recent study by economist, Annamaria Lusardi at George Washington School of Business, about national financial literacy. The conclusion, 70% of Americans are financially illiterate. 70%. We want to change this.
The Science of Economic Freedom is going to teach you how to do it. We promise it will not be boring. It won’t be cumbersome. We won’t ask you to do something you can’t do. It’ll be fun. It will be enjoyable. It will be something you look forward to. We promise you that.
The second reason why every adult in America is not wealthy is because they lack the desire. They don’t want it bad enough. They are not willing to change, not willing to sacrifice, not willing to learn. So, let me ask you this – do you have what it takes to be economically free? We know about the knowledge gap, and that can be fixed. Knowledge can be learned. But do you have what it takes emotionally to be economically free? Here is a glimpse of what it’s going to take.
Do you want economic freedom?
You must be disciplined. And this requires focus, training, and coaching. You must have a willingness to change and be open to changing. You must be willing to learn and unlearn, deprogram your mind, let go of the past. Not everyone is open to these facts, but this is what it’s going to take to achieve economic freedom.
What does freedom mean?
One final word we should discuss – freedom, its definition, the state of being free, at liberty rather than in confinement. The power to determine action without restraint. Freedom means the power to determine what you want to do. To quote our founder, Rick Mercer, the most valuable asset you have in life is the time you have left on this planet. When you have achieved economic freedom, you are truly free to determine what you want to do with the time you have left in this world. Wow. That is powerful. Now, there it is.
Let me summarize the first episode of the Science of Economic Freedom. Economic freedom is available to everyone. Economic freedom is achieved by accumulating assets that can provide for you and your family. Economic freedom is peace of mind. Freedom means the power to determine what you want to do next. No matter where you are today in your quest to achieve economic freedom, we can help you get there. Now, who am I? My name is Doug Fabian, and I am your host and guide. I have had many titles over the past 30 years – financial expert, wealth coach, investment advisor, wealth strategist. I have written newsletters, books, hosted radio shows, and podcasts. I now have my dream job of hosting this podcast about achieving personal financial success. I am a wealth coach for individual investors and families at the firm I represent, Mercer Advisors. I am passionate about helping people.
I want to help you achieve your financial dreams. Now, we always close this program with action steps. Without action, we can’t move forward down the path to economic freedom. Here they are.
- Visit thescienceofeconomicfreedom.com and sign up to receive our VIP newsletter. This will notify you whenever we have a new podcast episode and also give you any new resources that we have posted at the website.
- While you’re there, check out the resources page.
- Lastly, if you have a comment, question, or subject idea for the show, write me an email. My email address, [email protected]radvisors.com.
The next episode will be all about the principles of economic freedom. Thank you for listening.
Announcer: The Science of Economic Freedom is intended as an investor education resource. The views and opinions expressed on this program should not be construed as a recommendation to buy, sell, or hold any specific security. Consult your investment advisor and read any investment prospectus carefully before making any changes to your investment portfolio.
This program is sponsored by Mercer Advisors. Mercer Global Advisors, Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors, Inc. is the parent company of Mercer Global Advisors, Inc., and is not involved with investment services.