About this Video

• Video Title: My honest advice to someone who wants financial freedom
• Channel: Gabe Bult
• Speakers: Gabe Bult
• Duration: 00:29:37

Introduction

This video provides a roadmap to financial freedom within seven years. The speaker shares proven steps, case studies, and personal experiences to demonstrate the attainability of this goal, emphasizing the importance of belief, a strong "why," and strategic side hustles.

Key Takeaways

1. Believe in the possibility: The initial step is believing that achieving financial freedom is possible. This belief makes sacrifices and hard work easier.
2. Define your "why": A strong reason for pursuing financial freedom is crucial for overcoming challenges. This reason should be deeply personal and motivating.
3. Determine your freedom number: Calculate your monthly expenses and identify the required monthly income to achieve financial independence. This provides a tangible goal.
4. Lower expenses and build scalable income streams: Reduce unnecessary expenses to lower your freedom number. Focus on building scalable income streams (businesses, online skills) rather than traditional side hustles that limit earning potential.
5. Prioritize strengths, avoid weaknesses: Focus on leveraging your existing skills and strengths to build your income, outsourcing or avoiding tasks you’re not good at. Learn new valuable, stackable skills to increase income potential.
6. Embrace temporary discomfort for long-term freedom: Be prepared for initial sacrifices and hard work, understanding that this period is temporary and will lead to significant long-term rewards. Experiment with various income-generating activities until you find something you enjoy and can scale.

Citations & Timestamps for Questions 1, 3, and 4

1. What specific examples of scalable side hustles does the speaker mention, and what are their potential income levels?

Citations:

• "[...]script writing [...] is something that I know multiple people who their full-time thing is to do script writing [...] a lot of those people make six figures plus" (26:00-26:20)
• "another idea would be again copywriting because I know people personally who make six figures plus doing this [...]" (26:23-26:27)
• "there's things like channel managers that make six figures plus just because they understand social media [...]" (26:34-26:38)
• "I know people who are some of the bigger creators [...] that make $20,000 a day [...]" (26:48-26:53) (Note: This is an outlier example)
• "editors [...] somebody who edited for two years and then got offered $100,000 to edit for a big creator [...] now he makes I think he made 30 something,000 last month from making zero dollars" (27:07-27:18)

Timestamps: 26:00-27:18 (various examples throughout this section)

3. What is the speaker's "freedom number" and how did they calculate it?

Citations: The speaker doesn't explicitly state their precise "freedom number," but explains the concept and their process.

• "your freedom number is just calculating what is your monthly active income that you have coming in [...] what is your monthly passive income or semi-passive [...] and then you have your expenses [...]" (8:44-9:07)
• "let's say you spend $5,000 a month that is a clear tangible goal" (9:06-9:09)
• "I was able to leave my job again at 24 with under $50,000 in savings because I made a lot of these sacrifices that made that number so low that I only needed to earn like $20,000 a year to survive" (13:37-13:50)

Timestamps: 8:44-9:09, 13:37-13:50

4. What are the two types of side hustles the speaker describes, and why does he recommend against one of them?

Citations:

• "there are two different types of side hustles [...] one uh we look at like Uber Eats [...] you go out you deliver some food [...] they do on Uber Eats and you get paid 20 bucks [...] you go you render a service and you get paid money now" (14:43-14:57)
• "the problem with any type of side hustle second job anything like that is that you will only be able to get more money when you go and trade your time for money and you will never be able to make more money than that $20 [...] it's just never going to work" (14:58-15:17)
• "you should be focusing on is something that is scalable" (15:42-15:44)

Timestamps: 14:43-15:17

The speaker contrasts a time-based side hustle (like food delivery) with a scalable business. He advises against the former because it caps earning potential based solely on the time invested, whereas scalable businesses can generate significantly more income as they grow.