Welcome to reThinkable - my weekly newsletter where I share actionable insights to build a wealthier and healthier life.

I’m SUPER excited for today’s newsletter. Not only did I really enjoy writing this, but I also have an amazing free gift for you at the end.

Here’s what we’re covering today:

1. 🤑 The biggest misconception about money

2. 💎 Testing the theory

3. 🆓 How to get more freedom

Estimated read time: 4 minutes and 19 seconds

🤑 The biggest misconception about money

The biggest misconception about money is that people want to become rich. You’re probably thinking, “that’s not a misconception - I actually want to become rich.”

But, after speaking with countless people, I’ve realized that most people only desire monetary wealth because it’s the first thing they see: the flashy cars, the vacations, and luxury clothes. But that’s not what most people actually want. 

To be clear - this is not a “money is the root of all evil” rant. I believe having money is important and having the desire for wealth is necessary to build it.  

When most people say “I want to become wealthy,” what they actually mean is “I want to have “X” and I think having money allows me to have that.” 

And yes, there is a clear distinction. The former statement can only be achieved in the future while the latter can be achieved now.

So what is “X?” X = Freedom.

• The freedom is being able to do what you want at any time you want

• The freedom to live life on your terms

• The freedom to quit a toxic job to find one you love

💎 Testing the theory

To test this “freedom theory,” which scenario would you prefer?:

• Scenario 1: Have an above-average amount of money with a below-average amount of freedom

• Scenario 2: Have an average amount of money with an above-average amount of freedom

Chances are, you picked scenario 2.

Wealth, if accompanied by a lack of freedom, will always lead to unhappiness. The problem is, many of us believe we’ll automatically be happier if we were rich but that’s not necessarily true - money alone doesn’t guarantee happiness. 

Sure, having money is wonderful and it can improve how you view life but only up to a certain point. Once you reach a level of financial comfort, the Law of Diminishing Marginal Utility kicks in, meaning that additional money beyond that point has minimal impact on your overall well-being.

Research shows that freedom is a stronger predictor of well-being than money. Even in studies suggesting a positive link between wealth and well-being, it’s often found that the improvement comes from the increased freedom afforded by wealth, not by the wealth itself.

So here’s a better approach: focus on improving your freedom today while also building wealth for the future.

🆓 How to get more freedom

The trick to feeling a greater sense of freedom (even when you’re not wealthy) is to work towards being in positions where you have more options. Here’s how:

1. Be frugal

When I say be frugal, I don’t mean obsess over every penny. Instead, being frugal is learning how to be content with less and not deriving your happiness from materialistic things.

A great way to do this is to re-evaluate what you value. Instead of focusing on short-lived jolts of happiness (like buying the latest iPhone) focus more on things that yield a deeper sense of satisfaction such as: 

• Spending quality time with friends and family

• Improving your physical and mental health

A byproduct of this is you save more money which ultimately affords you more options.

2. Use the money to buy time:

One of the easiest ways to get more freedom is to buy your time back. This can seem daunting if you’ve never done it before (I’ll share examples in a bit) but to do this properly, you have to be strategic.

First, determine how much 1 hour of your time is worth. 

Let's say your time is worth $35 per hour. If a task like cleaning your house takes 3 hours, that's $105 worth of your time. If hiring a cleaner for your house costs $50, it makes more financial sense to outsource that job and use that time to do something else.

You can spend the extra time with family, hobbies, or side hustles to make more money. 

Here 3 ways you can buy more time:

• Outsource simple tasks: Instead of spending your valuable time on things that don't need your personal touch 

• Invest in time-saving tools: This could be as basic as automation software that does repetitive tasks for you

• Get a virtual assistant: Hiring someone to handle routine tasks can save you hours every day.

Spend your time doing what matters to you and to delegate the other stuff to free up your time.

3. Set your own financial rules and play by them:

Everyone is different and freedom can mean different things for each of us. For me, it’s being an entrepreneur and being able to do what I want to do.

For you, it could be having the security of a steady paycheck and the time to pursue your hobbies.

Don’t let toxic hustle culture on Twitter, Instagram, TikTok and YouTube make you think you’re not living life to the fullest just because your definition of “freedom” is different.

It’s okay to be an employee. 

It’s okay to want your business to remain small

As long as what you want aligns with your goals and it doesn't hurt anyone else, it’s okay.

The true power of wealth is how it can improve your well-being. Chase money not as an end, but as a means to become more free.

PS: Speaking of becoming more free, I created a "Financial Independence Calculator” and I’m giving it to you for free. Financial Independence is the point where your investments start to cover your living expenses, giving you the freedom to do whatever you please without being tied to a job.

PPS: If you want to learn more about achieving Financial Independence or you want more freebies in the future, reply to this email “FREE!”

🔎 Think More

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• A.I. can steal your information through the sound of your typing

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