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b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/2-elements-for-financial-freedom\\\\/#arve-youtube--2kvj_1kbi4659a0b2d5ca61296923120","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/-2KVJ_1KbI4?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\n\\n\\nWhile financial freedom requires work, there are actually only two key elements required for financial freedom. Assets and Liabilities.\\nResources Related To This Episode\\n$1000 Project By Canna Campbell\\n\\nWhy I\'m Getting Rid Of My Credit Card\\nTranscription:\\nAchieving financial freedom isn\'t easy and it does require a lot of work, but there\'s actually just two key elements that are required to achieve financial freedom. So in this episode I want to talk about what those two key elements are, give you this framework, and so then you can go about creating financial freedom in your own life. One step at a time. Hey, I\'m Ryan from on-property dot com dot EU. I hope people invest in property and achieve financial freedom. And when it comes to achieving financial freedom, there\'s two key things that you need. One of them is assets, and I\'m going to use Robert Kiyosaki\'s definition of an asset here rather than the financial definition. And so an asset is something that generates passive income and puts money into your pocket. So you\'re going to need as many assets as possible and you\'re going to need as little liabilities as possible.\\n\\nAnd so liabilities are things that take money out of your pocket. So basically the opposite of passive income. So if you have a loan to pay interest on that, that\'s a liability. If you have a house, even if you own that house outright, you\'ve got to pay rates, you\'ve got to pay insurance, you\'ve got to pay water for that house, so they are liabilities, their expenses in your life that you need to pay for. And so the two key elements for financial freedom is as many assets as possible and as few liabilities as possible. And to achieve financial freedom, you just need more income coming in from the assets than you have going out from the liabilities. And that\'s how you flip the scale into financial freedom. So there\'s two ways you can do that. Obviously you can decrease your liabilities so you don\'t need as much passive income coming in, or you can increase your passive income or you can go ahead and do both.\\n\\nSo the key element here is that you\'re going to need to create some passive income in your life to achieve financial freedom. So a lot of people go after, after just owning their own home, owning their own home outright, which I think is a really great goal. But let\'s have a look at that from the asset standpoint. And the passive income standpoint, well, owning your own home and owning an outright can be great for reducing your liability. So if you need to pay rent or if you need to pay a mortgage, then that\'s some serious expense that you need to pay each and every week or each and every month in order to live in that property. If you can own a house and own it outright, you\'re taking away rent, you\'re taking away mortgage, and so even though you still need to pay rates, insurance, etc, that\'s going to be significantly lower than someone who\'s paying your mortgage or someone who\'s renting.\\n\\nSo by owning your own house, you\'re reducing your liabilities, which is a good thing, but if you don\'t have any passive income, it\'s never going to create financial freedom. So really there\'s only one key element to creating financial freedom, and that\'s assets that deliver you financial freedom. Reducing your liabilities is good because it means it\'s easier to achieve financial freedom. You don\'t need as much passive income from your assets, but really you only need that one key element, which is the assets that deliver you financial freedom.'