The Road To Financial Freedom: Book Review

Posted by on June 14, 2012
Turn right in 503km

Turn right in 503km – ample time for audiobooks/podcasts

Since Soni and I are currently travelling  around the world for a whole year, I haven’t spent much time writing about the “4 hours”-part of this blog, which covers the financial aspect of lifestyle design. Of course we wouldn’t be able to do this trip around the world without having an online business which – at least in part – covers some of our travelling costs.

Even with our travelling, we are constantly working on our business and more importantly, we are also constantly working on our mindset. And the days of driving through the Australian desert gave us a great opportunity to listen to podcasts and audio books.

We listened to many episodes of Pat Flyinn’s Smart Passive Income podcast and Cliff Ravenscraft’s Pursuing a Balanced Life and  Successful Life Mindset (formerly life, love and the movies) podcast along the way. I recommend you to listen to all of them if you want to learn more about the freedom that comes with a healthy mindset and how to be financially free.

The most influential listening was the audio book The Road To Financial Freedom by Bodo Schäfer, which we listened to on our way from Coober Pedy to Ayers Rock. After reading T.Harv Ekers “Secrets of a Millionaire’s Mind” and going to his live event in Berlin last year, I didn’t think there is a better book for creating a mindset of financial freedom. Well, my brother who recommended us Bodo Schäfer’s book taught me differently.

Your Way To Your First Million

For many people the dream is to be a millionaire. For most of these people this seems like a goal that would only be achievable through the lottery or some other inheritance from the uncle you never knew. Most people don’t believe that they can actually be millionaires through their own achievements.

And this is where Bodo Schäfer comes in. In his book he teaches how anyone can become a millionaire if they just follow the steps laid out in his book. T. Harv Eker already does a great job of helping to create a mindset that will allow you to become truly rich and Bodo Schäfer takes it a step further by giving you the tools to put it all into action.

There is a lot to learn from his book and I want to share the three things that stuck with me and that Soni and I will implement as soon as we get home (one we actually already implemented):

  1. Bodo suggest to always carry 500€ (or whatever that would be in your currency) as an emergency cash with you in your wallet. This has two major benefits. Firstly, just by carrying around the 500€, you already feel rich, which is the most important part of a millionaire’s mindset. Secondly, if a great opportunity presents itself to you, you will have the cash to take advantage of it. Of course, this money is not to be spent unless it is an emergency or previously mentioned opportunities.
  2.  The second is to put money away as an emergency fund in a way that can’t be tracked by anyone else, e.g. in a safety deposit box. This money is there for absolute emergencies, like a bankruptcy and nothing else. The drawback is that this money does not earn any interest, which is a small price to pay for having a bit more financial security in your life.
  3. The third action we implemented in our life is putting away 10% of our income to savings. We already knew that we should do this and have done this in the last years. The difference is that we always figured that the mortgage we are paying off from our apartment is more than 10% of our income and that this is also building wealth. Bodo shows that paying off your apartment is not really an investment, because it does not really earn interest for you. We agreed and so now 10% of our monthly income will go directly into our savings/investing account.

These are just 3 of the things that we took from his book and it would be way too much to explain, why these make sense. And if you trust my judgment, then believe me, you should read (or listen to) this life changing book! If you think you can’t afford to buy it, then go to a library and borrow it. Unfortunately, the book isn’t sold in the US anymore. You can check here, if there is a library near you that has this book.

Buy it at Amazon (for German version)

If you want to buy the book from Amazon, I would appreciate it, if you go through our affiliate link above. That means we do get a commission, if you buy something, but you will still pay the same price.

 

One Response to The Road To Financial Freedom: Book Review

  1. Vladislav Melnik

    Hi Raffael,

    I think it is very aweseome to do drive across the Australian desert and listen to podcast or audio books 😀

    Some time ago I read the Book from Bodo too and I always tought that it was about 3000 bucks. I think 500 is legitimate, I’ll do that too!

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