Financial Freedom Through Trading

This week, Filip Tortevski and Pedro Banales discuss how freedom is the new rich, and trading could help you create a lifestyle built around time, travel, flexibility and the freedom to live life on your terms. Discover how trading can open the door to a more flexible lifestyle, from travelling the world to having greater control over your time. Explore what financial freedom really means and how to start building a life where experiences, independence and choice matter more than simply making money.

• 0:01Speaker 00

  This podcast is brought to you by Wealth Within, a global leader in stock market education. For more information on our courses, head over to wealthwithin.com.au. Please note that the information in this podcast should not be considered personal financial advice. Enjoy.

• 0:20Speaker 01

  Welcome to another Talking Wealth podcast. You're on with Philip Pedro again. And today we're going to be asking the question, what if being rich isn't about how much money you have, but how much freedom you have? And I'm sure that's an easy question to answer for many of us. So basically the freedom to travel the world, work on your own terms, spend more time with the people that you love and live the life on your terms. In this podcast, we're exploring how trading can open the door to a different kind of lifestyle where time, flexibility and experiences become the real measure of wealth. Because ultimately, it's not just about making money, it's about what that money allows you to do. So in saying

• 1:05Speaker 01

  that, welcome in Phil.

• 1:07Speaker 02

  Thank you. Yes, very good, mate. This is going to be an interesting one. I know a lot of people get into trading or get into investing, like you said, for money. But really, is that, is that really the thing that we're chasing? Because if it's money, people would go continue to work your job. It's something about your job that most people don't like, which is what, what drives them to it. And I know from personal experience, the biggest thing that trading's, the biggest driver for me for trading, doing trading, was, was that, was the freedom to, to do, live life on my terms. Like, not have to worry about,

• 1:52Speaker 02

  you know, being micromanaged, or, you know, all those things that happens to people with their, you know, employers from time to time. It's a normal thing. But yeah. And then just to explore yourself, like you know, creative people, they, they would fall in this category a lot. Like, I know a lot of friends who have all these dreams and like, you know, artists and their paintings and making music, like that's their real passion and their dream. And, you know, life gets in the way that you need money to live and you don't spend that time or you don't give it your all. If you do, I mean, go speak to any struggling

• 2:36Speaker 02

  musician or actor, when they give it their all, a lot of the time they're living on the street or living, I mean, share how, like, every actor's story that you speak to the ones that have gone, look at Stallone, you know, Sylvester Stallone, bloody had to sell his dog, just to get, just to get by. And so this is the thing that, you know, we really have to see what the hidden thing that trading can offer people, which is, in my opinion, way more than just money.

• 3:04Speaker 01

  Yeah, yeah, absolutely. I mean, there's, there's a lot of thoughts that come to mind and I'll touch on, you know, my, my reasons later. But one thing that really opened my eyes, you know, working with Wealth Within and seeing the different students that, that come in. And I noticed, you know, such a large amount of fly in, fly out workers, you know, workers from the mines, workers from, you know, engineering backgrounds, and a lot of doctors, doctors and from the medical professions as well. So all very well, highly paid professions. But, you know, and they would have had to have gone to school for a long time to be specialized in this field that, like I said, that'd be earning good

• 3:49Speaker 01

  money. But they're looking to, to switch to, to trading. And their, their main aspirations is, I want to get out of that, of that nine to five, that, that, you know, structured work. And obviously in the mines, it would be pretty heavy and hard work. And I'm sure doctors are, you know, they're very busy on call as well at nighttime. So they're, they're probably already made their, you know, their capital. And now they're looking to deploy it in a way that, that benefits them, that suits them to live that lifestyle. Because at the end of the day, you, you can get more money, but you can't get more time. And time is a real commodity here. And I think that that should be a key thing that

• 4:31Speaker 01

  people consider. But you know, is that time is the currency that you're after. Not money. Money is the vehicle to get you more time. But, but the real currency, the real core thing that you want is more time.

• 4:44Speaker 02

  Yeah, I think the biggest challenge is just the unknown. Like, most of my friends that I speak to, that they, they don't know what's possible in terms of how much you need to trade. They, they think that if you're going to trade, you know, for a living, that you have to be in front of your computer 24/7 clicking buttons. Unfortunately, that's just the reality. Movies do it to us. You know, you, you watch movies like, what comes to mind? Limitless comes to mind at one point. And, and, and there's always these scenes around what trading looks like, high pressure, staring at a screen, clicking buttons, things moving fast. But it doesn't have to be that way. Like, at all. You, you could run, you

• 5:29Speaker 02

  know, a short term trading strategy on five minutes a day. And people think to me, well, that, that's impossible. It's not. I'm not talking about, you know, intraday trying to make money out of every two seconds. I'm talking about short term, still short term.

• 5:45Speaker 02

  And you'd be surprised when you take a little bit of a zoom out and get some real structure that, how little work it requires. Because these days, we have, we have technology, mate. You know, you don't need to be staring there. You have orders that you can, that can work for you. You can, you can pretty much preset everything, if you know how to structure the trade right.

• 6:06Speaker 01

  You make your, your trading machine. You've basically, you create a process, you automate it as much as possible, and you're just maintaining it from time to time.

• 6:14Speaker 02

  Yeah. And even the orders, you don't need to sit there and watch the market when you've got the orders there doing the, the jobs themselves. So it's going to be interesting, this, this podcast.

• 6:24Speaker 01

  Yeah, yeah, definitely. And, you know, just quickly, my, my motivation is obviously, yeah, the same, you know, more freedom. And I really value, you know, time and time with family. And I'm sure that a lot of people value the same thing, time with family. But there are those that are also driven by achievement, driven by, by wealth. And there's nothing wrong with that either. You know, right now, we're just touching on, on a different type of lifestyle aspect that you can get with trading. And that's, you know, travel and time and things like that. But then there are those that, you know, really want to push it to the limit. And really be, you know, that top 1% performers and, and get

• 7:08Speaker 01

  all the luxury cars, the, the houses and things like that. And that, that's absolutely fun. But just know that there's going to be a level of, of work required and time commitment to get to that level. And it's far more than what you need to just basically maintain a decent lifestyle with, with more time.

• 7:27Speaker 02

  Hmm. And then what happens when you get it? You know, oftentimes, some of the most unhappy are the ones that have pursued this material wealth to, to realise that life, like you said, time has passed them by and gone, really? All right. My Ferrari is cool.

• 7:43Speaker 01

  What's next?

• 7:43Speaker 02

  My Ferrari is cool for a minute. The new clothes, the new jewellery, it's cool for a minute.

• 7:50Speaker 01

  Yeah.

• 7:50Speaker 02

  Now, now what? Is it going to love me? No. Is it going to look after me? No.

• 7:56Speaker 01

  Well, now you have to pay for its maintenance, you have to pay for the insurance.

• 7:59Speaker 02

  You might, look, I shouldn't, we shouldn't say, will it love me? Because I know that when you drive one of those things, you can probably find love pretty easy, even though it might be short term love. I'm sure some, someone out there, once they see you in that car, would be willing to love you for a night.

• 8:16Speaker 01

  What type of love is the, is the question?

• 8:18Speaker 02

  Doesn't matter. That might cost you, you know, in a few divorces down the track, but that's all right. Still love.

• 8:24Speaker 01

  And there's, there's also the saying that, you know, even though if money doesn't bring you happiness, but I'd rather cry in the back of a Ferrari, right?

• 8:32Speaker 02

  Oh, that's true. That's true too. Yeah.

• 8:35Speaker 01

  But let's look at the definition, because we did say that, you know, freedom is the new rich. And, and I'm seeing this, this trend happening. I mean, you see it all over social media. Most of the influencers that you're starting to see, they're all about travel, they're all about fitness and freedom and all of that. Because everything else is basically taken care of. When you look at maybe 100 years ago, you've really had to be rich to, to be able to sustain a decent lifestyle. You know, I think that the disparity, the, the, the difference was very high. You'd see that the rich people in the suits and everything. And then it would be the workers. But now you can achieve that, you know, decent

• 9:20Speaker 01

  lifestyle, but then gain that, that more time and freedom. So the definition is changing. So.

• 9:26Speaker 02

  I think I read a number, and this was many, many years ago, and don't quote me on this, but it's never gone away from my mind. It was. If you can make net two hundred and fifty thousand dollars a year, and I don't know if that what they were talking about US or Australian, but nevertheless, net in your pocket, two fifty a year, then you can afford every luxury that a billionaire can afford. You may not, you may not be able to buy a, buy a yacht or, you know, buy a jet, but you can still do first class flying. You can still do all of this stuff throughout the year and have those same experiences without owning the assets. I found it really interesting. They did. It was a cool study. I wish I remembered what it was, but.

• 10:10Speaker 01

  Yeah, I saw something similar. It said something like after the first million, every other million apart from that, you don't see a change. So it's, uh, once you get to a certain point, uh, and it could be a similar study, once you get to a certain point of, of, of wealth, anything above that is just extra. It's, you're not really noticing. Of course, the, the difference between earning fifty thousand and two hundred and fifty thousand is a huge jump. Big difference, but then the differences are gonna be only incremental, anything above that.

• 10:40Speaker 02

  Yeah, especially if, if you're not in the, in the pursuit of buying things like, you know, especially if you don't wanna buy a, another asset or another investment property or Ferrari or anything like that. The, the change is minuscule, um, for everyday living things or experiences that you can do. Um, yeah, unless you wanna be a degenerate gambler and spend all your money in, in penthouses with, uh, um, you know, friends, friends of the night, then sure, it might get a bit costly, but, but.

• 11:08Speaker 01

  Well, we saw it with the Wolf of Wall Street, right? It went to his head and.

• 11:12Speaker 02

  That's what I'm alluding to. Yes. Yeah.

• 11:14Speaker 01

  Yeah, exactly. So, um, I mean, we, we've traditionally associated wealth with extensive cars. Like we said, big houses, designer clothes, uh, but what if a person, person earning two hundred thousand a year has less freedom than someone earning considerably less but controlling their own time? So that's an interesting thing. So, um, there, there's a saying in Spanish, actually, that, that I'll quickly say, it says, I'd rather, and I'll say it in English, obviously.

• 11:38Speaker 02

  No, no, say it in, say it in Spanish.

• 11:42Speaker 01

  It's, it's, I'll, I'll probably, I'll, I'll keep it in, in, in English and just in case, but it says, I'd rather be the owner of one dollar than the slave of two.

• 11:51Speaker 02

  Well, yeah, uh, that's interesting. Yeah. Um, where, where I've seen this in, in real life, I mean, you know, recently a friend of mine, um, got a promotion. And the promotion was for, for quite a bit more money than, than he was currently on. But he was hesitant about taking the promotion because he knew, if I do this, yeah, I'm gonna have more money, but I'm not gonna be able to see my kid go to sleep at night.

• 12:18Speaker 01

  Yeah.

• 12:18Speaker 02

  And he didn't, didn't really feel comfortable with that. Um, and imagine that burden now, or five, six, seven years down the track, when your kid's all grown up, you, that's gone. You will never have that experience again.

• 12:35Speaker 01

  Yep.

• 12:36Speaker 02

  And people that know what it's like to grow up with parents going to work early in the mornings and, you, you know, these are things that stay with you. Um, you know? So it's interesting. It's, it speaks to what you're saying. Yeah.

• 12:52Speaker 01

  Yeah, definitely. Um, I mean, and, and we've got it here, you know, many people spend their best hours working to afford a lifestyle that they barely have time to enjoy. And this is what I think when I see all these like massive luxury houses going here in Australia for like four million or even forty million. I'm thinking, okay, well, did they take it alone for that? What, what do you have to become to be able to afford a house of forty million? You'd have to become quite successful, right? But what does it take you to become that successful? You're gonna be out there working every day, not seeing your family, um, not seeing your kids. And yeah, okay, now suddenly you've got this house worth forty million. How, how many times are you gonna be spending in that house?

• 13:35Speaker 01

  It, to maintain it, if, you know, to maintain a house of that stature. Uh, I mean, it's just incredible. So, um, it's all, it's all relative and it's all a balancing act, isn't it?

• 13:45Speaker 02

  The, the cool thing is though, with, with trading and investing, you can have both. It's one of the rare things where you can have both time and money.

• 13:53Speaker 01

  Yes.

• 13:55Speaker 02

  Uh, um, that's probably one of the biggest lures, I think, um, for people that are a bit further, further along in the game a bit more. Cause, uh, you know, I couldn't tell you how many people online that I've seen, um, start off as day traders

• 14:13Speaker 02

  and end up as medium term traders. I couldn't tell you how many because through the time, through the experience, they've gone and realized, well, okay, I'm busting my ass here, chopping the market in and out every day,

• 14:31Speaker 02

  basically destroying my serotonin and my, my eyes and my adrenaline. Um, which most people don't know about that, you know, you wanna day trade, you wanna scalp, you wanna be in the market every day. Be prepared for your eyes to, to get destroyed. Be prepared for, for certain, um, changes in your health. Because what they don't know is when you're there locked in pressure, and I'm talking about pressure, when you're living off this stuff, people forget to breathe. When you're in a trade, think about it. Try to consciously, if you try to day trade and consciously think about whether you're, what your breathing patterns look like. I can guarantee you, there are big moments where you've stopped breathing once you're in the trade.

• 15:16Speaker 01

  Yeah, oh, yeah.

• 15:17Speaker 02

  They, they've done studies on this and, and there are health effects of doing that, the pressure that you put on yourself. Um, and you've, and, and you see these like lightbulb moments for these people where they, they go, why am I busting my ass? Why am I taking twenty trades a day? When I could leave that same trade on and run it for a few more days and, and not pay all that commission and still get the same result, if not better. Like, why am I doing this to myself? I've seen it a few times with a few of them. Um, like there's even one guy that's a popular, he, he interviews, um, you know, traders from around the world and he himself was a trader and he started off like that.

• 15:57Speaker 02

  And now by speaking to all these older traders and, and investment managers and all that, now he just has a portfolio and invests long-term in stocks.

• 16:08Speaker 02

  Cause he said, well, uh, you know, why was I, I, I was zoomed in so much, I didn't see all the opportunity just by bloody zooming out. If I just held for three months, it'd be fine, but I, I don't know to do that because I'm only ever staring at ten second charts or day charts. I'm sure, you know, we're fortunate that we, it was in, embedded in us through our education that, hang on a second, let's look at the whole first before, and then you choose where you wanna go. You wanna go and play in that world, go for it. But you understand the whole picture before you do that.

• 16:40Speaker 01

  Oh, yeah.

• 16:40Speaker 02

  The reality is a lot of people don't. They, they dive in into the day trading instantly because they think, oh, you know, I'm gonna have free time. Bullshit. You, you, you're gonna, you're gonna work stress. It's not gonna be every, uh, day on the clock. You're gonna have good days, you're gonna have bad days. You're gonna have to pick yourself up. You're gonna have to manage your emotion. You're gonna have to see what you got inside there when you can write out, you know, a losing day, turn it into a winning day. All this kinda stuff. Um, uh, uh, and, and it takes a toll, you know?

• 17:13Speaker 01

  So you're in the trenches.

• 17:15Speaker 02

  It, it's interesting that, you know, um, and then just the whole lifestyle of, of it all, like, what, what, you mean to tell me that I've been busting my, my thing, sitting on this computer all day, every day? When I can just five minutes in the morning, set the trade up and then do whatever I want for the rest of the day. Stay away from the computer, do whatever I want for the rest of the day. I mean, it's a no brainer.

• 17:41Speaker 01

  Yeah. And that's part of the lifestyle in, in itself. Because surely people don't wanna be just stuck in a, in a, in an office seat all day. You're just trading the office for your home office every day. So, um, definitely that leads.

• 17:57Speaker 02

  Depending, some might if they really, you know, dislike what they're doing as a job.

• 18:02Speaker 01

  Yes, for sure. That, that's, that's a good point. Of course, you know, I'm going back to the fly in, fly out workers. I'm sure you'd rather be home in an office than, uh, under a machine or underneath the ground, you know, breathing all that stuff in. Um, so that's, that's actually goes on to that next section that we have, which the attraction isn't necessarily working less every day. It's having a greater control over when and where you work. Uh, because then that leads on to the, um, the, the travel lifestyle. Yeah, I was just talking to a student the other day who just joined and she was saying that, um, you know, her, her motivation is to, to travel. That, that's a motivation to, to do the, um, the course. I thought that was great because, uh, you, you, you often get, you know, the ones that are looking for that investment

• 18:47Speaker 01

  or for, to improve their wealth and so on. But, uh, this is a little bit, I would say more extended, that, that view, that vision. Uh, and that's really going to help to drive her, uh, to finish the, the course. So I said, you know, keep that, keep that vision alive. Um, because now it's, it's easier than ever to, to travel and, and to trade.

• 19:06Speaker 02

  Yeah.

• 19:07Speaker 01

  Yeah, it's, it's.

• 19:09Speaker 02

  I've, I've, I've got, you know, or maybe I'll share it. My experiences with traveling and trading are not great. I'll, I'll, I'll.

• 19:18Speaker 01

  You'd rather be by the pool.

• 19:19Speaker 02

  I'll just say it how it is. Well, look, uh, for a little part of my life, I, um, I went with my, one of my best friends to, so he's an artist, you know, a DJ. Um, and I went with him overseas on his first tour through Europe.

• 19:38Speaker 01

  Yep.

• 19:39Speaker 02

  And I thought, I'll just bring the laptop and trade, you know, and, and all good.

• 19:46Speaker 02

  Uh, didn't work out too well.

• 19:50Speaker 02

  There were plenty of times we would come home and because of the hours, um, Europe, you know, to, to US and Australia, we'd come home and I'd be jumping on the computer after being at a festival or after going out. And I can remember a handful of times where I've pushed the sell button instead of the buy button or the buy button instead of the sell button and passed out because I'm, you know, hammered and then, and then woken up and it wasn't the thing I wanted to see.

• 20:21Speaker 01

  Wasn't pretty.

• 20:22Speaker 02

  Nah, maybe now at my age, uh, you know, it's a different kind of experience.

• 20:28Speaker 01

  Yeah.

• 20:29Speaker 02

  But I find it can be very alluring and attractive to a young person. Because you've got all this energy, you've got all this, you know, you're ready to explore the world and you have a vehicle that's going to pay you while you're exploring the world.

• 20:45Speaker 02

  The part that I'm, that I misjudged was that you need to be fully aware when you're doing things like this, you need to be focused.

• 20:52Speaker 01

  Yeah, probably doesn't help to be.

• 20:54Speaker 02

  I miss, that's the part that I misjudged a lot.

• 20:57Speaker 01

  Well, you need the level of, of discipline as well. And I think you need to earn the right to be able to do it. And, and it's not saying that you didn't have the right, you probably had the knowledge, but you, you, obviously you're having a great time over there. Uh, and your mind was somewhere else.

• 21:11Speaker 02

  Correct. Yeah, yeah.

• 21:13Speaker 01

  So, you know, that, I think people should be aware of that is, is the purpose of, of your travel. If you want to travel to see different areas, different parts, you can go sightseeing somewhere, but then at nighttime, you're coming back or in the evenings, you're coming back, you're on your laptop and

• 21:27Speaker 02

  Yeah.

• 21:27Speaker 01

  so on. But when you're half, half cooked, it's a bit hard to put on a trade.

• 21:33Speaker 02

  Yeah, yeah, it's, yeah, you, you, I think the, the biggest learning factor from that was this game still requires your total discipline and your total focus.

• 21:45Speaker 01

  Yep.

• 21:45Speaker 02

  It's not one, you, you just can't slip up. It's just one of those games you can't, it's like being a professional athlete. I, I really liken it to being a professional athlete. The second you slip up, um, and it's your mind that is the, the vehicle that, that needs to be, um, that's being tested. The second you slip up or you come in not in good condition, um, you will be punished by the market.

• 22:10Speaker 01

  Yeah, absolutely. And, and you know, I can kind of relate to that. I had a similar experience. It wasn't, um, out on a, on a, uh, on a bender, uh, but it was out in, in the Philippines. And, um, you know, I was, I was placing some trades and, and I had reception at the time. I was having a look at my trades on the phone. And there was this one that I was thinking, okay, once it gets to this level, because it was falling, I'll, I'll exit, right? Uh, and we were just about to get onto a boat. We're gonna go do some snorkeling and, and do all this stuff. And, and I'm keeping it, we're on the line. By the way, and I'm keeping an eye and I'm sweating a little bit because I'm thinking, you know, this thing's gonna fall. And I thought that I had put the order in, um, uh, to, to, to cut the loss.

• 22:54Speaker 01

  Uh, and, and I didn't. And then the internet started failing, so I had no reception anymore. So I was like, that's it. And then we had to get on and we spent, you know, half the day doing all that. And it's still in my mind. I'm thinking, I wonder what happened. Yeah, I, I've.

• 23:07Speaker 02

  That's the worst feeling.

• 23:08Speaker 01

  Evening and it wasn't, it wasn't, it fell quite below my stop loss, like what I did. And I had to take the, the, the bigger loss. It was like two to three times what I would have taken if I would have taken that loss. So, um, there's things like that, that unfortunately happen. Uh, reception, you have to have internet connection all the time and try not to have open trades. If they're live and you, and you're doing that type of trading, uh, if you're gonna go do something.

• 23:33Speaker 02

  Yeah, for sure.

• 23:36Speaker 01

  Um, but basically it's about, you know, designing a life without borders, which, which is a, you know, ties into all of that. It's, it's, uh, important. Uh, but the freedom that most people overlook is having control of your schedule and being present for the people that you care about. And that's, that's something that we briefly touched on, touched on before. So, uh, not constantly thinking about your next shift, your boss, or whether you can get time off. Uh, and, and I think that that's something that can relate to a lot of people because imagine your, your son or daughter has a recital or has something at school and they really want you to make it, but work really requires you to be somewhere. And, and of course,

• 24:15Speaker 01

  you know, that takes precedence over seeing your, your, your kids because that's what's going to put money on, on your table. So of course you have to choose that, but they don't understand that. They just know that papa or mama wasn't there. So it's, um, that's the, the tough thing. Those things that you will never get back. So, um, it's, uh.

• 24:35Speaker 02

  It's, yeah, it's a real reality for people, mate. It's a real reality for people. And it's something that, that, you know, I'm sure this without putting words in, you know, in, in people's mouths, I'm sure this speaks to a lot of people, man. Um, and, and if anything, I hope they know that if they've never looked at the stock market or that never thought about trading from this lens about what it offers from the freedom angle, that, that this is a real thing. Um, of course, I'm not going to sit here and, and, and sugarcoat it and say, you know, go and watch one YouTube video and then you'll be able to trade, you know, for the freedom or a living. No. Um, you need to put in work and you need to, first you need to get educated correctly.

• 25:20Speaker 02

  Um, you need to understand the, I, I guess, have a foundation that makes you truly understand the market. Um, not just be told you should day trade or you should do this or follow me. Um, and then you put in the time, put in the work, but it's a real thing that you can create a life like this. Um, many have before and, and they are not special. And they're just human beings that have found the right, you know, a good teacher and, and, and, and learnt of how the market operates and where they inject in that and how they can build strategies to give them this kind of lifestyle. Because unfortunately, I keep going back to it.

• 26:06Speaker 02

  This world has so much, um, hidden type advertising in it that is designed to get you to do a specific thing. And that is to click that button as much as possible. It's the reality of it. They'll show you the shiny car, they'll show you the, the, you know, the, the finfluences, the, the chicks and, and, and do all of this stuff, but constantly pushing it back to when they get to the practical side of what this person's doing, it's always day trading. It's always clicking the button quickly. And it does not have to be that way. You can have a life. You can have time, more time than you could ever imagine. Um, sometimes too much time, depending on your age, it may not be a great thing. Cause I've also had experiences where

• 26:51Speaker 02

  every single one of my friends works. Um, and, and this is probably speaking more to younger people, not so much older people, but, uh, it can get lonely when you're young and doing this. And everybody else is working and you want to call and hang out with a mate and go for a coffee. I can't, I'm at work. Or let's do this. I can't, I'm at work. Let's go play golf. I can't, I'm at work. So for five days of the week, eighty percent of the week, especially being single, um, young. I don't know. I, I don't really enjoy my company that much by myself. I like people's company. Go try and play golf by yourself. I've done that. Um, but.

• 27:26Speaker 01

  Shooting range.

• 27:26Speaker 02

  But nevertheless, um, you know, that's just me. There, there are other people that, that, um, you know, in different scenarios that would say, well, I would love to be by myself. Um, but this is a, a lot for those people that, you know, have families, um, you know, that, that that just want to slow down a little, that have been going hammer and tong, beating their head against the brick wall. Maybe their bodies are busted up, you know, a lot of physical workers. You know, you get to forty, forty-five, you know, or most all my friends, you know, are, are physical workers, are tradies. Pretty much. I mean, I, well, maybe one or two, but the majority of them are, you know, it's, and, and.

• 28:05Speaker 01

  In Australia, that's quite common.

• 28:06Speaker 02

  Yeah, and.

• 28:07Speaker 01

  A lot of tradies, yeah.

• 28:08Speaker 02

  And, and a lot of them are hurting, are injured, you know, always with some kind of injury, whether it's the shoulder, the back, the knees, um.

• 28:18Speaker 02

  And and this is, you know, this is an option. For sure, it's an option.

• 28:24Speaker 01

  For sure, for sure. Uh, and I would add in as well, you know, some practical things, uh, you know, if you wanted to pursue this lifestyle and things that are a little bit invisible, uh, is that, um, you have to control your environment. You know, you mentioned being at home with with wife and kids and and things like that. You need to make sure that they support that decision and the ability for you to be uh, in front of the computer and doing yours, because a lot of the time they don't understand. Um, you know, and I say wife and and kids, but there's also the husband, if if you know, if you're if you're a woman uh, doing this as well.

• 28:57Speaker 02

  And mum and dad, other family members.

• 29:01Speaker 01

  Yeah, exactly. Everybody needs to understand that you need to allocate that time because that's your working time. You're not in front of a computer just playing games. It's that's your your work. So I think that's important for them to understand. And then the other thing that's going to support you is, um, look, look at where you're spending your money. Because if you're not, you know, um, living a little bit more adjustable to to your means, if you're an extravagant spender and you you you that isn't supporting, because when when you go to trading, you have to start at at a low bar. You need to, uh, the income isn't going to be ten grand a week to start off with. You need to start small and build up to it.

• 29:40Speaker 02

  Uh, look, it could be.

• 29:41Speaker 01

  Expenses aren't living up to it.

• 29:43Speaker 02

  Yeah, uh, you know what? It could be, because I've seen some people, it it depends on your starting base. Like you said, you know, a a rich, uh, let's just say a doctor or someone who's coming in with it says, I've got a two million dollar trading account.

• 29:55Speaker 01

  Um, yeah.

• 29:56Speaker 02

  You know, and some some of these people do, they have, you know, they've built up a lot in the savings. So, and that would be the ideal scenario if you're looking to go for time. Make the job as easy as possible. If you're someone who says, you know, I've got a million dollars in savings, I don't know, all right, um.

• 30:13Speaker 01

  But what's your experience like in being able to convert that into profits?

• 30:17Speaker 02

  For sure, that that is the first thing, without a doubt, totally agree. Um, but but it's like, okay, if I need a hundred grand to live, while making ten percent out of the market is much easier than someone saying, hey, I've got five grand, I need to make a hundred grand.

• 30:31Speaker 01

  True, yeah.

• 30:32Speaker 02

  Two, two different challenges, you know? So the easier challenge is always much better with which means more capital, but it doesn't excuse or take away the fact that you need to know what you're doing. Because the bigger the capital, the less the experience, the more money you're going to lose. Simple as that.

• 30:45Speaker 01

  Yeah, for sure, totally agree. So let's finish up the the, um, podcast with just five quick, uh, exercises that people can do. So first of all, define your freedom number, you know, what is that? You know, include housing, food, travel, transport, insurance bills, all of that. Quantify it, um, and understand what that number is. So then next, this design your ideal week. What time would you wake up? Where would you live? How many hours would you want to work? Uh, who would you spend time with? How much time would you dedicate to health, hobbies, travels and family? These are all kind of like that, that board that you the the vision board that you build up to see what that lifestyle would be like. Uh, three would be, uh, build your freedom fund.

• 31:30Speaker 01

  So financial flexibility becomes much more meaningful when you have a buffer against an unexpected expense and periods of low income. So in the course, I I think one of the modules, we, uh, suggest six, uh, months to one year of of income buffer uh, before you you, uh, jump into full time trading. So very important. Uh, test the lifestyle before committing to it. So see if it's for you. Uh, it could be like, you know, like feel that, you know, you think, okay, you're gonna go travel and and go party and then you realize how I don't know, I I'm spending way too much, uh, time doing other stuff. It could be like me that, hey, the wifi isn't available, maybe it's not possible to trade in certain countries.

• 32:13Speaker 02

  Well, it's a crucial one, not only from that point of view, but also from the point of view of just, do you actually like it? And and this goes into another conversation, which, uh, we won't get into too much detail. But it's also like when people build trading strategies, you know, they back test. And in backtesting, you're not really living through the strategy, you're just going over it. Um, but not experiencing it, how long a trade takes, how, yeah, how often you get paid. Um, all the things, can how quick the market is moving, depending on the timeframe you're doing? Can you execute is the the spread change? Is it like all these things that only happen live? Do you actually enjoy it, doing it?

• 32:55Speaker 02

  And then, and that's one of the things that you you need to do, you need to test the lifestyle just as much as as as the trading strategy, because you may find that, hang on a second, I'm by myself, I'm a people person, I've got all this freedom, um.

• 33:16Speaker 02

  I'm not sure about, do I just wanna do this and do nothing? But then that could be a good thing too, because you you could then go, okay, next question, what do I actually enjoy doing? Most people don't even know what they actually, what their real passion is or their their purpose is. So that might just open up a whole new door and go, okay, I've done this now. I have so much time on my hands, um, I'm allocating it to to what I want to allocate it. But what about me? Like, what do I really, what have I always really loved to do? Maybe go back to when you were a child. What did you want to be when you were a kid? Are you that now? Or has life?

• 33:53Speaker 01

  A dinosaur.

• 33:54Speaker 02

  Got in the way? Well, yeah, you can be a dinosaur if you want, um.

• 33:58Speaker 01

  These days you can be.

• 34:00Speaker 02

  These days you can be anything, uh, but yeah, but you know, you you might have had some passion, some dormant passion that you always really wanted to do, but you never could. Uh, kids, life, whatever, um, that that can open up the door to that, but you can only do it through testing it. You've got to test it.

• 34:17Speaker 01

  So true.

• 34:18Speaker 02

  Must.

• 34:19Speaker 01

  Uh, I've seen it firsthand with with some students, they just love to build processes. You know, they love trading, but they love the the to build those processes around it. They've even gone further and built systems. Uh, but I feel like that they're enjoying the building of the systems more than the actual trading the the themselves. So maybe they should be in in tech, maybe they should be in in data analysis or or something along those lines. So I I agree that trading will actually help you to filter all that out and get to what you really, uh, want to do. So last, we have create that twelve month freedom plan. So months one to three, define your lifestyle and goals, understand your expenses and establish a consistent trading education routine. We can help with that.

• 35:02Speaker 01

  At months four to six, review your financial position, build savings and create a realistic plan for balancing trading with existing commitments. Months seven to nine, test aspects of your desired lifestyle and assess whether your routines and finances support them. And then months ten to twelve, review progress and decide what needs to change before making any major career or location decisions. So that's a good, good guideline. Of course.

• 35:29Speaker 02

  Yeah.

• 35:29Speaker 01

  I I would add in there, I mean, education is is a huge one, know what you're doing. I mean, that that's just like a a bit of a lifestyle plan.

• 35:37Speaker 02

  Yeah, that that gives you the chance to be able to fill this plan out. Without that, you you have no chance, because you you if you're gonna go, oh, well, I'll just learn off myself or learn from the internet,

• 35:49Speaker 02

  you'll be back, you'll be calling us in ten years' time.

• 35:52Speaker 01

  We've proved that with our podcast.

• 35:54Speaker 02

  I know.

• 35:54Speaker 01

  Asking Chad G P T to teach us a trade.

• 35:57Speaker 02

  You, uh, but it happens, it it's, think about how many years, uh, and you still won't learn what you need to learn, because you'll only learn bad habits, um.

• 36:07Speaker 01

  Hmm.

• 36:09Speaker 02

  If you really want to do this, uh, my my advice would be, and and take away everything else, even if you go somewhere else, uh, really, this is to, you know, just genuine advice, get it done properly and go and learn how to do it properly, wherever you decide to do that, because you will be saving yourself years, you'll be doing, you'll be starting right and you won't end up in five or ten years' time with all this lost money going, I'm nowhere closer to when I started, because the market is a harsh, beautiful but harsh beast.

• 36:38Speaker 01

  Oh.

• 36:39Speaker 02

  And if you think you understand that the worst people to come to the market are the intellectual people. Smart people get slaughtered on the market, because they think they, it's just like anything else. I've always been smart, I've always been good at everything else. Sorry, my friend, I thought that too.

• 36:54Speaker 01

  They think it's black and white.

• 36:56Speaker 02

  You're gonna get battered.

• 36:57Speaker 01

  This or that.

• 36:58Speaker 02

  Yes, and that's the reality of markets, they are unlike anything else. Um, but yeah, great plan, no worries. Just don't go party, just don't go party.

• 37:07Speaker 01

  Yeah, I should add in there, don't travel to Europe.

• 37:10Speaker 02

  Yeah, with a DJ on tour.

• 37:13Speaker 01

  Exactly.

• 37:15Speaker 02

  Yeah.

• 37:15Speaker 01

  That, uh, add that in at the end, awesome. All right, well, it's been good, hopefully you guys have enjoyed it and, you know, we wish you all the best. If if you are looking to pursue the these goals, uh, you know, freedom is a beautiful thing and, uh, you can definitely achieve that through trading. So if you enjoyed it, give us a five star review. Phil, as always, pleasure.

• 37:35Speaker 02

  Uh, thank you, mate, it's good.

• 37:37Speaker 01

  All right, uh, we will catch you guys on the next one, bye for now.

• 37:42Speaker 00

  This podcast is brought to you by Wealth Within, a global leader in stock market education. For more information on our courses, head over to wealthwithin.com.au. Please note that the information in this podcast should not be considered personal financial advice.