Pete Steadman rejects labels such as “entrepreneur” or “small business owner.”
Instead, he sees himself as a builder. He’s building his business around his life and family, not the other way around. And more importantly, he’s working toward his dream life.
An early influence
Pete first became interested in Financial Freedom as a child. He remembers watching his father carrying a heavy workload to pay the bank loan on the family farm. He knew that was not what he wanted for his future. Even at an early age he remembers thinking “there’s gotta be an easier way.”
Growing up, he never liked the idea of credit. He understood the importance of working hard to get something he wanted. He still indulged in luxury items, and perhaps some things he didn’t really need, but he always paid in cash and saved up to make a big purchase.
Pete developed good financial habits, but when he was introduced to the concept of Financial Freedom, everything changed. He understood his dreams were within his grasp.
Pete first started on the path to Financial Freedom when he was 22. His father passed away that year, and the event was extremely difficult for Pete and his family. Pete found himself with an inheritance and decided he wanted to invest the money wisely. He bought his first rental property that year and was officially earning money without exchanging any of his time for it.
Finding the Cash Flow Cure
After working through the Cash Flow Cure program, Pete realized he was missing an important piece of his financial foundation. He didn’t know how much monthly income he needed from his investments to cover his monthly expenses. He didn’t know his Freedom Number.
When he calculated this number, he understood the significance of that number as a goal to work toward. He developed a clear visualization of what steps he needed to take to achieve it.
Pete rejected trading his time for money. And through that process he discovered something far more important. He discovered Financial Freedom is more than just money. For Pete and so many like him, Financial Freedom is choice.
More specifically, it’s the Freedom to say “No.”
This was a revelation for Pete. He understood, “I can choose to NOT do things, to NOT spend time at work without guilt!”
Freedom of choice
Pete’s life has been transformed by the Freedom of choice. He spends his time with his family and working with the charities and social causes that are close to his heart. Rather than being stuck in an office, he invests in the lives of others.
Pete’s story shows us that anything is possible. If we want to have an impact on the world, we have to start now! It’s time to reject the notion that we should trade our time for money. Nothing is more important than the ability to spend our time as we choose.
Like Pete, the best next step for you is to determine your Freedom Number. How much income do you need to cover your monthly expenses each month? If that money was coming in without requiring any of your time, effort or energy to produce, would you be free to choose how you spend your time?
For many people, their Freedom Number is much less than what they think.
Once you have this number in place, keep it as a goal to work toward in your everyday financial decisions. When your investments are producing enough Cash Flow to cover your monthly expenses, you no longer have to trade your time for money.
Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.
There are 5 comments
Great article on how we frame things and make freedom choices.
Love your story Pete, you are inspiring:)
Great interview Pete, so true that it is all about the choices we make, and the best part, the choices are up to us – we are in control of our journey to freedom. Inspiring stuff!
I’m ‘Your Internal Critic” –or “Your Goddess of Perfection,” whatever you want to call it, but I have an allergy to typos. It’s hard to read all this without editing…I often edit myself!
In your case, Michael: the choices are up to use/ shouldn’t you erase the e?
Hi Gita – Often the need for perfection holds us in a space where fear will stop us living your fullest life. Think about the possibilities if you let this bit go and spend more energy on the highestoutcome you are looking for