Setting goals towards financial freedom 

Was chatting with my colleague on Friday. He told me that he wanted to achieve financial freedom. I asked him further on his plans. He did not have any. I was not surprised by his answers. Cos I have too many friends and colleagues having the same thinking.

What exactly are they lacking in? I want to know better so that I can better advise them in future.

Typical answers I got:

1. I do not know how to start.

2. I need to read and study.

3. I do not have the cash

4. I am afraid of losing money 

5. I do not interest in investing

6. Etc, etc

I will then share with them on my goal settings:

My end point is say $5,000 per month of passive income by 62 years old. It means $60,000 per year. Say I want to find an investment that gives me 5% dividend yield or interest, I need to have at least $60k/5% = $1.2mil

I am now 43 years old. It means I need to start saving and progressively invest into fixeddeposit or shares NOW. 

Do or die, I have to start now. Else, time willquickly pass me by and by age 62 years old,I may not have the $1.2 mil.

Main reason I also discovered is actually ourminds are blocked once we feel that something is too complicated. Then we become lazy to find out more. 

Always open your minds to find out more from friends or gurus whenever you have doubts. The harder something is to me, I will wantto find out.