The Truth About Building a Freedom Business - Ryan Lee
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What does it mean to build a freedom business?
And now, Escaping the Drift, the show designed to get you from where you are to where you want to be. I'm John Gafford, and I have a knack for getting extraordinary achievers to drop their secrets to help you on a path to greatness. So stop drifting along, escape the drift, and it's time to start right now.
Back again, back again, and time for another episode of the podcast of Like It Says, the opening man gets you from where you are to where you want to be. And today, if where you want to be is actually retired, living with some money instead of broke, living off the government, well, you might want to take a listen because my guy today in studio, live from Utah, he flew down just for this, is an expert at teaching you how to retire fast. with wealth, not just a social security check, not getting by, but actually how to have wealth. And he has a pretty interesting system for how to do it. He is the host of the Passive Income Machine podcast, and he is now the author of the book, Retire in 10 Years or Less, is who wants working.
Ladies and gentlemen, welcome to the program. This is Ryan Lee. Ryan. Let's go. Let's go, John. What's up, man? How are you? Man, it's a pleasure to be here. Man, studio is looking phenomenal. Thank you, brother. I love it. This is such an honor to be here. Thank you, brother. I appreciate that. So give us a little bit of a little color on Ryan. You know what? I probably grew up a lot like most traditional people. I had a great family, good upbringing, phenomenal parents. But man, when I got into the space of earning money, I got stuck. I got stuck. And this is really what prompted me to write this book after several years. But really, you know, for me, I started climbing the corporate ladder.
How did Ryan Lee transition from corporate life to entrepreneurship?
making little teeny trade-offs in my life where I would make more money. And I kept thinking that the 401k was gonna be my pathway out. Because I mean, who wants to work for the rest of their life, right? And I found myself stuck in the corporate rat race. And in 2008, right, in 2008, I realized I had no control over my money. I had no control over what was happening with it. I couldn't stop it. And I realized if I ever wanted to retire, let alone retire in 10 years, like the book is talking about, I had to figure out a different way. I had to become a little bit more empowered with money. And so that's been my journey post-college is learning about the game of money. And man, it is quite the game. So when you say 08, you realize, obviously the financial crisis hit in 2006, 2007.
I'm assuming you were banking on your 401k, watching the value of it grow. And then it took a little bit of a beating when all the markets got hammered. And What was that like, that realization when you saw that number? Well, it was kind of crazy. I was only about five years out of college, right? And I remember when I got my first job, I had to move to Tucson, Arizona, right? And so I moved my new wife to Tucson, Arizona. I had my new boss, Rob. I did not like reporting to Rob. I did not necessarily love the job that I had. And I remember when I got that first paycheck, you know, this is, you know, I went to college for the sake of getting the degree, getting the piece of paper, not because I wanted to be that.
I thought that's what a professional, responsible young man would do. And when I got that first paycheck with my college degree, I remember I took it to the Bank of America and I opened it as kind of like a symbol of success. And I opened that thing. And after I opened it and looked at it, and I kind of flipped it over a couple of times to make sure there wasn't a mistake on it, man, there was not much money there after taxes and insurance and everything. And I thought to myself, man, there's got to be a better way.
What mindset shifts are necessary for entrepreneurial success?
So I thought, look, if I can work hard, because I grew up in a hardworking family, I'm not afraid of working hard. If I can work hard and start saving a bunch of my money and let the stock market, because that's all I knew, to grow my wealth, maybe I'll retire early. And back when I first started, that was my goal is to retire in my 50s.
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Chapters
8 chapters
1
What does it mean to build a freedom business?
0:04–1:46
2
How did Ryan Lee transition from corporate life to entrepreneurship?
1:46–3:21
3
What mindset shifts are necessary for entrepreneurial success?
3:21–5:30
4
What strategies can help in scaling a business effectively?
5:30–7:18
5
How does Ryan Lee define financial freedom?
7:18–9:33
6
What lessons were learned during the 2008 financial crisis?
9:33–10:57
7
How can real estate investments lead to financial independence?
10:57–12:32
8
What role does AI play in the future of entrepreneurship?
12:32–48:00
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