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	Podcast:		Lazy Money Machine Podcast
	Episode:		LMM7: Financial Freedom doesn’t come from money in the bank
	Category:		Business
	Duration:		00:08:41
	Publish Date:		2017-10-06 02:58:00
	Description:		Many of us have, mistakenly, set arbitrary life goals like “I want $1,000,000 in my bank account.” Having 1 million bucks of cash is good. It’s better than having none. But, having 1 million bucks, or any amount of money for that matter, won’t make you financially free. There’s a reason for this. Mike Tyson earned over $680 million during his lifetime but famously filed for bankruptcy in 2003. How is this possible? How can someone who earned nearly three quarters of a BILLION bucks in their lifetime end up bankrupt? Our point is that you should never tie your goals to achieving an amount of money in your bank. 1 million or 680 million. It won’t make as much difference as you think. What matters is your ability to make money. If Tyson invested in passive-income producing assets, he would never have gone bankrupt. Instead, like most people mistakenly do, he bought liabilities that cost money while you sleep.
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