The Freedom Formula Podcast: Achieving Financial, Location and Time Freedom Neel Parekh

In this episode of the Freedom Formula podcast, Neel Parekh sits down with Ben McAdam, a business coach who helps entrepreneurs increase their profits by analyzing their numbers. Ben shares his journey from being a classical pianist to becoming a business owner and explains how he discovered the power of numbers in growing a business. They discuss the mindset shifts required for entrepreneurship, the importance of prioritizing spending, and the role of mindset in achieving lifestyle design. Ben also shares his personal lifestyle design choices and offers insights into common objections and challenges faced by entrepreneurs.



Takeaways


Analyzing numbers is crucial for growing a business and increasing profits.
Entrepreneurs often struggle with mindset issues that prevent them from achieving their goals.
Prioritizing spending and creating space for reflection and rest are essential for lifestyle design.
Many entrepreneurs use busyness as an excuse to avoid addressing mindset issues.
Coaching and accountability can help entrepreneurs overcome mindset barriers and achieve their goals.

Mitchell Sorkin, known as the ATM guy, shares his journey of building a portfolio of almost a thousand ATMs across the country. He explains how he got into the ATM business and the qualities he looked for in a business, such as low labor intensity. Mitchell discusses the business model of ATMs, including the risks and benefits. He also talks about the negotiation process with store owners and the potential income generated by ATMs. Mitchell emphasizes the importance of finding a business that suits your personality and interests.



Takeaways


The ATM business can be a profitable source of passive income, with low labor intensity and low overhead costs.
The cash in the ATM machine is not owned by the ATM operator, reducing the risk of robbery.
ATM fees can vary depending on the location and type of business, with some high-volume locations generating significant income.
Negotiating agreements with store owners is a key aspect of the ATM business, with fees and revenue sharing arrangements varying.
Finding a business that aligns with your personality and interests is important for long-term success.

In this episode, Neel chats with Bobby Hobert, host of The Bearded Man podcast and a lifestyle design coach. They discuss Bobby's journey from driving for Uber to becoming a full-time creator and coach. Bobby explains that lifestyle design is about being intentional with every moment and designing a life that aligns with your goals and priorities. He shares his four-step process for helping clients design their lives, which includes a personal audit, mapping out the dream life, creating a custom calendar, and setting personal boundaries. They also discuss the common limiting belief of not feeling deserving of living a life by design.



Takeaways


Lifestyle design is about being intentional with every moment and designing a life that aligns with your goals and priorities.
To design your life, start with a personal audit to identify what's working and what's not working.
Map out your dream life by envisioning how you want to spend your time and what activities bring you fulfillment.
Create a custom calendar to schedule your priorities and eliminate decision fatigue and overwhelm.
Set personal boundaries to protect your peace and freedom and prioritize what matters most to you.
A common limiting belief is feeling undeserving of living a life by design due to external expectations and judgments.

Jesse Schoberg, CEO of Dropinblog, shares his experience living as a digital nomad in Thailand and the benefits of the lifestyle. He discusses the cost of living in Thailand compared to major cities like New York and London, highlighting the affordability and quality of life. Jesse emphasizes the safety, quality of service, and availability of amenities in Thailand. He also talks about his journey from living in Wisconsin to moving to Panama and eventually settling in Thailand. Jesse reflects on the success of his business and the impact of his location on its growth. The conversation explores the concept of chasing money and the pursuit of financial success. It delves into the diminishing returns of increased income on happiness and the psychological factors that drive people to keep pushing themselves to earn more. The discussion also touches on the cultural differences in hustle mentality between the US and other countries. The importance of finding a balance between work and lifestyle, as well as the need to define and pursue personal freedom, is emphasized.



Takeaways


Living as a digital nomad in Thailand offers a high quality of life at an affordable cost compared to major cities.
Thailand provides excellent safety, quality of service, and availability of amenities.
Jesse's journey from Wisconsin to Panama to Thailand highlights the opportunities and benefits of living and working remotely.
The success of Jesse's business, Dropinblog, is influenced by his lifestyle choices and location. There are diminishing returns on happiness as income increases beyond a certain point.
The pursuit of money is often driven by societal conditioning and the desire to win.
People may feel trapped in the cycle of chasing money due to complacency and a lack of direction.
The hustle culture and the mentality of constantly pushing oneself to work harder is prevalent in American society.
Finding a balance between work and lifestyle is crucial for overall well-being and fulfillment.
Taking breaks and going on vacations can help recharge and provide new experiences.
Defining and pursuing personal freedom, which includes freedom of time and freedom from stress, is essential for a fulfilling life.

Peter Murphy Lewis shares his journey of designing his own freedom lifestyle through entrepreneurship and career changes. From living abroad in Chile to starting his own travel company, Peter has embraced different opportunities and made bold decisions to create the life he wants. He discusses the challenges and rewards of making career transitions and emphasizes the importance of spending less than you make to have the freedom to make choices. Peter also talks about his current role as a fractional Chief Marketing Officer and how he balances his own business with working for the zoo.

Takeaways


Designing your own freedom lifestyle through entrepreneurship and career changes is possible.
Making the first big career change can be the hardest, but subsequent changes become easier.
Spending less than you make is crucial for creating the freedom to make choices.
Being picky and saying no to what you don't want can lead to more options and opportunities.
Balancing multiple roles and businesses can provide flexibility and fulfillment.

Ryan Knoll and Neel Parekh discuss their backgrounds and experiences in the home service industry. They talk about their early days, growth trajectories, and the marketing tactics that worked for them. They emphasize the importance of networking and traditional marketing methods, in addition to digital marketing strategies like SEO and Google ads. They also discuss the structure of their teams and the use of remote staff. The conversation covers topics such as managing a cleaning business, handling overflow, and building systems for growth. The speakers discuss the challenges of managing a cleaning business, particularly in the Airbnb market. They share their experiences with hiring and training cleaners, as well as strategies for maintaining quality and customer satisfaction. They also discuss the importance of tracking capacity and implementing systems to support growth. The conversation concludes with a discussion on the systems and processes that the speakers have implemented to improve their businesses.



Takeaways


Starting a business as a side hustle while working a day job can provide financial stability and allow for gradual growth.
Traditional marketing methods like networking and sending postcards can still be effective in generating leads and building brand awareness.
Digital marketing strategies like SEO and Google ads are important, but they require time and investment to see results.
Having a remote workforce can provide flexibility and cost savings, but it's important to hire the right people and establish effective communication channels. Managing a cleaning business requires careful planning and organization.
Hiring and training reliable cleaners is crucial for maintaining quality and customer satisfaction.
Tracking capacity and implementing systems can support business growth.
Building systems and processes is essential for scaling a cleaning business.