At 38, I achieved financial freedom - here are 4 money principles I follow.

Shao Chun claims that financial freedom is not an elusive dream, but rather attainable for everyone with the right mindset and strategies.

Over eight years at Google, Chun saved up to 50% of his paycheck for investments, resulting in a $2 million portfolio, as seen in CNBC Make It documents.

"Financial freedom can be attained even while working a traditional nine to five job," Chun stated.

In February, when he was laid off, Chun realized he could sustain himself without relying on a paycheck.

Chun calculated that he could sustain his lifestyle by withdrawing 4% of his portfolio in the first year and the same amount, adjusted for inflation, annually for the next 29 years.

"When you are financially free, you will have the flexibility and freedom to do what you want," he stated.

In addition to the funds withdrawn from his portfolio, Chun earns income through his part-time teaching position at the National University of Singapore, his YouTube channel "9 to 5 Millionaire Mindset," and his career coaching business.

The four key principles that have enabled him to attain financial freedom are:

1. Acknowledge that your ultimate goal is to be free

To achieve financial freedom, it is crucial to be deliberate in your efforts towards it.

"What we valued in the past was stability, but with the current state of the economy, stability is no longer a benefit that companies can offer. The current generation feels trapped and committed to a single path, but your goal is to be independent. Your goal is not to be loyal."

"While jobs no longer guarantee security, our lives are blessed with an abundance of online resources that provide access to free information on wealth-building, such as learning how to invest and opening a brokerage account," he stated.

2. Actively work to increase your income

"To achieve financial freedom, we must become wealthy," advised Chun.

"To increase your active income, consider job hopping when you're not learning or earning, as advised by Chun," said Chun.

"Another option is to be overemployed," he stated. "This involves individuals working multiple jobs, having side hustles or even holding two remote positions. While this approach may provide financial stability, it often results in burnout."

Chun recommends selecting a side hustle that requires minimal effort or aligns with your existing skills. Passive income is ideal, allowing you to earn money without sacrificing your time, he advises.

3. Decrease how much you spend

As important as increasing income is, managing your spending is equally crucial, according to Chun.

"The U.S. Navy SEALs believe that discipline leads to freedom."

Frequently, our behaviors hinder our pursuit of financial freedom, even though many individuals desire it. Habits such as seeking immediate gratification, overspending, and keeping up with the Joneses can impede our progress towards financial independence.

4. Stop trading time for money

To keep up with or surpass the market, it is essential to understand how to invest properly, as inflation reduces the value of money over time.

"To achieve financial freedom, you should not trade time for money, and that's when you need to start investing," said Chun.

He emphasized the "time value of money," referring to the economic principle that a dollar today is worth more than a dollar in the future due to interest, inflation, and its potential earnings.

According to Investopedia, the S&P 500 has provided an average annual return of 10.26% since 1957. If you invested $1,000 in the S&P 500 in 2013, by April of 2023, your investment would have tripled to approximately $3,217, as reported by CNBC.

"Chun advised people to invest for the long term and avoid the "shiny thing syndrome" by investing in their circle of competency. He suggested that if an investment cannot be explained to a 6-year-old, it might not be suitable."

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