The Greatness Gained Podcast Summary - The Financial Freedom Formula (It’s Not What You Think)

What if financial freedom wasn’t about stacking millions in a retirement account, but instead creating predictable monthly income that covers your life right now?

In this episode of The Greatness Gained Podcast, Jack Smith Jr. challenges the outdated model of “save more, spend less, retire at 65” and replaces it with a clear, actionable roadmap to real freedom.

Financial freedom isn’t a number. It’s a ratio. Jack introduces the formula:
Freedom = Cashflow from assets ≥ Monthly burn rate

That means you are financially free the moment your income from assets such as businesses, real estate, digital products, or royalties matches or exceeds your lifestyle costs. Whether your life costs $3K or $10K a month, your focus should be on building cashflow, not waiting 30 years to tap into retirement savings.

Jack explains how many people confuse high income or net worth with freedom. The reality is that if you have to keep showing up to maintain your lifestyle, you are not free. You are stuck in golden handcuffs.

He outlines five practical steps to create financial freedom:

1. Calculate your freedom number – Know exactly what it takes to live stress-free each month

2. Eliminate bad debt – Plug the leaks in your finances before trying to scale

3. Build one cashflow-producing asset – Start small but start

4. Reinvest into leverage – Use profits to buy time, tools, or passive systems

5. Keep going until cashflow beats your burn rate – That’s when you own your life

You’ll also hear real-world examples. Someone who bought a $75K laundromat and is halfway to freedom. Another person created a mini-course that now brings in $1K per month on autopilot. Neither needed millions.

The message is simple but powerful. Don’t chase net worth. Chase cashflow, ownership, and leverage.
This is the new path to time freedom, life control, and peace of mind.