8/11/2023 0 Comments Financial freedom meaning![]() ![]() This is the exact opposite of early retirement. Once you know what it means to you, it’s time to calculate how to accomplish it.During the pandemic, I’ve developed a simple definition of personal financial freedom: Doing work you love without ever worrying about how you’ll pay the bills. Think about what it means to you to be financially free. There are no wrong answers, but we do need a destination. Still others might want to fund charities, do mission work, or give money to help others. Others might say they need to know that they have a certain amount of income coming in and are not reliant on others so that they can travel the world without worrying about paying bills. It might mean knowing that you always have a roof over your head.įor some it means that you own your house and your cars outright. So how do you define financial freedom? For you it might mean that you don’t have to go to work anymore, or you can take a lower-paying or non-paying job to do something you love. Achieving financial freedom is just as much about generating wealth, as it is figuring out what is most important to you.ĭefining financial freedom is different for everyone. Without this clarity, we are at the mercy of our whims. When you make the effort to not only think through this exercise, but write it down, you are halfway to identifying the reason and motivation for seeking financial freedom. Continue to drill down and truly come to an understanding of what is important to you and why. You would continue repeating that same step until you arrived at the core of what it is that is motivating you what it is that financial freedom really means to you, individually. The next step is to answer the following question: “Why is this important to me?”įor me, I might write down that I want to experience the culture of my ancestors. For me, one thing financial freedom means is that I get to travel. Let me offer my own reaction to that question as an example. To illustrate this point, consider what comes to mind when I say, “What does financial freedom mean to you?” The common denominator is the control and freedom to choose to do what you wish. ![]() Ultimately, financial freedom is going to look a bit different from one individual to the next. Whether you are rich or poor, an employee or self-employed, a college graduate or not, you have the same access to the tools the rich have been using for generations to create perpetual wealth for themselves and their families.Ĭreate financial freedom for years to come.Īnyone can build perpetual wealth and create true financial freedom for themselves. The solution to avoid financial imprisonment is simple and not biased to who you are. It takes self-discipline and conscious effort. But getting in shape isn’t easy for most people. Like those seeking to lose weight, the answers may often seem straightforward (e.g. While the execution may seem difficult to many, I’m here to show you it’s not. To get out of your cage or, better yet, to avoid it entirely, all you need is a methodology you can use to keep from getting tricked into doing things that create financial imprisonment. For some, this means getting trapped in golden cages imprisoned by lifestyles they cannot afford and investments designed to erode their wealth. Would you not choose an alternative if it were available to you?įinancial burdens force us to make desperate choices. Still more feel boxed in and lacking any control in their lives. Too many individuals are frustrated working their tails off. Ultimately, freedom means you are in control of your finances and your life choices. I’m guessing you might define it as finding yourself in a financial position where you don’t need to work unless you want to. ![]()
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