Being financially free could mean several things. To me being financially free means FREE OF FINANCIAL WORRY. How to achieve that takes patience, determination and figuring out the way we feel about money, our emotional attachments to finances and what we feel we are missing in our lives right now that is preventing our “freedom.”
But financial freedom could mean something different to someone else. For one person it might be the opportunity to lead a simple life without complicated finances, for another it may be to accumulate great wealth in order to have the best of everything in life. Some people would want to keep working, and others would not. In the end, it all comes down to personal lifestyle choices.
What does financial freedom mean to you?
Money not being the dominating force when making decisions in your life;
Not worrying about money;
Having enough money to buy anything you desire;
Having enough money to be comfortable without having to work;
All of the above
An abundance of money in your life means it no longer has to be a driving force in the decisions you make. But wealth is only part of the picture. There are plenty of people who are wealthy who are far from being financially free.
There’s a simple belief that the more money you have the happier you’ll be. But there are plenty of wealthy people who become entrapped with complicated financial responsibilities. Having a lot of money takes a lot of time and energy to manage. Pursuing wealth doesn’t guarantee financial freedom. When your spending outpaces your income, it doesn’t matter how rich you are, you won’t be financially free.
So in order to set yourself up for financial freedom just do the following: Create a residual income, earn more than you spend, and live within your means. You don’t have to be a billionaire to see financial freedom. Even though the term means many different things, financial freedom is achievable on all levels.