Recently, I received a request from one of my readers to write an article on financial freedom. Little did this reader know that this is one of my favorite topics to discuss.
So what exactly is Financial Freedom?
Financial freedom means that you are not bound to your job just to pay bills; rather you have the freedom to work if you so choose, but are not forced to work. One might think that only the ultra wealthy are capable of having this freedom as they have endless supplies of money.
In my opinion, this is not the case. The two main benefits of having financial freedom are: choosing to work and also not having the stress of living paycheck to paycheck; worrying about what you would do if you lost your job, especially in the current economy.
Personally, I wouldn’t be able to sleep at night living like that.
Financial Freedom from my Perspective
I believe having financial freedom is possible through smart budgeting and setting your priorities straight. I am not ultra wealthy or rich by any means, but I consider myself to have financial freedom to some extent as this is one of my priorities. In order to achieve this, I knew it wasn’t going to happen overnight and would require a tight budget, especially in the beginning.
My journey to financial freedom began after I learned one of life’s greatest lessons. I have worked for many, many years and learned to keep my expenses low. In addition, I have driven the SAME car for the past 11 years. This financial recipe allowed me to put large amounts of money into savings every month and also set money aside for traveling the world, which in itself is a valuable experience learning how other people live and think.
I do not live a lavish lifestyle, but all my needs are met and then some. I find it amazing how some people define needs and wants, but that’s a story for a different day. 🙂 Building my savings up over the years, I have money that would carry me through for a long period of time if I were to lose my job today. One may think I’m crazy, but I’m perfectly content this way.
I value financial freedom and life experiences obtained from traveling more than any mansion or brand new car. I enjoy waking up and going to work because I want to and not because I have to. It put a totally different spin on things.
I think I enjoy my job a lot more this way. My low expense, high savings choice allows me to live a LOW stress life and possibly achieve the goal of early retirement. This is something that I can not even put a value on as to me, it’s priceless!