Estimated Lesson Time: 3 minutes
Imagine, if you will, a life free from financial obligations and concerns. No worries about not having enough money ever again, no desire for more money because you have everything you want that money can buy. Imagine spending the 8-16 hours a day you now spend working for money on living your dream, doing whatever fills the void inside and feeling completely fulfilled each day of your life. This is financial freedom.
All of us have heard the term “financial freedom” before. However, very few people ever take the time to comprehend its significance in life. Financial freedom is NOT the same as being rich, or having a lot of money. One can have billions of dollars and still not have financial freedom. This is one of the main reasons why those who have money are not always happy or successful.
Financial freedom is about not having to work for money and having enough money to maintain your ideal lifestyle. This means one does not have to be rich to be financially free. Theoretically, a family living on welfare checks that are completely content with their lifestyle has financial freedom, although technically broke. However, for most people, an “ideal lifestyle” includes much more than living off welfare checks.
With financial freedom comes an “enlightenment” that very few people are fortunate enough to experience. By fulfilling all your basic needs in life, your life focus can be on self-actualization or developing your full potential. This means something different to everyone, but in all cases it is a true discovery of yourself.
In an earlier lesson, we discussed making money work for you, rather than working for money. This is the key to financial freedom. Being free from your financial obligations means having a steady and reliable source of income that does not require your labor. The second part of financial freedom is defining your ideal lifestyle, which you should have done by now via the several life purpose and goal setting exercises. Once you understand the concept of having your money work for you and have defined your ideal lifestyle, you have taken a huge step toward your financial freedom.
Here are some more suggestions to help you reach financial freedom.
- Control your wants and desires. Wanting more generally requires wanting more money. Make sure your wants and desires are in line with your income.
- Have gratitude. Enjoy what you have rather than feeling as if you must conquer and collect the material possessions on this earth. You are already wealthy.
- Invest in assets, not liabilities. Anything that costs you money rather than makes you money is a liability. Automobiles, boats, and even houses can be, and often are, liabilities. Be careful where you put the money you do have.
- Get rid of unnecessary liabilities. Do you have an extra car that you rarely drive that you are paying insurance and/or property tax on? Do you have credit card debt that you are paying 19% interest on while at the same time have money in savings that you are getting only 2% interest on? Do the math and get rid of the debt.
Many rich people are not financially secure and go through life with worry and fear of losing what they have. Being free from always needing more money is something that is very attainable by anyone with the right financial attitude and aptitude.
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Some discussion questions (some may not apply to this lesson):
- Have you implemented this idea in your life? How has it been working for you?
- Do you have any interesting stories related to this lesson? Do tell!
- What do you admire most about this person? (success biography days)