5 Reasons You Should Think About Financial Freedom

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“I know Financial Freedom will free me from so many sufferings, but is it really worth it?”

 

“I don’t believe I can achieve Financial Freedom. It’s too hard and unrealistic.”

 

If you’re having these thoughts, you’re about to change your mind because Financial Freedom is perfectly possible. The average time for anyone to achieve Financial Freedom is 5-10 years, but you only need much less to change your life.

 

66% of Americans believe they have achieved or will achieve financial security (Northwestern Mutual, 2023), so try to relax. You don’t have to become the next Jeff Bezos or live like a monk; you just need to stay educated and figure out your own plan while staying consistent.

 

Want to learn more about Financial Freedom and how exactly your life will change forever in 5 specific ways? We’ll cover the whats, whys, and hows for you to get there, so stay tuned.

1. What Is Financial Freedom?

Various definitions are flying around, and they only make people more confused. Getting filthy rich? Maybe. Securing a six-figure-or-more job? Probably. The thing is, not everyone wants to work too hard to have the amount of money they’ll never spend or fight for a job they don’t like.

 

In a nutshell, Financial Freedom is the ability to live your desired lifestyle without worrying about money. According to the US Consumer Financial Protection Bureau, the four criteria of financial well-being or Financial Freedom are:

  • Having full control over day-to-day and month-to-month finances
  • Steady progress toward meeting mid and long-term financial goals
  • The ability to absorb any financial emergency or shock
  • The ability to make choices that lead to a happy and fulfilling life without worrying about money.

 

In short, they mean having enough short-term and long-term money to live a fulfilling life without worrying about expenses and emergencies, such as the pandemic. You don’t have to become filthy rich or have a crazy-paying job, but you still need enough money to truly free yourself from things like healthcare and retirement.

 

If you’re still hesitant, remember you don’t have to achieve the ultimate goals on your list to secure a much safer financial life. You’ll never want to go back, even when you’re just 25% there. Keep reading and see why.

2. 5 Reasons You Don’t Want To Give Up Financial Freedom

2.1. Your Dream Job (Or None) Will Be Easily Achieved

Is there a job that you love to pursue, but money and time are in the way? Or do you not want a job at all?

 

If you don’t like your 9 -5, just imagine how your life would be different if that time of every day was free for you to do anything you love, without worrying about your upcoming bills. You could try out new hobbies, spend more time with your loved ones, or travel to any destination on your wishlist.

 

Or you could become an independent freelancer, open the business you’ve been thinking about, or get the education to pursue your own dream career. The doors are infinite for you to explore. Every day of your life will be filled with more love, passion, and hope. 

 

Financial Freedom will allow you to do whatever you love that comes to your mind at any time, while your money is working for you to afford your next adventure.

2.2. The Next Pandemic Won’t Hurt You Like Before

The pandemic has caused tremendous losses to many’s lives and money. And if you were one, you would instantly feel the impact like it was just yesterday.

 

According to a Pew Research Center survey, half of the non-retired adults in the US say their long-term financial goals are harder to achieve because of the pandemic, and 44% of them think it will take them three years or more to get back to where they were a year ago – including about one-in-ten who don’t think their finances will ever recover. 

 

Many have fallen into unmanageable debts because they don’t have enough savings and investments. Those luckier are just simply rebuilding their wealth since their emergency funds and savings protected them from the tragedy.

 

No one can ensure another pandemic won’t happen; however, it’s not too late to start a Financial Freedom plan to prevent what the world has witnessed from damaging you again. Today is the best day to start securing a safer and happier future for you and your family.

2.3. Your Desired Peace Of Mind Will Arrive

After the pandemic, mental health has become more impactful and vital than ever. Among the reasons, money is one of the major issues leading to mental illnesses.

 

More than 40% of U.S. adults say money is negatively impacting their mental health, according to Bankrate’s April 2022 Money and Mental Health report. Another LendingTree survey found that 45% of respondents reported feeling depressed about their financial situation recently, while 74% of student loan borrowers reported feelings of depression.

 

A stress-free life has become one of the ultimate goals for anyone. While everyone has different life issues, money can disappear once and for all. Financial Freedom is the ultimate solution to all money problems, and it’s no miracle to happen.

 

You’ve had enough problems in your life, and finance isn’t going to be one. Save your energy for other important issues that make your life more meaningful. Start living with more peace and taking care of your financial well-being.

2.4. A Better You Will Be Free To Become

Have you ever felt that you could have done other things to improve yourself, but you have no choice but to keep spending time and energy working for money?

 

Perhaps you want to spend more time having deeper, more meaningful relationships with your family and friends. Or you want to experience life more and discover yourself by traveling the world. Or you simply just want more time to get enough sleep, work out, cook your own meals and read to nurture your body and your mind.

 

Financial Freedom will definitely help you easily become the best version of yourself. You won’t have to prioritize working for money over your own well-being anymore. Your time and money now are resources for you to become your best self.

2.5. You Can Leave A Legacy For Your People

Have you ever wished you had enough money to give away and help others who are less fortunate?

 

When you eventually have to depart this life, do you want to leave something big enough for your children and the community to carry on for future generations?

 

When you achieve financial freedom, you can provide for your loved ones and give back to your community in meaningful ways. Imagine being able to support your children’s education, help your parents in their retirement, or donate to causes that you care about. Financial Freedom allows you to help so many lives and perhaps end their lifelong suffering.

 

Achieving financial freedom can seem like an impossible dream, but it’s a journey worth taking. By taking control of your finances, you open up a world of possibilities that can enhance the lives of those around you. 

 

Financial Freedom allows you not to waste your highest potential, which can enhance the lives of so many others. The world would become a better place if more people were financially free.

3. You CAN Achieve Financial Freedom!

Basically, you just need to stay disciplined and keep practicing good habits. In contrast, you also need to avoid dangerous behaviors that sabotage your progress.

 

To give you some inspiration, here’s a story of Ronald Read, a Vermont gas station attendant and janitor who, upon his death in 2014, left behind a $6 million estate that he had amassed through frugal living and wise investing. Despite never earning more than $11 an hour, Read was able to save and invest his money, leading to a comfortable retirement and the ability to become a philanthropist. 

 

Mike Tyson, on the other hand, made a fortune as a professional boxer, earning over $300 million in his career. However, due to poor financial decisions and a lavish lifestyle, he declared bankruptcy in 2003 with a net worth of only $3 million. While he’s still lucky to have more than enough to rebuild his wealth, some just can’t do it all over again.

 

Achieving financial freedom requires avoiding dangerous habits that can be obstacles to success. These habits include overspending, taking on too much debt, and failing to save for the future. Basically, they were some of the reasons why Mike Tyson went broke.

 

So, at the end of the day, you just need discipline and good money practices. But what is the exact blueprint? I’ll give you a simple, cohesive step-by-step formula below.

4. HOW To Achieve Financial Freedom?

The best time to start is now! To achieve financial freedom, you need to have enough of these 4 things for your desired lifestyle: cash, savings, investment, and passive income.

 

You can’t have a million-dollar net worth right now, but you can still have a million-dollar mind. Grow to become a holistically better person, not financially only. Learn budgeting, saving, investing, managing debts, and finance concepts. Stay up to date on current financial news and trends.

 

Basically, if you have enough money for everything and remain financially literate,  everything will be alright. If you need a more detailed blueprint with clear checklists and milestones, consider reading this blog of mine next.

 

If you know exactly what you need to do in the next 5-10 years, it doesn’t sound too intimidating anymore, is it?

5. You Are READY For Financial Freedom

You’ve made it here to the end of this long blog; congratulations! I can see your passion and dedication.

 

Remember, Financial Freedom is not an achievement. It’s more of a mindset and discipline game, not how much money you have. You’ll still have a lot more money and feel happier than when you started at 25% of your journey, which is still amazing!

 

It’s your Day 1 of the journey, start saving and investing today! As I said, it’s perfectly possible to do this. Remember to be grateful for your results, no matter how small they are, you are doing very well!

 

Good luck on your faithful journey!