Are you curious about financial freedom? Perhaps you’ve heard about the FIRE movement, which stands for Financial Independence Retire Early. This is a community of people who aim to achieve financial independence and retire before the traditional retirement age. If you’d like to learn more about FIRE, you can read my article here.
For now, let’s focus on what financial independence means. You may see me use the terms financial freedom and financial independence interchangeably.
In essence, financial freedom means having enough money to maintain your current lifestyle. This money could be your savings and passive income from investments. It also means having a nest egg for retirement, so you can choose whether or not to pursue a career you want without worrying about how much you earn.
Financial Freedom means different things to different people.
For some people, including myself, financial freedom means being able to wake up each morning to work because we love what we do, not because we feel compelled to do so.
Financial independence is not stressing about what life is going to throw at you next. It also means being free from any debts, having enough savings to cover emergencies, and investing in your future.
Another way to look at it is when you are in control of your finances, and not the other way around. We would all eventually want to reach a stage where our money works harder for us and earns more than we do. However distant and impossible that goal might seem right now, it is in fact achievable by taking the right steps towards financial freedom.
Is achieving Financial Freedom easy?
However, nothing comes easy. As Theodore Roosevelt rightly said, “Nothing worth having was ever achieved without effort.” But it does not necessarily mean a terrible thing and it does not mean you stop living today to get a better chance at tomorrow. By making small sustainable changes to live within your means and being a little bit more disciplined around your splurging habits, you can make progress towards your goal. It is all about having the right money mindset.
It might mean cutting back on some expenses, such as buying one less fancy sports shoe this year or one less visit to the pub each month so you can go for fantastic holidays every year in a few years’ time. Yes, you will be surprised by how much you can save by making these slight changes.
Starting early on your journey to financial freedom will make it easier to achieve your goals This is not to discourage people from starting late. It’s never too late to start working towards financial freedom. The best time to start was yesterday, but the next best time is today. You will still be better off starting today than not starting at all. If you’re just getting started, you can read my article on the basics of cash flow. This will help you understand where and how you can make changes to achieve your financial goals.
Good luck on your journey!
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