Have you ever seen people who have financial freedom and thought to yourself, “I want to be able to live like that, too”? For most of us, the mental picture of financial freedom looks like someone who spends what they want when they want to, without concern about whether they will be able to afford it.
While having more than enough income and control of your expenses are definitely worthy financial goals, how do you define the point at which you’ve “achieved financial freedom”? Are you chasing after an elusive dollar amount in your bank account,online savings account, investments, or retirement fund?
Let’s face it, most of us view financial freedom as the ability to spend a lot of money on ourselves and family members.
While having more than enough income and control of your expenses are definitely worthy financial goals, how do you define the point at which you’ve “achieved financial freedom”? Are you chasing after an elusive dollar amount in your bank account,online savings account, investments, or retirement fund?
What does financial freedom look like for you? I ask this because it seems that many people list this as a goal every year and yet fail to achieve it because they don’t understand what it really means. What’s your definition of financial freedom?
Here is what I think it should be:
Freedom from stress
Money concerns are one of the most common causes of stress, and stress can lead to physical symptoms such as ulcers, high blood pressure,
and sleeplessness. Do you think having an overflowing bank account and certain possessions will free you from stressing out about money? Think again. Some research suggests that the wealthiest countries in the world are also the most depressed.And studies have shown that making $75,000 a year is the tipping point for happiness — anything above that adds to stress.
Money concerns are one of the most common causes of stress, and stress can lead to physical symptoms such as ulcers, high blood pressure,
and sleeplessness. Do you think having an overflowing bank account and certain possessions will free you from stressing out about money? Think again. Some research suggests that the wealthiest countries in the world are also the most depressed.And studies have shown that making $75,000 a year is the tipping point for happiness — anything above that adds to stress.
Why is this so? I think the more money some people have, the more they want, and then realise that’s not what they really wanted. This vicious cycle can be pretty depressing. The old saying that money can’t buy happiness rings true.
Freedom from fear
Throughout my life I’ve been fearful of not having enough money to pay my bills or buy groceries. Going broke is not fun, and for those who are looming dangerously near the edge, it can seem pretty scary. Again, you might think that having a better income, getting your debts paid off, or controlling your spending will eliminate this fear. But then you might carry the fear of losing it, or of someone stealing it from you. Financial security can bring you freedom from fearing not having enough.
Throughout my life I’ve been fearful of not having enough money to pay my bills or buy groceries. Going broke is not fun, and for those who are looming dangerously near the edge, it can seem pretty scary. Again, you might think that having a better income, getting your debts paid off, or controlling your spending will eliminate this fear. But then you might carry the fear of losing it, or of someone stealing it from you. Financial security can bring you freedom from fearing not having enough.
Let’s face it, most of us view financial freedom as the ability to spend a lot of money on ourselves and family members.
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