One of the reasons I started this blog was to try to educate people on being financially independent. Don’t underestimate how empowering being free from debt and having money in the bank really is. And it is possible for almost anyone.
Most people realize the importance of financial freedom. And yet they do things to sabotage their efforts.
To me, it’s meant being able to quit a job I wasn’t happy with to start my own business. I couldn’t have done this had I not had savings to fall back on. The first year of my business was rough, really rough. And there’s no way I could’ve made it financially without a cushion.
But it’s more than just a safety net. It’s truly empowering. Knowing you can leave a job you don’t like, or offer support to your family, start your own business or retire early (my next goal) can offer a peace of mind you can’t get if you’re always in debt.
KEYS FOR FINANCIAL FREEDOM
What does financial freedom look like? It means no bad debt (and yes some debt can be good), at least 9 months of living expenses saved up (yep 9, not 6) and savings in a retirement account.
Once you have these in place, you can then create a plan to generate income when you’re not working – which is the best way to create wealth. This can be a whole book in itself but basically investments or businesses that generate income even when you sleep.
We’ll dive deeper into these topics in future blogs so you have a roadmap to help you gain your independence.
MORE SATISFIED WITH LIFE
A recent article in the Proceedings of the National Academy of Sciences of the United States of America recently found that happiness and positive feelings are directly correlated to a person’s income. In a nutshell, the more you make, the happier you are. However, if you spend EVERYTHING you make, I guarantee you will not be happy in the long run. So make sure you’re saving some of that income.
If financial freedom has not been near the top of your priority list, you need to make it one. Right behind health, it’s a key factor in living your best life. As I mentioned in Balancing Act, you still need to enjoy today. But that’ll be so much easier knowing your tomorrow is secure.
Gaining financial freedom allows you to flourish and live your best life.
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