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What Difference Would Having Financial Freedom Make To You? |
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Written by Karen Hutton
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Monday, 08 March 2010 09:58 |
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The majority of working folk often dream of having of financial freedom. Undoubtedly, it has a certain attraction. However, how many people have ever actually stopped to consider it's true meaning? Different people have different ideas on the subject so, in advance of seeking it out, maybe they should really stop and think about what it really means to them.
by KarenHutton
The majority of working folk often dream of having of financial freedom. Undoubtedly, it has a certain attraction. However, how many people have ever actually stopped to consider it's true meaning? Different people have different ideas on the subject so, in advance of seeking it out, maybe they should really stop and think about what it really means to them.
It's so much harder to find something when you don't actually know what you're looking for!
Time and money are inversely related. This means that in most cases, one can be traded for the other. And if you think of how that applies both to your everyday life and to the way business is conducted, it's true. For example, you can spend your own time cleaning your house or mowing your lawn, or pay someone to do it for you, and free up the time for yourself. You can spend time researching on your own, or you can pay money for someone else's specialized knowledge in that same field.
Taking this into consideration, we can define financial freedom as being the point at which we can choose not to trade time for money to get the things we desire in life. The two key phrases here being "choose not to trade" and "things we desire". These two things are what you need to be able to define for yourself in order to ascertain the meaning of financial freedom for you personally
To lots of folk, financial freedom means they can give up a job they find stressful and unrewarding yet still have sufficient income to maintain their lifestyle, whatever that may be. To others, it is seen as being able to spend more time with family and friends or simply allow them to pursue other interests. There are others who, despite being financially free, choose to work since they are in a job they find personally rewarding and the remuneration is less of a consideration. For them, financial freedom gives them the choice to trade time for money rather than being forced to do so by circumstance.
The other important factor in finding financial freedom for yourself is that of your current and future lifestyle. Some people prefer a very modest home, car, vacations, and possessions, and will always want to live that way. Starting from the same point, these people will be able to reach a level of financial freedom sooner than those who aspire to more elegant surroundings. To reach financial freedom, you will have to decide on your own means of getting there. You may find you can reach that point on an income, most likely from your own business, from investment income, or from a combination. If you take the business income route, be sure to build something that will continue to provide income, even if you don't trade your time for it. Otherwise, you won't have reached that level as we've defined it here. Ultimately, financial freedom is about control. Control over your own time and life, that will let you make the choices you want to make, rather than being forced to accept those offered by circumstance.
About the Author:
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