What Does Financial Freedom Mean?
What Does Financial Freedom Mean?
Do you wish you could wake up every day, listen to your mind, body, and soul and do whatever you feel like doing with whoever and whenever?
Achieving financial freedom will make it possible for you to live that way and spend your time more intentionally and consciously. What does financial freedom mean?
Financial freedom means having enough passive money flowing and coming in, accumulating, and investing in assets to sustain your desired lifestyle without you having to rely on trading your time to earn the required money on an ongoing basis.
It gives you the freedom and flexibility to pursue opportunities, work, and life experiences of your dreams from a very peaceful and abundant place rather than from scarcity, lack, worry, and desperation of needing money to fulfill your basic financial needs and obligations.
So, you may be wondering how much is needed for financial freedom. Let’s find out the answer to that question.
How Much Is needed For Financial Freedom?
The number needed to be financially free will vary for different people because it is very much dependent on your desired lifestyle, how much passive cash flow you already have coming in every month, how much money you have accumulated, and invested, and how much money is required to sustain that lifestyle.
Next, let’s discuss how to achieve financial freedom.
6 Steps To Financial Freedom
Financial freedom feels great and I wish everyone would believe that they can achieve it. It is a possibility for every single one of us and the sooner you can commit, focus, and start working on it the sooner you can achieve it.
Know that with commitment, patience, perseverance, the right plan, and actions you can achieve anything that you want. Here are 6 steps to starting taking toward your journey of financial freedom.
Know Your Desired Lifestyle
Decide exactly what you want in every area of your life, what your perfect day looks like, where you want to live, what kind of house you want to live in, with whom, and what freedom means to you.
Define what a life of financial freedom means and would look like for you. What would you do? sit on the beach every day, volunteer, work a few hours a day doing what you love, etc.
Figure out how much money you will need exactly to sustain this desired lifestyle, and where are you right now as far as your savings and investments are concerned. What is the gap and how will you work on eliminating it?
You could generate more income by getting a raise, moving to a different position in the same company or different, starting a business, and saving and investing more. Figure out how long will you need to be financially free.
Let Go
Figure out what you need to let go of so that you do not block your desired life of financial freedom. Do you have any consumer debt? You can pay your debt off by either tackling the one with the smallest amount first or the one with the highest interest.
What limiting money beliefs, thoughts, feelings, and words do you need to let go and overcome because it will stop you from achieving financial freedom and you will never achieve it?
What habits do you need to eliminate that will prevent you from achieving financial freedom like overspending and not tracking and knowing where your money goes every month, not having a spending plan, not paying yourself first, and consistently saving and investing your money?
Are there any negative people in your life that tell you that you can never achieve financial freedom that you need to reduce contact with or remove from your life?
Grow And Expand
Who do you need to become to achieve financial freedom? What skills do you need to learn to achieve your financial freedom? Do you need to invest and learn work and business skills so you can grow multiple income streams, money management, and how create a spending plan and investment skills? Never ever stop investing in your growth and expansion.
Manage And Invest Your Money
Know how to save and Invest your money regularly so that the universe can trust you with a lot more. Learn about different ways to invest and grow your money so that it can work harder for you than you work for it. You can do it no matter who you are.
Any woman or Mom can do this despite what you have been led to believe by society that men are better at handling finances. It is not true.
Work on your self-belief and confidence if you are having a hard time believing that you are capable of doing it yourself. If you are married always know and be involved in all financial decisions made within your household.
Do not think it’s too complicated for you because it’s not. You are strong and can achieve anything you put your mind to.
Teach your children because money management skills are extremely important for the financial future of your children and our daughters and our sons who are members of our future generations or will influence and raise our future generations.
Seek Like-minded Communities
Seek like-minded, safe communities where you can be inspired, cheered on, learn, and can ask questions without judgment. Believe in possibility by surrounding yourself with people who have achieved financial freedom themselves.
Make Giving A Habit
Always make it a habit to give back whatever you can afford. It is an important habit to form no matter where you are along your financial freedom journey.
In conclusion, you now know that financial freedom means having enough money flowing and coming in, accumulating, and investing in assets to sustain your desired lifestyle without you having to rely on trading your time to earn the required money on an ongoing basis.
It gives you the freedom and flexibility to pursue opportunities, work, and life experiences of your dreams from a very peaceful and abundant place rather than from scarcity, lack, worry, and desperation of needing money to fulfill your basic financial needs and obligations.
The number needed to be financially free will vary for different people because it is very much dependent on your desired lifestyle, how much money cash flow you already have coming in every month, how much money you have accumulated, and invested, and how much money is required to sustain that lifestyle.
You also learned the 6 steps to achieve financial freedom which are knowing what is your desired lifestyle, what you need to let go of, growing and expanding, managing and investing your money, seeking a like-minded community, and making a habit to give.
Next, read why is money important in life for further helpful tips and insights.