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Wednesday, August 1, 2012

Financial Freedom? What is it?

Financial Freedom? What is it? 

The definition of financial freedom varies from one person to another. Some may think that as long as we are debt free, then we are financially free. Others believed that having the luxury to spend money in a worry-free way is financially free. 

Financial Freedom
From Wikipedia, financial freedom is defined as a well-planned lifestyle where one is no longer required to work for income to cover their expenses. Contrary to popular belief, it does not require being free of debt, as a debt payment is just another expense. 

Typically, "Financial Freedom" can be attained in one of two ways (or a combination of the two): 
1. Enough passive investment income to cover one's expenses. 
2. A large enough "nest egg" that can be liquidated over time to cover one's expenses.

Simply said, financial freedom is one point in life when you do not work for money anymore. A passive income stream is one where money is received usually on a regular basis, without continuing effort.
This does not mean no effort at all; most passive income streams require great effort at the beginning. For example, rental income from property, royalty income from patent rights or writing a book, bonus income from network marketing or set up online businesses by selling digital products like eBooks, software's, etc whereby you can still generate income while you are sleeping. 

I personally believe that financial freedom is having adequate money to survive without working while still maintaining my preferred life style. It eliminates all the unnecessary stress from work and enables us to stay healthier. It provides a comfortable life at present and in future whereby we can have worry-free early retirement. Financial freedom practically enables us to do absolutely anything we want and we have total control of what, where, when and how with minimal restriction. 

Only the rich deserve to have financial freedom? 

OF COURSE, NOT! EVERYBODY DESERVES FINANCIAL FREEDOM. Yes, everybody includes you, your family, relatives, friends, neighbours, etc. If we have the mindset that “achieving financial freedom is something very hard and impossible for us”, “financial freedom is just a beautiful dream”, “money is the root of evils”, “I don’t have capital to start off like the rich”…etc, these are all excuses that we have created for ourselves. 

“Achieving financial success is something very hard and impossible?” Nothing is harder than when we realize that we don’t have enough money to retire by 65 years old. 

“Financial freedom is a just beautiful dream?” If we are going to dream any way, why not dream big since dreaming is free whether big or small. 

“Money is the root of evils?” Think about it again… Lack of or no money is the root of all evils. “I don’t have capital to start off like the rich?” We have to take immediate action to start small and make a difference. If not, we will be stuck with no capital forever. The list of excuses that prevent us from financial freedom can go on and on…These are mind block that stopping us from making any move to improve our life. 

To be rich or millionaire, the first thing that we need to do is not learning the best strategies on how to make or invest money but having the right mindset. Acquiring knowledge and skills about running business, marketing, investment, etc are great “tools” to be rich. We will eventually lose the tools if we do not have the right mindset which is acting like a “toolbox” to keep the tools. 

If we want to get rich, we must think like the rich. If we want to be millionaires, we must develop the millionaire's mindset.

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