Is there really such a thing as financial freedom?

Hi there,
financial freedom is been able to do what you like when you like, you dont need to be rich it depends on what living standards you want, if all your monthly outgoings are $2000 but you earn $3000 per month that will do for starters.

Well the already rich guys still wants to be even richer so it doesn't stop. We're slaves of money.

You said you were searching for financial freedom - THAN stumbled over the question... so what does it mean TO YOU?

For me... in some ways I'm close. I have a job that pays me more than my living expenses (part of this is a well paying job, part is keeping my expenses low by not spending money on junk that I don't care about!) I have an "emergency" savings account that can cover me for a bit if I lose the job, so that gives me some security.

But - what I really WANT is to NOT work for someone else. I absolutely hate having to be someplace when "they" say, work on what "they" want, and promote products that I don't care about. Essentially, I have some financial security - but no personal freedom, which doesn't work for me (I feel like a slave ) If I had true financial freedom, I wouldn't feel pressured to stay I suppose

So the goal is to create income streams that allow me MORE freedom and control over my own time, to pursue things that I'm interested in and care about (rather than what someone else cares about), and to benefit from my own work (rather than making someone else rich).

Don't know if that helps your thinking at all, but that's where I'm at right now.

It doesn't help that I'm particularly hating the job at the moment, I suppose

[editted for typos]

Financial Freedom = No longer having to worry about money. You can decide for yourself when you are financially free.

This may not be answering your question directly but I think it will help. Personal example.

As stevebcfc has said, financial freedom depends entirely on your living standards. And with that in mind, what I did when I was first starting off was to quickly simplify my life. I eliminated all the things that was unnecessary in my life and with that, I eliminated a lot of expenses too. I determined (and realised) that I could actually live on a lot less. You can be surprised at how much of our expenses are really quite unnecessary.

Why I did this? So that I can quickly achieve an income level thru my IM efforts that could support my life (and simple lifestyle). And once I achieved that, I was free to expand my business. My business was able to provide me with that level of income consistently and from that point onwards, every rise in revenue means an increase in my lifestyle.

I could gradually increase the level and quality of my lifestyle as my business did better and better. That is why I am a deep believer of Simplicity as a starting point. Complexity really is the enemy of success.

financial freedom: when you wake up late, cos you can. when you have a smile on your face, because you know you can do what you want without worrying about money. when you hand over your credit card withoout thinking! when you use it as a tool to charm people!!!

neil

I believe financial freedom is not by the amount of money you have or make, but by how much you are enjoying life without doing something you hate.

As Steve said, risks are always involved in business, but you need to be smart and not put all your eggs in one basket.

It means not having to worry about money. You can be working for someone or managing your own business and achieve financial freedom. Although you may have to work longer and harder if you'll pursue the former. In my opinion, it is best to have your own business.

Financial freedom is when you have enough money to cover everything and then some. I sat with a guy who drives a £160K bentley yesterday .. what struck me was he seemed disatisfied with his millions ... I guess if your life is all about money you will never have enough.

For me I want to pay off my mortgage, put my kids through college and make my wifes life very special ... in addition to this I am going to help others less fortunate. Maybe sounds like a Miss World speech but its for real.

John

Yup, even mult-billionaires commit suicide because of money

http://www.time.com/time/business/ar...870007,00.html

http://www.telegraph.co.uk/finance/f...t-suicide.html

It really depends on the person's mindset as well.

Yes, I believe there is a such thing. It's called being
GRATEFUL for what you have...but never settling for less
than your worth.

Money is only energy anyways, it's not real. So we can
create as much or little as we want...how much you want
is up to you.

Personally, I don't care to want to be a billionaire, at least
not yet. I don't justify that because some billinaire offed himself,
I say it because for me (at least at this moment), I would
settle for several million.

Right now, I'm focused on several hundred and thousands

Financial freedom for me is when I make enough money automatically every month (whether I'm sleeping or am sick) without having to work for it (be it through investments, recurring income, etc).

I love to travel and when I do I do it medium to budget style, so I probably have lower targets than most. In many parts of the world you can live and travel like a king on $1,000/month (the best month of my life was spent in Laos for less than $400, and that was travelling around the country, eating and sleeping well). Even in the western world there's no problem travelling around for $1,000-$1,500/month.

So once I get to an automatic $2,000/month (good to have a buffer).... I'm out of here!

The tricky part of defining this is the freedom part. What is freedom? And do you think it exists? Is it that we can't be free once we live in a world of humans or is it that we are all doomed for freedom?

Sorry for sliding off-topic, but I couldn't help it

For me, financial freedom (or I would rather call it security) consists in having a steady income upwards of the sum necessary to cover the essential expenses.

The problem with putting a dollar amount on "financial freedom" is that it's a moving target.

I want to make $100,000 a year becomes I want to make $150,000. Which becomes I want to make $200,000 a year. Which....you get the idea.

I'd rather focus more on living life and enjoying it than a "target" income. Yes, it is important to set goals and write them down and all of that. But don't lose focus of having fun in life!

I always like the analogy I heard from Dean Jackson. He calls it "knowing your number". Basically, why bust your butt to make $5 million a year if all you really need to live the life you want only requires $500,000 a year? He said it's like being in the deep end of a swimming pool. Whether it's 6 feet deep or 12 feet, you are still going to drown. After a certain point it doesn't matter anymore.

Know your number.

Financial Freedom is a state of mind. Only you can determine when you've reached it. I think having time and money should be considered, but yes there is such a thing as financial freedom in the IM world.

Lots of good and wise answers here.

Financial freedom is only worth something if you are happy and can provide yourself and family with all genuine needs - that is real Freedom.

I see so and know many people, including IM'ers, who have made and continue to make millions, have far more than they can ever use in a lifetime, yet are obsessed with making more all the time.

They are not free - they are trapped in the money obsession and less free than people with a 9 to 5 job. Many of them are even too miserly to spend what they have made.

Sit down with yourself and family, decide what Freedom means to you, and make that your goal through IM.

You will succeed.

Financial freedom is freedom of time and action.
Ability to do whatever you want whenever you want it.
You obtain it by thinking long term with your business.
Long term build freedom.

Igor

Its sleeping in, and staying up late.

Never worrying about what day it is.

Not listening to a moron bark orders at you to do things that are stupid.

Never worrying if your card will clear at the checkout.

Not having to decide between what you want and what you can afford. They become the same.

Not paying premiums for cars insurance.

Not being a slave for a bank.

The funny thing is, the more money you have flowing in, the less of an issue money becomes.

Etc...

I would say having no mortgage and owning your house is a damn good start!

And then, being able to work if you want *not* because you have to!

We are all financially free. It's just the concepts
of reality that get in the way. Your concept is that
money is the only way to get things, but that's only
because you have been programmed that way.

Your mind creates your reality through beliefs. period. So lets say
you want a vacation to Miami and have only $1000
and you want to spend a whole month there in
one of the nicest hotels in Miami.

Now first thing you do is look at how much money
you currently have and say "Oh that's not possible
because I only have $1,000"

That turns into your belief, which then turns into
a law for your life.

Now on the other hand if you said I have $1,000
in my bank account now, but I'm going to spend
a month in miami with all my needs met and turned
that into a solid belief.

The universe would create that reality for you everytime.

It may not come in the form of a big guap of money.

But you might open the mailbox and find out you were
randomly selected to win a trip to Miami all expenses paid.

Then get there adn find out someone desperately needs to
find someone to live in their condo for a month and will take
the bare minimum.

Then you get their and find out you have a client that came
out of nowhere and wants to pay you $2k for your services.

And boom you have your month in miami, in one of the nicest
hotels, and money in your pocket to have a good time.

This may seem unrealistic to most, but that's because your
mind has been programmed by society to be trapped in
the 5 senses, and have no awareness to the metaphysical.

And i'm not talking about this because I read it in a book. THis
is how I live my life.

I'm typing this now from a kadampa meditation center where I
have been living for the past month to continue to break free
from this socially conditioned false sense of reality.

It all sounds crazy, but it's true. Don't just watch the secret
and think you know what's really going on. It's much more than
anything you can imagine.

Best of wishes to all,
Daniel

financial freedom is i think to be able to buy what ever you want whenever you want it. you dont have to be rich/millionaire just having the money when you need it. Thats freedom!-from worry on where to get the money, how to get the money..etc.

financial freedom is:
Living without fear, the way you want to, where you want to.

Someone once asked this question: "Who is the richest person in the world?"

And the answer is: Mother Teresa

Reason: She doesn't need money

There's always more "stuff" to buy. The more someone earns, the more expensive that "stuff" gets to be.

Home entertainment systems and BMWs give way to controlling interest in public corporations and small, developing nations.