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The Difference Between Making Money and Finacial Freedom

by Kev_K
15 replies
This is something I've been thinking a bit about that I'd like to have a discussion about...

What's the difference between making money and financial freedom?

In my opinion the biggest difference between the two is focus. What are you focusing on and how are you going about doing it.

I see a lot of people around here and on the internet getting their hands into a ton of different things. I saw some thread a couple weeks ago talking about "how many websites do you have." Some of the answers were a bit outrageous.

If I remember right there were some people with 50+ websites and no income coming in from them or only from 1 or 2.

In my life, I'm after financial freedom. I don't want to just make money, I want to own my time and be at peace.

What do you guys think is holding back some people from transitioning from making money to financial freedom?

I think this could be an interesting discussion.
#difference #finacial #freedom #making #money
  • Profile picture of the author x3xsolxdierx3x
    Why would people have 50 websites if they can't even make their first website earn? Seems that the most logical and effective use of resources would be to devout more time to a single site, then expand once that one reaches your own monetary goals. It's pointless to have 50 sites that all don't earn.
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    • Profile picture of the author redstanford
      for me financial freedom as i see it means job freedom. for instance right now i'm working for the department of defense, as a GS-07, which believe it or not is about mid-range, and only making $43,000 (before taxes) which includes my locaility pay. not a lot of money at all. but i survive.'

      now for me IMO it would be a hell of alot easier to reach job freedom because all i have to do is make more money than $43,000 plus whatever it would cost for insurance.

      i'm much better off than someone who's job pays them $150,000 because they would need to make a lot more than me to be able to quit their job's and not significantly decrease their quality of living.
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  • Profile picture of the author jennhenderson
    I think you hit the nail on the head, focus. I think too many people worry about just staying busy instead of focusing on what really makes them money. Those people probably need to evaluate their systems and put more time and energy towards what really produces an income. There are so many money making opportunities out there, and it is sad that many get caught up in the wormholes of just staying busy. This is a great discussion topic, thank for bringing it up. Good luck with you financial freedom, I am hopefully on my way to my own freedom as well.

    Have a great one!

    Good Luck!
    Jennifer Henderson
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    • Profile picture of the author Kev_K
      @Jen You're definitely right about how many opportunities their are. In my case that was one of the biggest challenges to overcome when I got started. I saw SO MANY opportunities, I wanted to take on all of them. I think this is how some people end up with 50+ websites.

      The truth is, as I'm learning the real money comes from the nitty gritty depth you create with a project. That comes from hard work and FOCUS.
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    • Profile picture of the author scrofford
      Originally Posted by jennhenderson View Post

      I think you hit the nail on the head, focus. I think too many people worry about just staying busy instead of focusing on what really makes them money. Those people probably need to evaluate their systems and put more time and energy towards what really produces an income. There are so many money making opportunities out there, and it is sad that many get caught up in the wormholes of just staying busy. This is a great discussion topic, thank for bringing it up. Good luck with you financial freedom, I am hopefully on my way to my own freedom as well.

      Have a great one!

      Good Luck!
      Jennifer Henderson
      Yes, but again, it's not about focusing on just what makes them money. I heard that most people who win the lottery jackpot end up losing it within five to ten years and go back to where they were at prior to the winnings. It's about how you think, not about money making opportunities.
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  • Profile picture of the author scrofford
    Originally Posted by Kev_K View Post

    This is something I've been thinking a bit about that I'd like to have a discussion about...

    What's the difference between making money and financial freedom?

    In my opinion the biggest difference between the two is focus. What are you focusing on and how are you going about doing it.

    I see a lot of people around here and on the internet getting their hands into a ton of different things. I saw some thread a couple weeks ago talking about "how many websites do you have." Some of the answers were a bit outrageous.

    If I remember right there were some people with 50+ websites and no income coming in from them or only from 1 or 2.

    In my life, I'm after financial freedom. I don't want to just make money, I want to own my time and be at peace.

    What do you guys think is holding back some people from transitioning from making money to financial freedom?

    I think this could be an interesting discussion.
    The difference between making money and financial freedom is not just focus but a complete mindset. How do you think? Do you think like a successful person or are you still thinking like an ordinary person who is just working a job?

    So yes focus is a very important part, but it is how you think and how you look at your life and business. Most people don't think like a millionaire for instance. They continue in bad habits and don't become financially literate.

    If you want to be successful your thinking needs to go from ordinary to extraordinary in the way you see life and business. Most people who have a business own a job...that's because of their habits and thinking. In order for them to have the freedom they want, their whole mindset, skill set and habits need to change. I hope I got this across the right way lol!
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    • Profile picture of the author Kev_K
      Originally Posted by scrofford View Post

      The difference between making money and financial freedom is not just focus but a complete mindset. How do you think? Do you think like a successful person or are you still thinking like an ordinary person who is just working a job?

      So yes focus is a very important part, but it is how you think and how you look at your life and business. Most people don't think like a millionaire for instance. They continue in bad habits and don't become financially literate.

      If you want to be successful your thinking needs to go from ordinary to extraordinary in the way you see life and business. Most people who have a business own a job...that's because of their habits and thinking. In order for them to have the freedom they want, their whole mindset, skill set and habits need to change. I hope I got this across the right way lol!
      I definitely agree with you Scrofford. How would you say focus is different from the way you think?
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      • Profile picture of the author scrofford
        Originally Posted by Kev_K View Post

        I definitely agree with you Scrofford. How would you say focus is different from the way you think?
        Well you can focus on what you are doing which is trying to make money. But your mindset or thinking is different. Your mindset isn't so much focus but HOW you think about things.

        There are people who think or have a mindset of success. There are also people who think or have the mindset of failure and never changing their lives. After you get into the right mindset, you then focus on what it is you need to do in order to reach that goal...Does that make sense? That's the best way I can explain it.
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  • Profile picture of the author Daniel Deegan
    Financial freedom as I see it is having a business that allows you to remove your self from the work flow yet still allows you to pay your bills and enjoy life. The machine keeps running without your constant supervision.
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    • Profile picture of the author TLCarroll
      For me, Financial Freedom means having a fully furnished house paid in full, a car paid in full, a small charitable foundation, and enough money ($3 million) in a 4% interest bearing/tax-free income account that churns out $120,000/year (for myself & each of my kids) in weekly payments as if we were getting a paycheck.

      The total amount needed would be $50 million, minus half for initial taxes, enough to fund each account for me & the kids, enough to set up the charitable foundation and fund it, enough to buy and furnish the "family homestead" with all the toys and bells and whistles, and enough for a luxury family vacation club.

      We can each live comfortably on the interest and not have to have a job.

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      • Profile picture of the author JohnMcCabe
        "Making Money" is concrete. Either you are or you are not.

        "Financial Freedom" is an abstract concept. Look at how many different definitions have already been posted here.

        If you have nothing, owe nothing and want nothing, you have total financial freedom and it has nothing to do with making money.

        Every person has a lifestyle that would make them happy, and that lifestyle has a price tag. There is a conceptual 'tipping point' at which more money is coming in than is required to maintain that lifestyle.

        Financial Freedom begins at that tipping point...
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  • Profile picture of the author colinph970
    If you have nothing, owe nothing and want nothing, you have total financial freedom and it has nothing to do with making money.

    Wow.....thats the best description of financial freedom I've ever read. Thinking it through.....don't own anything, borrow nothing (or make sure its at very little interest) and understand that buying things will never make you happy but doing things will always make you happy.

    A recipe for happiness......................................... .....
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  • Profile picture of the author TZ
    When we wake up every morning without an alarm clock.

    When we wake up every morning and do exactly what we want EVERY day.

    I have two bosses really: Google, and Revenue Canada.
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  • Profile picture of the author Kay King
    Financial freedom means having enough money to be able to do whatever you like and never have to work again.
    That is your definition.

    Others might define it differently. In IM, the ability to work the hours you want, be your own boss, work at home, etc is high on the "freedom" meter if you are earning enough to pay your bills and have some left over for fun.

    For some, there is never enough money to feel "free". For others, the freedom is in the lifestyle rather than in big dollars. Financial freedom is the ultimate security blanket but not the same for everyone.

    kay
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