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What is financial freedom?

by tryinhere
21 replies
We see threads like the WSO's section is a sham because they are littered with promises of golden days and warm nights in the ones that we love.

For one moment I am not saying they are all a sham there are probably some very good ones in there but we see some WSO's and even our signatures allure to wealth beyond ones wildest fantasy's and more and yes you to can have financial independence.

Some say with our magical bullet proof system you can quit your day job and gain your FI all for 9.95 down and by the droves the sheeple line up and pay the fiddler man his dues.

All chasing that all elusive financial freedom, but how many think financial freedom is swapping your day job for your own business ? it is sold like that at times / every player every player step right up and ye shall win the main prize in life.

So we all buy the hope and dreams of this all demanding dream of financial independence but what is it really, how is it defined by you ? is it replacing your job ? is it xyz in the bank / do people really know what financial independence is ?

I am looking at writing a small book on part this topic and am very interested in what people really think financial Independence is to them, and if people know exactly what it takes to get it.

The terms or understanding I have is it is a income based derived from investments and or residual / other income that will pay you to live for the rest of days until end. This number would be different for each person.

Now thats financial Independence but not financial freedom as just having independence does not allow you to run a muck and spend what you need to live on, you need even more than that amount to play with.

So what are the common beliefs, it is sold here in the bucket loads so there must be plenty of views on this as everybody seems to be selling it or chasing it?
#financial #freedom
  • Profile picture of the author marcuslim
    True financial freedom is not just wealth. It is freedom to be able to do what you want when you want it. Having all the money in the world means little if you can't spend it on your family and loved ones.
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    • Profile picture of the author admonharr
      Originally Posted by marcuslim View Post

      True financial freedom is not just wealth. It is freedom to be able to do what you want when you want it. Having all the money in the world means little if you can't spend it on your family and loved ones.
      That's absolutely true and a valid point.
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    • Profile picture of the author Young Financier
      Originally Posted by marcuslim View Post

      True financial freedom is not just wealth. It is freedom to be able to do what you want when you want it. Having all the money in the world means little if you can't spend it on your family and loved ones.
      That's it.
      Close thread.
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  • Profile picture of the author Confined To Life
    Hi Pete,

    Financial freedom has absolutely nothing to do with money. It means you can be free to do the things you want and don't have to go, "oh shit, I don't have enough money for this" or, "I've got to work, sorry". Financial freedom is having control over your life.

    Just because we're not in prison doesn't mean we're not free. Most of us are controlled by money. Achieving financial freedom liberates us.
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    • Profile picture of the author tryinhere
      Originally Posted by Confined To Life View Post

      Hi Pete,

      Financial freedom has absolutely nothing to do with money. It means you can be free to do the things you want and don't have to go, "oh shit, I don't have enough money for this" or, "I've got to work, sorry". Financial freedom is having control over your life.

      Just because we're not in prison doesn't mean we're not free. Most of us are controlled by money. Achieving financial freedom liberates us.
      A bit lost on that one if it has nothing to do with money you can not then say "o sheite i do not have enough money for this" maybe just reading it wrong ?
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      • Profile picture of the author ExRat
        Hi Pete,

        Regarding this part -

        All chasing that all elusive financial freedom, but how many think financial freedom is swapping your day job for your own business ? it is sold like that at times / every player every player step right up and ye shall win the main prize in life.
        Have you read the e-myth?

        I haven't finished it yet but the part I have read deals with the people who swap a job for their own business, yet they don't end up really having a business, they end up doing what they did in a job, for longer hours, with extra responsibility and stress, for the same (or less) money.

        It's an interesting read.

        As for financial freedom, I think it starts with gaining time freedom, autonomy and choice. Then when those are achieved, it's possible to work on gaining financial freedom.
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        Roger Davis
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        • Profile picture of the author tryinhere
          Originally Posted by ExRat View Post

          Hi Pete,

          Regarding this part -
          Have you read the e-myth?

          I haven't finished it yet but the part I have read deals with the people who swap a job for their own business, yet they don't end up really having a business, they end up doing what they did in a job, for longer hours, with extra responsibility and stress, for the same (or less) money.

          .
          No not read the book, more based on copy seen here like "quit your day job and gain financial freedom" type wording, it was interesting to see how people interpreted those messages.

          Many people here all long for it, just wondering how many really understand it's meaning / what it means to them.
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  • Profile picture of the author realc4ever
    Financial Freedom is achieved when you earn (investments, businesses, etc) more money than your expenses.

    If your expenses are $2500.00 per month and you have a business that earns $3000 per month, then you have financial freedom.
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  • Profile picture of the author kiwikelno1
    Financial Freedom Is When you can look at yourself in the mirror and say with total Honesty, "I do't owe anyone anything and everything I own has no hooks/is Freehold, And I Got Here Without screwing anyone out of their Hard Earned Cash. You can hold your head up And Walk Tall with a sense of Freedom amongst your Family and Friends.

    Cheers
    kiwikelno1
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  • Profile picture of the author tryinhere
    This some good stuff right here, appreciate the insight, it does seem to have many variations with a few common themes. if I run out of thanks , thanks.
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  • Profile picture of the author submitbuzz
    Its true Marcus.
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  • Profile picture of the author Steve Wells
    Plenty to Live and Plenty to Give.

    Having all your needs met, and the ability to pay for any of your wants within reason in cash.

    No credit card debt.

    No house payment.

    No car payment.

    No unpaid bills.

    All Loans paid in full.
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  • Profile picture of the author RashmiP
    As per my suggestion, financial freedom means to be independent enough to take the responsibilities. To feel free to fulfill your family needs, wants and desires and also to satisfy yourself by fulfilling your needs, wants and desires.
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  • Profile picture of the author mikefrommaine
    Financial freedom is being able to work when you want to. It's being able to go on vacation and organize your life according to your own schedule. Yes, you still have to work, but you do it on your own terms.
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  • Profile picture of the author Franko Ferencic
    Hello Tryinhere, great thread and something to think about!

    I've read many books about what you've said here. One fact is clear and that is, if you work for somebody you will never be rich or financial free. If you are not fighting for your dreams then you are fighting for somebody else dreams! So in order to be financial free we must work for ourselves in a first place. Now if you own a private business like I do for some 20 years now, it gives you more money and you don't have a boss but the problem with private business is that you don't have any free time at all. Christmas, New Year or any other holiday you have to work work work. If not, your business is going to your competition. So this also is not a good solution.
    So what could we do?
    I'm imagining financial freedom something like, enough money is coming every month and you don't have to do hard work for it anymore. Enough money is arriving to pay all your monthly bills, you have enough money for all your needs every month and a little (or a lot!) still remains. How could we do that? I'm convinced we can do that with internet marketing. Right now I don't see any other means how you can get financial freedom. With internet marketing you can with time build streams of recurring income. With that type of income you get also free time. You can wake up in the morning whenever you want, you can go where and when you want. You can associate with people you want and many many other things. I could say when you have free time and enough money every month, you don't get only financial freedom but you get total freedom!

    To everybody I wish total freedom in their lives !

    Franko
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    • Profile picture of the author tryinhere
      Originally Posted by Franko Ferencic View Post

      I've read many books about what you've said here. One fact is clear and that is, if you work for somebody you will never be rich or financial free.
      I have met many people in my life who are workers for a better word who are incredibly well off, a cab driver with multiple homes, we have a trady working with us on wages who is a millionaire, the thing is not how you earn your money or how much you earn but more how you invest it.


      So what could we do?
      I'm imagining financial freedom something like, enough money is coming every month and you don't have to do hard work for it anymore. Enough money is arriving to pay all your monthly bills, you have enough money for all your needs every month and a little (or a lot!) still remains. How could we do that? I'm convinced we can do that with internet marketing. Right now I don't see any other means how you can get financial freedom. With internet marketing you can with time build streams of recurring income. With that type of income you get also free time. You can wake up in the morning whenever you want, you can go where and when you want. You can associate with people you want and many many other things. I could say when you have free time and enough money every month, you don't get only financial freedom but you get total freedom!

      To everybody I wish total freedom in their lives !

      Franko
      [/QUOTE]
      I would agree that online does give people the opportunity to create the residual income needed to become financially independent, and with that it is the reason so many here chase it.

      That chase seems to be clouded by many who are probably struggling a little more than some and for that reason they see the lure of the WSO offer at 17$ and your train to freedom as real winner.

      In that I see many not really understanding the sheer grit and dedication it takes to gain that freedom and in some way a WSO is probably seen like a lotto ticket to freedom, "if I buy this ticket to ride I will be free" and when they buy that ticket they just like a lotto ticket probably say that was a sheite ticket or that one was not a winner and then jump on the roundabout buying the next silver bullet fired from the gun of hope.

      Unfortunately many will just keep buying the next ticket in WSO lottery, but for some yes they will create that residual / financial freedom.
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  • Profile picture of the author Jonathan Shearer
    An interesting way to look at it, is presented in the movie In Time, where the currency is time. So financial freedom could be linked to freedom of time.
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    • Profile picture of the author ExRat
      Hi Jonathan Shearer,

      Originally Posted by Jonathan Shearer View Post

      An interesting way to look at it, is presented in the movie In Time, where the currency is time. So financial freedom could be linked to freedom of time.
      Originally Posted by ExRat View Post

      As for financial freedom, I think it starts with gaining time freedom, autonomy and choice. Then when those are achieved, it's possible to work on gaining financial freedom.
      Yup.
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      Roger Davis
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  • Profile picture of the author emini_guy
    That's something you don't think about when you have reached it.
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  • Profile picture of the author aarthielumalai
    In my opinion, working for myself, doing what I love, and earning money that would allow me to live my life comfortably, without the necessity of ever going to work under someone else is financial freedom. Of course, money in the bank and residual income from investments help too, and those are part of my future plans, but just not having to do something I hate for a better part of my life would be blessing enough, as a lot of people don't seem to have that luxury nowadays.
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  • Profile picture of the author seapor
    Having the TIME and MONEY to do what you want, when you want and where you want to do it. Some of this may take a lot of money, some may not.
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