Financial Freedom: What does it mean to you?

Posted on 21. Sep, 2008 by Elizabeth Potts Weinstein in Mindset

When we are planning for our finances, we must decide how we will measure our success. One measure is achieving Financial Freedom – but what does financial freedom really mean?

hammock at night on beach The term “financial freedom” is thrown around both by traditional financial planners and investment advisors, as well as every infomercial get-rich-quick scheme. Typically, most of the schemes are using the term to mean being so rich you never have to work again. But really financial freedom means being released from uncertainty and being able to confidentially know that you will be able to meet your life goals – that your finances (or lack thereof) are no longer holding you back from achievement.

This may mean that you have enough passive income (through pension, investments, business ownership, or real estate rental income) to finance your basic expenses. Or, it may mean that you simply know how to use your income, and investments, to create a life where financial issues are no longer holding you back from your goals.

But what I think is not important — What does financial freedom mean to you? If you lived in a world where you KNEW that you were going to be able to reach your goals, and you KNEW exactly what to do to reach your goals, how would that feel? What words come to mind when you think of financial freedom?

The Wealth Spa Minute: Brainstorm some words that mean financial freedom to you. When I say brainstorm, I mean no filter, no editing, no judgment – just jot down some words, emotions, verbs, adjectives, feelings – that mean being free from financial issues, according to you.

Tags: brainstorm, Exit Plan & Retirement, financial freedom, Goal, Passive Revenue Streams, retirement

2 Responses to “Financial Freedom: What does it mean to you?”

Susan Kishner

21. Sep, 2008

I finally decided to write a comment on your blog. I just wanted to say good job. I really enjoy reading your posts.

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Vered - MomGrind

23. Sep, 2008

“This may mean that you have enough passive income to finance your basic expenses” – exactly. This is my own definition, and I always assumed it was widely accepted? Thank you for an interesting article.

Vered – MomGrinds last blog post..A Weekend In Napa: 3 Days, No Internet, No Problem

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