My dream is to be financially free by the age of 40.
But, what does it mean?
According to Wikipedia, Financial Freedom/Independence is the state of having sufficient personal wealth to live, without having to work actively for basic necessities.
Each individual can have its own definition of financial freedom. For example, a student’s definition could mean not depending on his parents for allowance or food expenses.
My definition is to feel secure financially. It means that I don’t have to think about money every time I buy something, eat in a fancy restaurant or travel somewhere because I have enough money to do so. It means I won’t be worried when a problem arises in my life. That I am not scared to think about my future or that I am seeing myself living a simple life when I’m old with enough money to buy my needs and wants. Though living in simplicity, I will be able to support people in need and the community.
Why is it important?
I believe it’s truly important because we will not be able to achieve our dreams if we don’t have the resources. How can you buy a car when your funds are not sufficient? How can you travel to your dream place when all you have is the maintaining balance in your bank account?
To be financially free will allow you to dream big and experience more of what life can offer to you.
How to become financially free?
Aiming to be financially free is also like joining a weight loss program. It’s definitely not easy and will take time. It will also be based on your discipline and desire to be successful on it.
Here are the ways to be financially free. I will explain each of the steps in another post.
- Set your financial goals.
- Be free of debt.
- Have a savings fund.
- Increase income when needed.
- Apply for insurance.
- Invest your money.
- Don’t give up.
- Monitor your finances.
- Spend for yourself.
- Share your blessings.
Do you also wish to be financially free?