What Financial Freedom Means to Me

Financial freedom can mean many different things to many different people. How you define financial freedom could differ significantly from your neighbors or even those in your own family. Your lifestyle, occupation, geographic location, dreams, and desires could all play a part in how you view financial freedom and how much such freedom might mean to you.

Here are a few of the ways in which I define financial freedom and what it means to me.

Freedom from Debt

For some, a large part of achieving financial freedom may involve crawling out from under that rock, also known as debt. For many, that rock might be closer to a boulder. Therefore, freedom could feel a heck of a lot closer when debt is but a distant marker in the rear view mirror.

Freeing yourself from debt can be one of the most uplifting forms of financial freedom. Knowing that you don't owe anyone else money and that your income is yours and yours alone (besides the tax man of course) can be a wonderfully freeing feeling.

Freedom to Choose

Some people might love their work, others not so much. A job or career can often feel binding. It can keep you in one geographic location, make it seem as if you're in a rut of redundancy, and distract from the achievement of other personal goals.

Part of what financial freedom means to me is the freedom to choose. This freedom to choose might come in the form of selecting the type of work I do, deciding upon the employer I work for or having the ability to walk away from a job should it be needed.

One of my goals was always to have a large enough emergency fund on hand to allow me to walk away from a job securely and confidently should the situation ever arise. Luckily, I always had bosses that treated me respectfully and fairly, however; it was nice knowing in the back of my mind that should there ever come a time at which they didn't, I had the opportunity to quit and go somewhere else.

Freedom from Others

Part of my "freedom to choose" ties in closely with the "freedom from others" aspect of my financial freedom definition. Whether it's from bosses, bankers, creditors, or whomever, financial security can provide me with the ability to free myself from the strings that attach me financially to others.

In short, by having financial freedom, I'm putting the power in my hands, making such people need me more than I need them. This often provides more opportunities to make or save money as well as a certain amount of empowerment and confidence that can breed better financial decision making. Consider, it's often the big spenders who get comped in Vegas or the wealthy who pay less taxes and get the inside investment tips.

Freedom to Live

Another important part of what I feel comes from financial freedom, is the freedom to live. Sure, we live in America and we all have the rights imparted to us by that freedom, but do all of us actually have the right to live as we want?

I certainly realize that it will take more than just general financial freedom to live how we imagine in our dreams (like a mega-lotto jackpot winner), however; financial freedom can at least provide more freedom to have a say in how you live -- the freedom to do what you want, when you want, how you want -- all within reason of course.

Whether it's to travel, to work, not to work, to explore the world or just to relax and enjoy life, financial freedom can open the possibilities to live as we deserve and truly want to live, not just as many of us expect to live (i.e. the cubical bound boredom of the regular 9-5 job).

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Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.