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What Is Financial Freedom?

Financial freedom is when you can afford your lifestyle without the need for a regular paycheck, for example, by living off the funds your investments generate, or if you are lucky, living off investments your guardians or parents made, a state known as being a trust-fund baby.

 

Why Pursue Financial Freedom?

Financial freedom gives you control over how you spend your time and what kind of work you want to do, as it opens avenues for you to pursue your passions sustainably without worrying, for example, about where your next meal will come from or where you will stay.

 

Financial freedom comes with the perk of a financially stress-free life, free of anxiety over money.

 

How Can You Achieve Financial Freedom?

Shift your mindset from paying interest in the name of loans, etc, to earning interest from investments, which can be passive, for example, from Money Market Funds (MMFs), Treasury Bills, Treasury Bonds, Real Estate investments, etc.

 

Related Article: What Is A Money Market Fund (MMF)?

 

Financial Freedom Myths

Being financially free does not necessarily equate to being wealthy, as we all have varying basic expenses to survive and thrive, sometimes based on our geographical location, which translates, for example, into cost of living.

 

Financial freedom focuses on generating enough passive income to cover expenses needed to survive and thrive.

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