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The Real Price of Freedom 2020 - Freedom in The World

Today we start with a seemingly easy question what does financial freedom mean to you the answer would differ greatly depending on. Who you pose the question to some might feel like having financial freedom means being able to buy. Whatever they wanted whenever they wanted for another, it would mean never having to work another day in their life and another might reply retiring early would be the ultimate financial freedom. There are different levels of financial freedom and in this post, we're going to do more than just save our pennies for a rainy day we're going to invest in a future of financial freedom.

The Real Price of Freedom 2020 - Freedom in The World

1) We All Have a Unique Connection with Money

Every single person has the right to financial freedom, but whether we exercise that right is an entirely different topic if you find you're struggling with your finances. This is the time to figure out where your financial crutches are and start working through. Them there are several factors that could lead you toward having an unhealthy relationship with money including but not limited to a lack of education at face value. Those that are uneducated are often not in the same earning bracket as those who had a great education. But we acknowledge that this isn't always the case learning to work with money does not come naturally for many and we need to educate ourselves on how to work with money properly or rather. How to make money work for us other factors holding us back could include negative emotions associated with money a lack of discipline in terms of spending habits and a constant craving for the short-lived high after an impulse spent the anticipation of spending money releases dopamine whereas the anticipation of saving releases nothing.

2) Take Mental Stock of Your Current Financial Situation 

You're probably very well aware of where you are financially, but there are a few important questions you need to answer. Do you have enough money to cover your basic essentials for the next five months without worrying about it. Can you have a meal out with friends without stressing about, how you're going to pay the bill. If your car breaks down can you afford to fix it if you answered no to one or more of these questions. You're probably living in constant financial anxiety which is not great mentally psychologically or emotionally. This means that having financial freedom is also never having to stress about money and when or where the next paycheck will come from so where do we go from here.

3) you're Never too Young or too Old to use a Financial Advisor

Many people believe it's only the older generation that makes use of financial advisers but the younger you start the more chances. You have financial security in the long term and the opposite is true as well. If you're putting off seeing a financial advisor because you think you're too old you could be doing yourself a disservice the benefits of a financial advisor are huge. We can't all be experts in every field financially and that's where they come in to ensure you seek advice from a reputable organization not just some pop-up shop that could be there today gone tomorrow with your cash, not all financial advisors will cost a fortune and many will only charge. You for the service you require at that given time it helps enormous Lea to have a third party or an unbiased person looking at your financials and offering you the right advice they make doing your taxes a breeze and really help reduce financial stress.

4) Retire Early with Fire

It's not a new concept but, it's a concept that many are trying and requires a lot of discipline that many struggles with fire or financial independence retire early is a retirement plan that was first introduced by the best-selling book. Your money or your life released back in 1992 and written by Vicki Robin and Joe Dominguez to broadly outline the book and concept fire followers choose to live. Well below their means and save as much money as they can to be able to retire as early as possible most fire fans attempt to save more than 50% of their income. 

But the best-case scenario would be 75 percent meaning, it would take less than 10 years to save 25 times the average annual living expenses. If we were to go with the rule of thumb of 4% retirement withdrawal recommendations following, this path could reap great rewards in the long. But be prepared for major sacrifices in the short term not having a car and relying on public transport or walking or biking not eating out, but cooking in bulk and freeze it growing as much of your own food as possible no holidays unless. They're local and of the camping variety living in a small home not being driven by consumerism and being prepared to lose friendships as many won't understand. This rigorous journey to gain financial freedom and a Luxor's coming up we'll share what many believe to be the biggest reason why people are unable to achieve financial freedom.

5) Financial Freedom Can be Done More Holistically

As just mentioned many people who follow the fire method for early retirement have confessed to losing friends partners putting on weight being unhappy and out of touch with reality. If that's the path you choose you'll be sacrificing more than just material things financial wellness is a concept that people are getting used to and it's better with a lot of people. Who is keen for financial freedom but want to do it in the healthiest way possible the basics of financial wellness includes spending within your means having a small backup for emergencies having a plan in place for the future and being able to access information to help make sound financial decisions. The best part about choosing this journey is you remain healthy and in control of your financial decisions which means less stress for you moving toward financial freedom.

6) Money Can Buy Happiness

But not in the way you think we are not talking about spending your hard-earned money buying the biggest house and the fastest cars that might make you temporarily happy. But it's not the ultimate goal of financial freedom, this is what money can buy and it's why aiming for financial freedom is good idea money buys time. Your child needs to have an operation and you need to be home to look after the good news. Are you can because you don't need to rush back to work money buys a sense of peace and security. You no longer need to worry if your car needs four new tires or if your child needs to go on a last-minute sports tour to another city or even country. Money buys convenience you're having a busy day you can easily order some takeout or take the family to dinner when you feel in control over your finances you feel happy and nobody can do that for you except you.

7) Give Nobody has Ever Become Poor by Giving

Creating wealth and financial freedom is admirable and we know you're all well on your way to this freedom value. But remember you can assist others while still on your own journey we're not just referring to money but offering advice and guidance. When needed when giving, do so with an open heart without expecting anything in return it's scientifically proven that giving releases endorphins producing a positive feeling that's called the helpers high.

8) Financial Freedom May Not Always be What You Envision

It to be and be prepared for that possibility an article published in the journal Nature human behavior suggests the richer. We become the more unhappy we become case studies of low-income or poor people working their way out of poverty to become wealthy have been brought forward showing. They often feel lonelier and more isolated than ever before their Castle has become their cage high-rise walls are erected bars are put on windows electric fencing is installed and the alarm is set every night before going to sleep financial freedom has replaced real freedom.

9) Banish the Poverty Mentality

One of the main reasons holding people back from gaining financial freedom is a poverty mentality this mindset develops over time and appears in various ways often people tell themselves. They're incapable of being financially independent and therefore they believe they'll never be financially independent people with this poverty mentality are often unhealthily fixated with money or their lack thereof. They despise or resent wealthy people and are too afraid to take risks if you find yourself with this mindset seek professional help as soon as possible to help move past this mental block so you can set yourself up for a great financial future.

10) You Can Start Your Journey to Financial Freedom by 

Doing a Few Things or Right Away

Make an appointment with a financial advisor be honest about finances and where you want to go with your money in a few sure educates yourself as much as possible read post articles and go to talks in your area and connect with people. Who has achieved financial freedom already avoid bad debt start by living within your means if you can't afford the latest mobile phone don't buy? It because you think you need to keep up with everyone else you don't make friends with people who are living self-financing spending time with people. 

Who spend frivolously and don't save and incur bad debts are not the greatest influences or use this opportunity to share your knowledge with them and try to assist them to make better financial decisions find ways to earn a passive income be patient. If you keep putting in the right steps into a place you'll get to where you need to be and remember the time is now don't wait until. You've got your masters or you've settled your car payments or you've had that holiday there's no better time than the present to set yourself up to be financially independent. But before you go we've got a question for Hugh what advice can you give to viewers who are keen to gain traction on their journey toward financial freedom let us know in the comments. 

We love that you stayed with us right until the end and we have one last bonus fact just for you Daniel Kahneman one of the world's most influential psychologists conducted extensive research to find out. If money could buy happiness they had six hundred thousand Americans participate in a survey and concluded if a person earned more than sixty thousand dollars a year. It didn't alter their level of happiness but anything below that made for a very unhappy person in a TED talk he later said the following below six hundred thousand dollars a year. People are unhappy and they get progressively unhappier the poorer. They get above that we get an absolute flatline I mean I've rarely seen lines so flat clearly money does not buy you exponential happiness but lack of money certainly buys you misery thank you for spending some time with us.
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