The term “financial freedom” invariably means different things to different people. Some would consider it to be financial security, as in having enough money to cover their day to day expenses and then some. Others might consider it to mean having stacks of cash vaulted up securely in a bank. To others it could be their business or dream job.
Obviously this is all about having what is deemed to be ‘enough money’. But there is more to financial freedom that just the money alone.
The Definition Of Freedom
The word “freedom” can be defined rather broadly too, but essentially it means having the ability to say, do or act however you want when you want. It means not being restricted by boundaries. Freedom can come in the form of the physical (not being in prison for example), or the emotional (no longer being chained to your fears and negative thoughts).
Freedom is liberation in all its forms.
So What Exactly Is Financial Freedom Then?
My definition of financial freedom is this: Having both the money AND the time to do whatever you want. Money is not much use if you never have the time to enjoy it. Money is a tool, a means to an end. We should never become enslaved to money, or fear money or a lack of it.
Alternatively, having a lot of idle time on your hands can prove to be rather frustrating if you are struggling for money. Without cash on hand it will be hard to enjoy your free time and even harder to actually do anything you want to do. Just about everything costs money in one way or another. That’s life in our modern society.
Freedom is time and money, and financial freedom equates to the same thing if you really think about it.
How Do You Have Financial Freedom?
There are actually many ways to achieve financial freedom, or true lifestyle freedom, but it won’t come from working a regular job. At least, not until you reach retirement age. Who really wants to wait that long?
You need a residual income stream or two.
Some examples of residual income streams are:
- Royalties – from books, music, inventions
- Dividends from a share or investment portfolio
- Real estate investments
- Dividends or profit share from business ventures
- Anything that can be done once and sold over and over again
- Turnkey business
- Anything that can virtually run on autopilot
- Bank interest
- Selling an online course
- Affiliate marketing
- Creating a membership website
- Selling apps for tablets and smartphones
The list goes on and on, really. There are boundless opportunities for creating residual income streams, and the more you have, the more financial freedom you will enjoy.
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