Financial freedom meaning8/18/2023 ![]() ![]() Invest what you can, whenever you can.You’ll save on housing costs as you age, and have something to pass on if you have children. This might not be an option for everyone, but if you can swing it, investing in your own apartment or house can be a great way to build wealth. ![]() Take advantage of employee retirement schemes, or set up your own investment portfolio to grow your savings. Whether you want to keep working forever or want to travel the world as soon as you hit 60, planning for retirement is an important part of securing your financial future. Unexpected costs like household repairs, medical emergencies, or a broken-down vehicle can hurt you financially, so do your best to keep some money aside just in case. Life happens-and when it does, it’s best to be prepared with at least three months of living expenses saved up. If you’ve got this or any other kinds of debt, try to pay it off as quickly as possible to set your mind, and bank account, free. Debt is a party pooper-especially credit card debt that costs you tons in high interest. Eliminate any high-interest debt as quickly as you can.Figure out what you want your life to look like, and how much money you might need to achieve that dream, both in the short- and long-term. Whatever kind of financial freedom you aspire to, here’s a list of things you may want to take into account: That said, there are things to keep in mind that will help you avoid some common financial stressors and find a more empowered approach to managing your money. That way, you’re better equipped to make informed decisions within your unique circumstances.Ĭore steps to achieving financial freedomĪfter everything we’ve discussed about financial freedom, it’s clear that there are lots of different ways to enjoy it-and no two approaches look alike. It would be easy to get stuck on the doom and gloom, but part of achieving real freedom is knowing what you’re striving for and what you’re struggling against. In the most extreme situations, these kinds of global disruptions can lead to very real challenges for individual people, like job losses, housing market crashes, lost value for pension funds, and much more. Stock market crashes, inflation, geopolitical conflicts, supply-chain issues, and more can all wreak havoc on the global economy. Financial freedom can be harder to achieve if you’re a person of color, a woman, a member of the LGBTQ+ community, or if you’re disabled-all the more reason for all of us to fight for a more equitable world!Įven when you’re on a promising path, our world is full of volatility that can impact your finances. And, despite some promising steps forward, inequality is still a major barrier. Anyone kicking off their adult life with a bit of help from their parents and a good education has a better chance of achieving the financial freedom they’re striving for than someone without these benefits. No matter where you live, your socioeconomic status can impact your path to financial freedom. For example, urban areas typically have higher paying job opportunities than rural areas do-although they’re also much pricier to live in. ![]() Even within countries, location impacts your cost of living, education, and job prospects. The situation is complicated, but it’s important to note that many people are at a financial disadvantage through no fault of their own. People living in the Global North often have an easier path than those in the Global South, where economies can be smaller and less robust. In wealthier countries, a larger number of people have opportunities that lead to greater financial freedom, such as inherited wealth or access to education. But we know all too well that our world is far from perfect, and many factors can get in the way of financial freedom. In a perfect world, everyone would have enough money to stay happy and healthy and avoid financial stress. What gets in the way of financial freedom? ![]()
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