Financial Freedom

Millions of people worldwide are striving for financial freedom.  Financial freedom to some is a magic number of a million or a multimillion dollar portfolio; to others it is freedom from crushing debt. Still others describe financial freedom as having the money to do what you want and live where you want.

The Wikipedia definition for financial freedom states: “Financial independence is a term generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses. It does not matter how old or young someone is or how much money they have or make.  If they can generate enough money to meet their needs from sources other than their primary occupation, then they have achieved financial independence.”

My definition for financial freedom is simple.

I have reached financial freedom when my passive income exceeds my living expenses.

When you think about financial freedom that way you will realize that hitting your financial freedom mark is an easier target to hit than having to build a million dollar net worth. With the abundance of legitimate money-making opportunities available today, it’s really not too hard for anyone to make an extra few thousand dollars a month to cover their basic expenses.

Passive income brings money to you 24 hours a day.

Passive income brings money to you 24 hours a day.

But the real joy of financial freedom comes with passive income.  Self-made millionaires know how to profit from passive income.  Passive income is like having an oil well pumping 24 hours a day. It doesn’t matter if you are sleeping or if you are on vacation your passive oil well keeps on pumping.

Building up multiple streams of passive income is the key to self-made millionaire success.

Granted, if your monthly requirements include debt payments, college funding and retirement funding, your monthly income need requires more than your basic survival needs of housing, food, clothing, insurance and transportation. But what I know from experience is anyone with desire, discipline and determination can do more than achieve financial freedom–they can achieve their goal of financial freedom with what I call, “true wealth”.

You are truly wealthy when you are free of consumer debt and you can live, play and work wherever you want. When you get to the point where you no longer need to work for someone else and you are making money 24 hours a day to support your self-determined lifestyle you are truly wealthy.

You are truly wealthy when you are free of consumer debt and you can live, play and work wherever you want.

Whether or not you achieve the financial net worth of a millionaire is totally under your control.  I my view, there is no extraordinary status attached to being a millionaire as long as you have enough passive income to enjoy the standard of living that suits your chosen lifestyle. Many people are enjoying the peaceful life of their dreams without having a million dollars in the bank.

If you are someone who knows how to live well and not feel deprived by looking for bargains and eliminating unnecessary expense you can enjoy a millionaire lifestyle.  It doesn’t take a million dollars to vacation in  Costa Rica or take a luxury cruise now and then.  It doesn’t take a million dollars to live in a nice, safe neighborhood and send your kids to a great school.

But if you dream about having money come in 24 hours a day so you don’t feel enslaved to your 9-5 job, please stay with me. Your goal for income could be an extra thousand dollars a month or you could be someone who has a goal of a consistent 6-figure income.

In the pages that follow, I will outline the steps to take for achieving financial freedom. I will post articles about:

As always, I welcome your comments for discussion.

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