How can you achieve financial freedom?
Win the lotto?
Win a bet with tremendous odds?
How likely is that?
In my opinion there are two key issues regarding money.
- Many people delay their happiness because they don’t have enough money to buy it.
- Others allow money to trap them because they have no idea how much will enable them to be financial free.
Let’s tackle point 1 first.
What do you believe you need to spend money on in order to be happy?
Whatever your answer, what is it about this that makes your life happy?
In my work, I often ask clients to imagine that they have been given £3 million and ask them what they would spend it on.
After the usual donate to charities, pay off mortgages and gifts to family, we get to the nitty gritty of their personal wants and needs. Whatever these are, I ask them to think about what having them makes them feel.
Knowing that it is highly unlikely that £3 million is going to drop into their laps anytime soon, we then determine how to create that feeling anyway. 100% of the time the cost of achieving that is a million times less than £3 million!
The sad fact is that many of us delay our happiness until ……
The truth is that we can take responsibility for it today, we just need to understand ourselves enough to determine how.
Then we get to my second point.
Let’s cut to the chase:
How much money do you need to survive?
To have shelter, warmth, food and water?
If you can cover this, then you can be financial free.
Money does not have to dictate any of your choices in life ever again.
However, some of us would like a few extras, so add these on too.
Everyone’s financial freedom figure may be different, but the “real” one is the minimum for survival “if” you never want to be trapped by money.
Financial freedom is about understanding your basic survival requirements and then the exact cost of any additions, and finally how to meet those costs.
Instead of tying yourself to a career or company through golden handcuffs, you can be free to choose whatever you want to do to meet those costs.
Instead of working excessive hours you can choose to work the minimum to meet those costs.
You could try to generate a passive income to cover those costs, through investment, or if you have an extra room in your home you could rent it out. There are many ways to create a passive income. Find a way that suits you.
Of course all of this sounds simple. That’s because it is.
But it’s not easy unless you do a little work to discover exactly what you need from life. Once you are confident that your core needs can be met and have your baseline for financial freedom, you can then explore all of your wants to. Some may cost money and some may not. But at least you now have the freedom and the knowledge to make informed choices about your life.
And that is your choice to make.
Contact me to start your journey to financial freedom.