F*** Living Rich And Dying Broke: Definition of Financial Freedom
Financial Freedom is a popular term that individuals use when describing financial health. In most cases, it’s something we all aspire to reach. But does anyone really have a concrete definition of what it is? In Jay-Z’s The Story of O.J., he gives us “million dollars worth of game for $9.99” by describing different ways we can build wealth. He introduces concepts such as buying property in an up in coming neighborhood, owning businesses, and purchasing art. Although that is Jay Z’s definition of financial freedom, I personally believe that there are different phases of freedom that one can reach at certain points of their life.
DWM’s Definition: The elimination of stress and worry regarding ones personal finances. For me, the definition of financial freedom will always be the same throughout life, only the pieces making up the freedom will be different.
Currently, I have reached a piece of financial freedom because I don’t flinch when swiping my debit card and have a positive net worth with over $35,000 in student loan debt. Other young people might define financial freedom as the ability to not live paycheck to paycheck, being able to travel as often as they please or simply paying their bills on time. But five years from now, my pieces could consist of having life insurance for people who depend on my income.
Before you say it, of course this didn’t happen over night. One of the main reasons I was able to reach this point was by budgeting. This allowed me to visually see where and how I could build my wealth in addition to helping me build 6 months worth of an emergency fund. Although I am not on Jay’s level of financial freedom, I am still constantly striving towards freedom.
Join me in taking the necessary steps towards financial freedom. But before we begin, what is your definition of financial freedom? Feel free to use the comment section below to join the conversation! I look forward to working with you on this journey.
Holding you accountable,
DWM