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still have to pay maintenance, insurance and the other costs of home ownership.</p><p id="36de">If you’re no longer working, you won’t have to pay any work-related expenses.</p><h2 id="e38f">If You Were Financially Free, How Would You Live?</h2><p id="a8b5">Close your eyes and dream of your ideal life for a few minutes. Then jot down the answers to these questions:</p><ul><li>How would you spend your time if you didn’t have to earn money?</li><li>Where would you live?</li><li>Who would you like to spend time with?</li><li>What hobbies or interests would you like to pursue?</li><li>What would you like to learn?</li><li>Would you like to travel? If so, list the countries and places you’d like to visit.</li><li>Would you go on holiday several times a year or would you travel for months or years at a time?</li><li>What would your ideal day look like?</li></ul><p id="9112">Make a list of absolutely everything you’d like to do. Be as specific as possible.</p><p id="5642">Be completely honest with yourself and don’t worry about anyone else’s opinion of any of the things on your list.</p><p id="1d5f">Write down everything that comes to mind, including things that seem impossible or far-fetched.</p><p id="ca7e">Have fun writing your list and releasing your deepest dreams. Some things that come up may surprise you.</p><p id="2c54">They may be things you wanted to do or achieve as a child but have forgotten about. They may be things you used to enjoy doing as a child but haven’t had the chance to do in recent years. They may be hobbies you started but didn’t have the time to pursue due to work commitments.</p><h2 id="2bb8">How Much Will Financial Freedom Cost You?</h2><p id="c027">Estimate how much money you’d need each month to live the life you’d love at today’s prices. Then add on a percentage to account for inflation.</p><p id="7f6e">Next, decide whether you’d like to work towards temporary or permanent financial freedom.</p><p id="7f00">Temporary financial freedom may mean taking a ‘gap year’ from your career to travel the world. Or, it might mean saving six months’ income so that you can quit your job and either start a business or take your time looking for a more fulfilling job.</p><p id="b1ce">Permanent financial freedom would mean never having to work again for the rest of your life or perhaps working part-time for several years before giving up work altogether.</p><p id="f71c">It will of course take less time to achieve temporary financial freedom, but it can be more risky. After your money has run out, you’d need to return to work and start saving for financial freedom all over again.</p><p id="1b07">But, you may say, life is short and the experience of having temporary financial freedom would encourage you to save more seriously for permanent financial freedom.</p><p id="94c6">It also depends on your age. If you’re in your 20s or 30s, saving for temporary financial freedom may be a better option than if you’re in your 40s or 50s.</p><h2 id="04c9">Paths to Financial Freedom</h2><p id="2a25">So, how do you create th

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e kind of income you’ll need for financial freedom?</p><p id="032a">There are many paths to financial freedom, including:</p><ul><li>Building up a successful business and selling it at some point in the future</li><li>Savings and investments, including pension plans and investing in real estate</li><li>Generating passive income for the future, such as royalties on books or income from a website.</li></ul><h2 id="f2f9">Set Some Financial Goals Today</h2><p id="9860">It might seem impossible to move from your current financial position to a state of financial freedom, but that doesn’t mean that you shouldn’t try.</p><p id="e1e9">If you don’t try, one thing’s for sure: you’ll never achieve financial freedom.</p><p id="f938">So, set some initial financial goals that will put you on the path towards financial freedom. These could be:</p><ul><li><a href="https://readmedium.com/have-a-happy-new-financial-year-in-2019-7dcd30a5f368">Paying off all your debts </a>within a certain number of months or years</li><li>Paying off your mortgage as quickly as possible, if relevant</li><li>Saving a certain amount each month, putting it into a high-interest account, and leaving it there to derive the benefits of compound interest</li><li>Starting a small business in your free time</li><li><a href="https://readmedium.com/how-to-make-extra-money-in-your-spare-time-3e306cc8c090">Earning extra money in your spare time </a>and investing all of it in your financial freedom</li><li>Decluttering your home, selling valuable items you no longer need, and transferring the money to your financial freedom account</li><li>Only buying things that are 100 percent necessary so that you can increase the percentage of your income that you save and invest</li><li>Moving to a smaller home or an area with a lower cost of living.</li></ul><p id="a525">Even if you’re not sure exactly what your initial goals on the path to financial freedom should be, it’s important to set some financial goals.</p><p id="2d5d">You need to start somewhere, even if you don’t have much financial knowledge.</p><p id="16b0">You can always learn as you go along, so don’t let a lack of financial knowledge stop you from starting to set goals today.</p><h2 id="9c78">Make Financial Freedom a Priority in Your Life</h2><p id="9d7e">Whatever you focus on gains more prominence in your life. So, if you make financial freedom a priority, setting goals, increasing your financial knowledge, and taking small steps towards achieving financial freedom each day, more and more opportunities will appear before you.</p><p id="70ec">Financial freedom means different things to different people. Some people might dream of a simple life, living in a small home and growing their own vegetables. Other people might want to explore a few different countries on a budget, while others may wish to sail around the world in their own yacht.</p><p id="448e">Whatever your vision of your ideal life is, start working towards securing that wonderful future for yourself by taking the first step today.</p></article></body>

What Does Financial Freedom Look Like for You?

“What then is freedom? The power to live as one wishes.” Marcus Tullius Cicero, Roman statesman and philosopher

Imagine waking up every morning and choosing how you’d like to spend your day. Would you go for a walk before enjoying a leisurely breakfast in the sunshine? Would you explore the narrow streets of a beautiful Italian city, taking the time to choose a restaurant for lunch? Or, would you stay at home, doing the things you enjoy, chatting and laughing with the people you love.

At some point in our lives, most of us have done jobs we dislike just to earn enough money to pay the rent and put food on the table. Perhaps that’s what you’re doing at this very moment.

Or, you may have a job you enjoy at least sometimes, but you feel tied down and know that you’d like to do something different with your life. You’d like greater freedom and independence.

But how can you achieve this? Could it be even be possible to create a sound financial basis for the life you really want to lead?

What is Financial Freedom?

Financial freedom, or financial independence, is being able to live the life you want to live without having to worry about money.

It means being secure in the knowledge that you’ll have enough money available to meet your needs, either for a limited period or for the rest of your life.

It can mean not working at all, deriving all your income from your savings, investments, passive income, pensions or other means.

It can also mean working part-time in your own business or a job that you love.

Either way, you’re able to derive maximum satisfaction from your life without feeling under pressure to earn enough money to live on.

How Much Money Do You Need to Achieve Financial Freedom?

You don’t necessarily have to be very wealthy to live a financially free life.

The exact amount needed to secure financial freedom is different for everyone. It depends on exactly what you’d like to do.

If you’d like to spend more time with your family and devote more time to your hobbies, you’d need a lower income than if you’d love to move to another country or spend several years travelling the world.

Depending on how you’d like to live your life, you may need less or more than your current monthly income.

Your children may have left home by the time you achieve financial freedom, so you may not have many or any child-related expenses, although you may wish to contribute to your grandchildren’s upbringing and future.

Your housing costs will be lower if you’ve paid off your mortgage, but you would still have to pay maintenance, insurance and the other costs of home ownership.

If you’re no longer working, you won’t have to pay any work-related expenses.

If You Were Financially Free, How Would You Live?

Close your eyes and dream of your ideal life for a few minutes. Then jot down the answers to these questions:

How would you spend your time if you didn’t have to earn money?
Where would you live?
Who would you like to spend time with?
What hobbies or interests would you like to pursue?
What would you like to learn?
Would you like to travel? If so, list the countries and places you’d like to visit.
Would you go on holiday several times a year or would you travel for months or years at a time?
What would your ideal day look like?

Make a list of absolutely everything you’d like to do. Be as specific as possible.

Be completely honest with yourself and don’t worry about anyone else’s opinion of any of the things on your list.

Write down everything that comes to mind, including things that seem impossible or far-fetched.

Have fun writing your list and releasing your deepest dreams. Some things that come up may surprise you.

They may be things you wanted to do or achieve as a child but have forgotten about. They may be things you used to enjoy doing as a child but haven’t had the chance to do in recent years. They may be hobbies you started but didn’t have the time to pursue due to work commitments.

How Much Will Financial Freedom Cost You?

Estimate how much money you’d need each month to live the life you’d love at today’s prices. Then add on a percentage to account for inflation.

Next, decide whether you’d like to work towards temporary or permanent financial freedom.

Temporary financial freedom may mean taking a ‘gap year’ from your career to travel the world. Or, it might mean saving six months’ income so that you can quit your job and either start a business or take your time looking for a more fulfilling job.

Permanent financial freedom would mean never having to work again for the rest of your life or perhaps working part-time for several years before giving up work altogether.

It will of course take less time to achieve temporary financial freedom, but it can be more risky. After your money has run out, you’d need to return to work and start saving for financial freedom all over again.

But, you may say, life is short and the experience of having temporary financial freedom would encourage you to save more seriously for permanent financial freedom.

It also depends on your age. If you’re in your 20s or 30s, saving for temporary financial freedom may be a better option than if you’re in your 40s or 50s.

Paths to Financial Freedom

So, how do you create the kind of income you’ll need for financial freedom?

There are many paths to financial freedom, including:

Building up a successful business and selling it at some point in the future
Savings and investments, including pension plans and investing in real estate
Generating passive income for the future, such as royalties on books or income from a website.

Set Some Financial Goals Today

It might seem impossible to move from your current financial position to a state of financial freedom, but that doesn’t mean that you shouldn’t try.

If you don’t try, one thing’s for sure: you’ll never achieve financial freedom.

So, set some initial financial goals that will put you on the path towards financial freedom. These could be:

Paying off all your debts within a certain number of months or years
Paying off your mortgage as quickly as possible, if relevant
Saving a certain amount each month, putting it into a high-interest account, and leaving it there to derive the benefits of compound interest
Starting a small business in your free time
Earning extra money in your spare time and investing all of it in your financial freedom
Decluttering your home, selling valuable items you no longer need, and transferring the money to your financial freedom account
Only buying things that are 100 percent necessary so that you can increase the percentage of your income that you save and invest
Moving to a smaller home or an area with a lower cost of living.

Even if you’re not sure exactly what your initial goals on the path to financial freedom should be, it’s important to set some financial goals.

You need to start somewhere, even if you don’t have much financial knowledge.

You can always learn as you go along, so don’t let a lack of financial knowledge stop you from starting to set goals today.

Make Financial Freedom a Priority in Your Life

Whatever you focus on gains more prominence in your life. So, if you make financial freedom a priority, setting goals, increasing your financial knowledge, and taking small steps towards achieving financial freedom each day, more and more opportunities will appear before you.

Financial freedom means different things to different people. Some people might dream of a simple life, living in a small home and growing their own vegetables. Other people might want to explore a few different countries on a budget, while others may wish to sail around the world in their own yacht.

Whatever your vision of your ideal life is, start working towards securing that wonderful future for yourself by taking the first step today.