We must have heard the phrase "financial freedom" many times from the investor community in the last 3-4 years.
Whenever a consumer or investor speaks in various forums, it may seem as if "financial freedom" is becoming the new catchphrase. So let's learn more about financial freedom.

What is economic freedom?

Simply put, financial freedom is the accumulation of enough wealth to cover your living expenses for the rest of your life. If you have enough money to cover all your expenses for the rest of your life, you won't have to worry about money later.

How much money makes a person financially independent is a deep question and there can be debates only on this issue, but in the simplest form, if a person earns 35-40 times his annual expenditure, then they are said to be financially independent. Let's learn more about this 30X rule for retirement.

Let's discuss the top 5 reasons why most individuals say they should strive for financial independence early in life.

The 5 Benefits of Financial Freedom

Step 1: Gaining the Freedom to Live

We all work day and night to earn money. Money covers all of our expenses. Rent, food, school fees for your children, health care expenses and so on. Although money is not everything in life, it is certainly a very important factor! !

Many people don't have freedom in life. They become slaves of money, because making money becomes the main goal of their life.

• They can't talk about their work.
• They can't say no to schedules.
• They can say no to their bosses.

It's always money that controls their lives and decisions. If you have enough money in your life, you are free.

• The freedom to work when
• The freedom to work with anyone
• The freedom to wake up when
• The freedom to take long vacations

So if you want to experience freedom in life in different areas, you must work for financial freedom.

Advantage 2: to bring more power to your career.

Many people have the illusion that if one achieves financial independence, they can quit their job and retire from work. But that's wrong. One needs to gain financial independence so that they can bring more energy and strength in their career or something new in life that they actually want to do. Most people do something in life with the primary goal of making money, not because they want to do it. For example

• Do you feel that the new project in your company is great, but you can't make enough money from it? A lot of people forget that
• You feel like you really enjoy taking risks and doing something challenging in your workplace, but what if it fails and you're fired or don't get a promotion next year? You will not hesitate to take risks and focus on what is "safe" for your career.

Just because money is a problem, we often end up doing the things we want to do.

When money is not a factor, you will try to do your favorite work and achieve success through it. This will take your work to a higher level. You will get success in your work and your happiness will increase. This is the real way of working, but for most people it does not happen, because money interferes with what you want to achieve in life.

Advantage 3: More likely to pursue other passions.

Financial freedom also gives you the freedom to pursue long-term passions that you wouldn't have been able to fulfill while in normal employment.

What will you do once you become financially independent? Many people gave interesting answers to this question.

• I will be a music teacher.
• i want to run a restaurant
• I want to be a scuba diving instructor

A lot of people have said what they want to do in life. But the compulsion to "make money" has shattered these dreams, and financial freedom is an opportunity where one can explore those new professions or opportunities.

Benefit 4: Less stress and anxiety about money.

This is easy to understand. Ask yourself this question right away. If you lose your job and never get another one, how many years of expenses can you currently manage? Three times? Ten years? Or two months?

What about paying off all your outstanding home loans and paying for your childrens expensive education on top of that? Amazing when you think about it! We all worry about the future because we don't have enough money.

The day you have enough money to support yourself at all costs and live comfortably is the day you feel truly safe and at peace. Money doesn't solve all of life's problems, but it does solve expensive problems.

Achievement 5: Pass on a strong legacy and build the wealth of generations.

• Your grandfather and grandmother worked for money.
• Your parents worked for money.
• You're working for money now.

Where is the wealth of your generation? Do you have a family tradition that takes care of at least the basics of your family?

You can see different families working for generations of wealth. Whether it's some business, equity wealth, real estate wealth, or anything else, they have enough money to generate income for the family!

But many families are not able to create it because they do not have such an attitude. They earn and spend money, and at the family level, they are always in a never-ending cycle.

If you achieve financial independence early in life, you have a good chance of laying the seeds of generational wealth, but you also need to make sure that your next generation is taught the right attitude towards money.