Last weekend, we here in the United States celebrated our nation’s freedom and hence a free day off for me! So I thought today we’d look at this concept of freedom from a financial perspective and perhaps explore it in deeper depth, especially now as our ideas about work and how we work are changing literally as we speak!
I know some of us, maybe not you, but the other you and I have thought what if I won the Lotto or what if I hit the Jackpot in Las Vega or Monaco, what would life be like? What if I came into a million dollar windfall? Let’s say you are walking away with a cool million dollars in your pocket, what’s next? That’s what today’s post is all about. For most of us working people, we have dreamed at one time or another what life would be like if we had more money, but we tend to wake up before the question is actually answered or the money actually in our pocket.
Well, I want to help us dig a little deeper and describe more than define what financial freedom actually looks like and brainstorm together easy to implement steps we can take right now to achieve it. Your homework assignment, should you decide to accept it would be to put a collage or a vision board of pictures together that reflects your dominant desires, top 2 or 3, not all. And as you are putting your collage together, I want you to actually proceed with the notion that you actually have the million dollars in your hand.
I think that will help you to proceed from the tangible, rather than intangible and hence more likely to call it into existence. First, tell me about your Millionaire Moments and what you think your daily life would be like by way of your collage, i.e. gathering photos from magazines, internet that reflect your deepest desires. Be clear.
Financial freedom is specific and personal; just like the actual amount of income you need to achieve your goal is unique to you. Live like a Millionaire Now is rooted in the belief that we working people worldwide can Live like a Millionaire on our Budget right now, so dream big and get clear about what financial freedom looks like for YOU!
For you it could be:
- Freedom to pay cash for a new car
- Freedom to give back to causes (give back is a huge part of wealthy living)
- Freedom to retire a whole decade early
- Freedom for my family to______________ (FILL IN THE BLANK)
- Freedom to pursue a new hobby -something you’ve always wanted to do, but couldn’t due to financial or time constraints
For me, for example:
I am becoming an athlete; specifically a runner which requires weight training, flexibility training, hill workouts and more. I love it! It is time consuming and I am at a place in my life where I can make time to do it. It’s good for me physically, socially and emotionally.
Financial freedom also means having some autonomy to schedule time to create and enjoy those Millionaire Moments: trips to the Australian and US Open, roaming the woods of Tasmania, as you saw in my last blog, and more. Freedom to take an international trip once or twice a year without debt is what financial freedom looks like, tastes like and feels like for me.
Financial freedom is about having options and not having to worry or wonder if there’s enough money to get through the month: be it month 1, month 11, or month 101 to cover what this Teacher calls the 4Rs of Financial Freedom (similar to the 3 Rs of education: reading, writing and arithmetic).
The 4 Rs cover these 4 basic needs:
1. Reality or the Real: the essential items needed to live: food, clothing and shelter. In my book, Mind Over Money I share 40+easy to implement tips to help you save 4o to 50% on everyday items.
2. Replacement and Repair: Things break at the “darndest” times. Financial freedom means having the money to replace the leaking pipes, repair the leaking roof or just buy a new water heater when it breaks.
3. Recreation: Do something you love every day, no matter how small or large. In fact, on most days it will be small: a bike ride, a run, a good read or a hearty laugh with a friend.
Live like a Millionaire Now means you make time to enjoy your life Now! Financial freedom means you MAKE time for recreation.
Sometimes on our life’s or wealth building journey, we neglect to have fun.
4. Retirement: Financial freedom means I can maintain my same lifestyle when I am no longer working. My company offers a retirement plan and I have been contributing to 2 additional pension plans so that I can achieve my goals.
I share this because I want us working people worldwide to live the good life; to Live life by design; not Default!
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