Financial Freedom – Why make it a focus?

The route to financial freedomA lot of people have heard of the term “financial freedom”, but how many people actually think about it? Many retirees have less than $2300 saved when it comes time to retire. At retirement age, only 1% of people will be wealthy and only 4% will have just enough to maintain a lesser lifestyle than that which they had when they were working.

Sorry, but that is just not how I see my life panning out! I do not want to rely upon the government to provide for me. I do not want to apply for a subsidy for my meds or my public hospitable bills – frankly, I don’t want to be vulnerable! The statistics are pretty scary if you ask me – so I would like to see a lot more people focusing on financial freedom now to prevent having a retirement that they don’t deserve. Particularly when most people have worked their entire lives and would like to retire comfortably.

So, what can people do now to ensure they are not miserable retirees?

  1. Take control of your finances now.
  2. Spend less than you earn – the larger the margin between what you earn and what you spend is directly related to the amount of financial freedom you will have. Start investing in passive income generating activities – Wealthy Affiliate University
  3. Reduce, reduce, reduce and then eliminate debt.
  4. Continue to increase the margins you have between what you earn and what you spend.
  5. Have an up to date financial plan.

I know that the phrase “spend less than you earn” seems in direct contradiction to my statements in yesterday’s post but when you think about it, it’s not. “Spend less” should not be the focus. The focus for people who are really focusing on financial freedom should be – How can I earn more with less work. I know I keep harping on about passive income (and I realise it’s not the only path to financial freedom – but it is my way) but it does make the most sense to me.

This is where an online business and financial freedom really link. Grow your global online business and reap the rewards.

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