Have you ever thought of having enough money to afford most of the things you want? You want to travel around the globe and admire the beautiful places of the world, take care of your family adequately, literally walk into any store knowing you can pay your own bills, or maybe buy that dream car just like Floyd Mayweather who owns an electric car that can burn gasoline of 300,000 dollars amongst all his other exotic cars.
Imagine living your dream life going on that vacation you’ve always wanted and doing that charitable work for humanity.
However, the sad thing about getting to this point in your life is if your financial life is dependent on something in this case may be a regular paycheck which may not be enough to sponsor this lifestyle you dream of. If you don’t have financial freedom then attaining this height might be difficult.
In this case, what is financial freedom?
Think of financial freedom as that liberty you get when you are in control of your financial life. When your financial life doesn’t really depend on some paycheck and this is because you have somehow managed to build a financial world for yourself, giving you that access to live your financial world the way you want it.
Financial Freedom can mean lots of things to different people depending on what each individual places value on. It could mean investments, savings, or even cash either way they all propel you to one goal: to afford a particular kind of lifestyle. So when you take charge and own your finance you’ve got that dependable cash flow that permits you to live your life the way you want it, then you have financial freedom.
Also Checkout: 14 Tips to be Financially Stable with a Low Income
For some people, financial freedom means having money to spend on bills that are put aside in a different account to take care of such needs or some sort of emergency account and not from the main account, which is of course a silly way to spend.
This article will give 12 benefits of why you need to be financially independent except, of course, it is not what you want but I do have a feeling it is what you love and desire.
Here are 12 amazing benefits of financial freedom:
1. Stable life with less stress:
Trust me, a lot of reasons why people are stressed, depressed, or frustrated in most cases are financial-related issues.
When people cannot afford what they want, sponsor their lifestyle, or in a case of a married couple not being able to take care of the family, it can lead to a lot of stress or worst case suicidal thoughts but when you have this financial freedom it relieves you of stress, in fact, you have a better mental health condition.
You may choose not to even cast your fingers on anything but simply employ the services of others while you have a stress-free life.
With the invention of technology, most things are being done by machines that require money to purchase, and because you can afford that, it releases you of the stress especially domestically.
2. You have adequate access to your time:
A lot of folks don’t have time to either take care of themselves or their family because they are also around the clock to get or make some financial progress until you are able to achieve that financial position in your life, sorry your time may not always be your time.
But when you are financially independent you have totally control of your life, what you want, when, and how. You get to decide when somethings happen.
3. You can afford to play long-term:
When you have that inner peace that comes with financial freedom, setting up a long time goal won’t be a problem. Not goals that you set up just because of the immediate survival.
Imagine having a debt to pay, this becomes a hindrance to a long-term goal you may want to set because you have short-term financial needs to deal with. Hence your goals are heavily influenced by your short-term needs.
But if you have financial freedom, you can afford to play the long-term game, not being limited to short-term needs because you’ve got no short-term financial problems to worry about.
4. You will have a Stable Lifestyle:
Financial freedom comes with a stable lifestyle for families, especially married couples, you don’t have to worry about college fees or food, housing, or health insurance.
You have opportunities for a stable and healthy lifestyle which includes a healthy environment. Millions of Americans today are striving hard to have this financial freedom and retire at a very young age having the opportunity to enjoy life and travel around the world with their family.
Some students before graduating college have already planned or started living their dream life because they are financially free.
5. Access to Quality Healthcare:
Of course, when you are less stressed, it comes with improved health. Most people these days have health issues, thanks to stress! With financial freedom, you choose how you want to live your everyday life, you get the right to choose what should stress you and what should not.
And if push comes to shove, you can afford high-end healthcare services for yourself and your family members.
Financially freedom comes with less anxiety regarding money making, you have time to exercise more, eat healthy homemade meals, rest well and improve your healthy lifestyle.
6. You Feel Fulfilled:
Most people are going around trying to do things that will give them that sense of fulfillment. When you get that level of financial freedom, you develop this feeling that you are getting everything you ever hoped for; self-satisfaction.
Financial Freedom opens room for great confidence in our looks, health body, or views, we become more confident in our interaction or relationship with people, and more confident about our careers or life choices which you might not get if you are financially dependent.
7. You can choose to become a philanthropist:
One thing limiting people from the desire to ‘give’ is when they are not financially free, because they have to think about when the next money will come in hence this limit their option in giving or being generous to other.
There is a great joy when you render financial assistance to others, you put a smile on their face and some sort of hope in their hearts, however, that can mostly happen when you are financially free yourself so it doesn’t limit your giving options.
8. It gives you control of your life:
Consider the likes of Elon Musk who has successfully gotten in control of his financial life. He can go anywhere he wants, plans his life goals, and aim better vision without limitations to things he can do.
It is said that money indeed rules the world and when you have a lot of that, you can put yourself in charge of how you want your life to be or look like. There is no amount to the limit of investment you can choose to make, be it stock market or real estate because you are in control of your financial life.
Financial freedom as I mentioned in the previous point, gives you access to investment as many as you can go for. This is because you don’t have to worry about the capital because you’ve got the moolah.
You know that you are definitely expecting some dividends from your dividend stocks portfolio or some other kind of profit or interest from other investments such as real estate, which is what most people are investing in today.
10. Access to spending some extra cash:
With financial freedom, it offers you the opportunity to spend some extra money on things you want, maybe spa treatments for the ladies, a lot of outdoor activities, vacationing, the money you could literally not throw away especially when you are still struggling to build up your financial profile but you can do that now because you are financially ready and can afford those luxuries.
11. No debt to worry about:
Of course, this is one of the sweetest things about being financially independent when you don’t live your life by planning a budget on how to clear your debts in other to keep a good credit score or being in debt for an overdue time which can lead to serious financial crisis for you.
Financial Freedom brings about a low debt rate (I guess debt is unavoidable in the business world especially when it helps you to keep your game high).
12. Higher Risk-Higher Rewards:
You know, you can actually go for a higher risky kind of bearing capacity since you don’t have to deal with debts anymore, it gives you room to look out for higher investment, which might be risky, but hey, if you don’t take the risk, how do you you know you can achieve what you want?
The benefits of financial freedom cannot be overemphasized, I mean look around you, I’m sure you want to take control of your life and not worry about the where? The hows? And the whens?
Suze Orman says“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life”
Florence is a personal finance writer, who is passionate about helping others attain financial freedom. She covers topics from side hustles and debt payoff to investment and retirement.