Financial freedom, can we really achieve it?

It is everyone's dream to gain financial freedom. That is why we all get up every morning and work hard trying to outdo others in our path. Despite all our hard work and wisdom we still find ourselves far behind the line of financial freedom. Then the question comes to mind, "Can I really get financial freedom?"

A common view of financial freedom can be misleading if we do not have the right understanding of what financial freedom means. But before we talk about financial freedom, we must first know what wealth is all about.

What is wealth?

From the words of Robert Kiyosaki, wealth can be defined as follows.

"Wealth is not a measure of how much money you have but how much you can live without working."

The implication of the above definition is that wealth is a measure of time, not money. Having a lot of money does not make a person wealthy but how long you can live without working. Without working here means not looking for money to meet your needs. I think contentment is just right for a person to be wealthy because if you are not contented you will never be satisfied with what you have even if you can meet your needs without having to work for money.

Having financial freedom, therefore, means being able to live your whole life without working. That is a far cry from the need to earn more money. Can we really achieve that?

Our attitude toward money determines whether we will ever gain financial freedom. Contrary to popular belief, hard work or wisdom does not lead to financial freedom. And here I want to show you two of the most popular ways to get financial freedom, and you can choose after that.

Two ways to gain financial freedom

1. Work hard and make a lot of money, which you can't spend all of your life.

This is a forward-thinking approach to financial freedom. That is what most people have in mind. The question you will need to ask yourself is this;

"How much is enough?"

How long will it take to make so much money?

How much effort will be required in this process?

How much will it cost you in terms of health, family, etc?

Too many people work hard to make money at the expense of their lives and their families. When they get older or have money, it may be too late to repair all the damage. If you do not sleep at night working in the name of gaining financial freedom you are hurting yourself. Just ask yourself this question, how much money is enough to live a financially comfortable life. You have no answer to the question because enough is never enough.

Even if you have a figure in mind, how long will it take to achieve that number? I think for the rest of your life or as they say, as long as it takes. So you will need to put everything you have in line. This includes your health, family, and loved ones. You may succeed in achieving your financial dream but you may not have your life, your family, or even the people you love with you enjoying your wealth.

Fortunately, there is another way to gain financial freedom.

2. Make a passive monthly income, so that your monthly income is more than your monthly expenses.

Passive income is what you earn slowly but steadily without much stress on your time. This may not come from a single source and may be a small amount from each source, but as long as it continues to come steadily it can be a huge factor if combined that can eventually lead to financial freedom. When your monthly income exceeds your monthly expenses you are on your way to achieving financial freedom.

For example.

Suppose your monthly expenses are $500. If you can earn $600 from businesses, crypto holding, staking, virtual jobs, interest on your savings, and your writing, then you have gained financial freedom. This may sound daunting to many because I have set a high value of $600. Everyone doesn't have the same monthly expenses, so it's easy for you to set your goal. Your goal should be to earn more than your monthly expenses. If you are starting with a $200 monthly income goal, you should try to stay low on expenses during the month. It is not difficult to achieve a few hundred from each of the above sources. If you can reach $200 in revenue, earning $500 or even $1k is just a matter of time and effort. Like training your fitness, your financial strength will improve as you work through it.

With the two ways to gain financial freedom discussed above, which should you choose?

Method # 2 is practical and accessible, and you may gain financial freedom at an early age.

If you are fast enough, you may already have noticed that there are two sides to the equation. On one hand is your monthly expenses, on the other side is your monthly income. If your home and other things are paid for in full by your parents or by your company, you can reduce your monthly expenses to $300. After that, you need $400 a month to achieve financial freedom.

One thing to remember is that there is no lasting financial freedom. An economic crisis can affect your income like the recent crypto market crash, but your expenses remain the same. All you have to do in this case is to have a reserve and keep your expenses low during such an economic crisis.

All means of earning a living require work, so earning passive income also requires work but this is not an 8 to 5 job, and in fact, it is something you love to do. Here you can ask yourself one question.

"What will I do when I retire?"

If your answer is "you will do what you already do" then you know you are on the right track. It is important to build a business on what you love to do and work towards building your passive income while keeping your expenses reasonably low. Achieving financial freedom is just a matter of time. Take one step at a time.

I am submitting this article for JonicaBradley's writing challenge, Writing Prompt #1: Freedom.

@JonicaBradley .

Please note, I don't usually join a challenge but since @Momentswithmatti tags me and I already have an article in line with the contest I have to come in. Thank you.