So far we discussed, debt, wants vs. needs and now we need to focus on, financial freedom. What is financial freedom? Wikipedia define it “as a state of having sufficient personal wealth to live, without having to work actively for basic necessities.” Imagine having enough money to take care of your family, all your expenses and yet still having money at the end of the day. Can you imagine being old and secure? Imagine that.
Some people misunderstand financial freedom, and assume it’s being wealthy. Not at all! Some people achieve this freedom through reducing expenses and living within your means. For young folks, financial freedom sounds like a distance dream.
In actuality, we are capable of accomplishing financial freedom. You need to understand the basic principles, we need to develop self-control, minimize your expenses, pay all your debt in a timely manner and finally pay your self. How can we retire comfortably if we don’t pay ourselves first?
Become financial “free”, is simply saving for the future. Focusing only on now is fine but in the long run hazardous. Be frugal yet efficient, be conservative yet smart. The only way you or I, are ever going to be financial free and independent is saving and living within our means.
Sincerely Generation Y