In this edition, Yahoo Voices contributing writer, Todd Pheifer, shares some of the key reasons why financial freedom is an important goal to pursue in life.
Todd points out in his featured article entitled, “How Financial Freedom Can Make your Life Easier”, that freedom of choice and less stress are key benefits derived from seeking and achieving financial independence.
Please let us know your thoughts on this article and topic in the remarks section at the end of this post.
(Notice: The views expressed in the article below are strictly those of the author and do not necessarily reflect those of FFN, its management, editors, staff or affiliates. Readers are urged to exercise due diligence prior to applying any of the recommendations offered by the author. Further, readers are urged to use the same due diligence regarding the purchase of any products or services offered by the author, the author’s website, publication, etc.) FFN Editors
How Financial Freedom Can Make Your Life Easier
Todd Pheifer, Yahoo Contributor Network, Dec 7, 2009
Many people yearn for the day when they will be debt free and have enough finances to live “comfortably” for their foreseeable life. Of course, financial freedom is a tricky quantity because some individuals with great personal wealth still keep working extremely hard. Sometimes this is because they do not necessarily know any better. Other times it is because they are chasing something that goes far beyond basic financial freedom.
Regardless of people’s pursuits and ambitions, there are some benefits that may be enjoyed when people experience some flexibility in their finances. Here are a few of those freedoms.
Lack of obligations
For some people, financial freedom may mean that individuals have little or no debt. This can be very freeing for some people, as it means that they no longer have to worry about losing assets or finding themselves in a difficult financial situation due to overwhelming debt. For some individuals, it can be a very sinking feeling to be in deep debt because there is always the worry that things could get worse.
People do not necessarily like to ponder worst-case scenarios, which is why financial freedom can be so liberating. Granted, some financial advisors suggest that people always keep some sort of debt for tax purposes, but that can fluctuate from person to person depending on the situation.
Freedom to choose tasks
Another benefit of financial freedom is that people may have the opportunity to choose what they do on a regular basis. For some individuals, this manifests itself in quitting vocational life or at least moving on to a job that is more enjoyable for the person. Some people continue to do a certain amount of work, even when they attain financial freedom. This may be because they don’t know any better, suspect they might get bored, or just want to have an “impact” in some capacity.
The point is that people with financial freedom have a much greater opportunity to simple walk away or be more selective in what they do every day. This can be very exciting for the person who has felt obligated to meet their expectations for a long period of time.
Finally, some people may experience a decreased level of stress when they reach financial freedom. This may be from a combination of the elements listed above, or it just may be an overall sense of satisfaction that stems from reaching a particular goal.
Again, people have to be careful about assuming that life will feel a certain way once they reach a particular status. Striving for financial freedom is certainly a worthy goal, but people have to realize that once they get there, they may feel a bit differently.
In addition, people have to keep in mind what it will take for them to achieve financial freedom. There is a cost to reaching certain financial goals. Some individuals are able to find peace and happiness in their current life situation, even if they do not have financial “freedom.”
Much of life has to do with attitude, and the person who can accept their situation may find that happiness is all about dealing with the life that they currently experience, rather than always seeking something else.