What is Financial Freedom and Why It is important!!

What is Financial Freedom and Why It is important!!

Financial Freedom means not having to worry about your state of financial affairs, for example, worrying about whether you have the money to pay the rent or loan for the house, whether you have the money to put the next dinner on the table.

Unless you are a rich scion or heiress, likelihood is your financial freedom comes through working a job (active income). However, that is not true financial freedom. That 'freedom' is chained or fettered to the manacles of work. That means you are not truly free. If you stop working; without an income, who would provide for the meals and daily lifelihood activities?

While this underlines how important a job is, it also highlight how vulnerable we are as 'slaves' to our work. That is why, if possible, we should always gear ourselves to put some effort into creating sources of passive income, and thus reduce our reliance on active income work as our means of livelihood. Only then, can we truly consider ourselves 'financially free' because our sources of passive income do not always require us to work. We should control the sources of passive income, instead of work, our active income, controlling us.

Frankly, the main question to ask ourselves is why do we always work for an active income when we can channel the effort to build passive income streams? Are we stupid? No... Here are some reasons: some of us may like our work, some of us may not have been exposed to opportunities to get them out of the low-paying work quagmire, some of us are afraid to try, some of us do not have the capital to try.

Having observed and read abit,I came to the conclusion that these are the mentality differences that differentiate the rich from the poor. So if you are not getting where you want to be financially with your mindset now, it means it's time to change!!

That is why i have set up this free blog to share my ideas and work on the ideal of 'financial freedom' as well. I hope through the treasure trove of all the different posts, you will be able to find a niche or an idea to spark your passion or journey onto to financial freedom as i embark on mine as well.

I mean for example, a doctor who is always busy at work, he may earn alot but what if he was really financially free, he would then be able to do charity work, maybe even open a charity hospital and really 'work', knowing that he is helping the sick because he really wants to and is not doing it for money. Financial freedom gives him flexibility to do charity work and be truly free from the routine 9-5 dreary corporate work.

When we work, we all actually work towards financial freedom, or economic emancipation, as the economists term it. Thus, We do know financial freedom is important, but often we do not try the enlightened approach of trying to get passive incomes. We hold on only to the familiar and fear what we have not had experience of. That is such a pity. As Socrates said: " the unexamined life is not worth living" and the common anecdote of "fortune favours the brave", perhaps we should all just try businesses or investments.

Otherwise, financial freedom will just be airy-fairy talk.

For more ideas on passive income: check out my other posts!! Thank you for the time spent reading this. Good luck on the journey to financial freedom!