Pursuing financial freedom is a ride that many take, and only a few gets to the end. The difference between those achieving financial freedom and those who don’t is, primarily, based on one’s earnings/income. But there is also a mental component that allows you to focus, process your feelings about money, and execute a plan.
In addition, financial freedom is not a number but a state of living. It is the ability to live on your own terms and do things you want to do, not necessarily the things you have to do. Financial freedom means you are prepared and ready to face any financial circumstances that might come. Financial freedom gives a person some peace, knowing that their livelihood is secure for the future.
Your Why(s) Matter
The most important thing to do when starting your financial freedom journey is to define your why(s). Your why(s) can’t be only to accumulate a large sum of money. Although money is one part of it, there must be the reason(s) behind the money, money would never be able to satisfy you. Your why(s) keep you grounded and help you move from point A to point B.
Willingness
Your why(s) determine how you earn money: you shouldn’t be willing to do just about anything to earn money. It acts as a moral compass to stir in one direction vs. another. For instance, if you want to be financially free to be able help others, you probably won’t steal or use dishonest means to earn money.
Perseverance
Your why helps you persevere on the journey: you need something to make you get up in the morning and want to keep going. The journey is long and, your why keep you motivated when you’re about to give up. Does your why stop on your personal need, your family, your community, your country, or the entire world? Don’t overwhelm yourself; it can harm your progress.
Goals
Your why translates to your goals: it’s easier to set realistic goals when you know why you need the money. If one of your why is to own a home, you save for a down payment. You can easily get off track if you’re trying to save without knowing what you are saving for.
Discipline
Your why minimize wasteful spending: it will be hard to achieve financial freedom when your spending is not under control. Financial freedom is not synonymous with having an unlimited amount of money.
Your why helps you stay focus: if you earn money and don’t have any objective for it, you will end up using it in things that do not move you closer to financial freedom.
Your why determine the timing of your saving and investing strategies.
I have been on this journey for a couple of years now. But what shocked me the most is that you can lose your financial freedom once you earn it. Just because you have reached financial-freedom does not mean you can mismanage your money and stay financially free. You need the same discipline to maintain it. We see people make bad decisions and lose everything in a short period. We all have made some bad decisions at some point; this is in no way to condemn people. It is more as a wakeup call to make you believe that you can start over and turn your future around. I am rooting for you, let’s get our lives together!
“Don’t look for motivation. Find your why, then no excuses will come between you and your goals”
