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Greetings Friends, it's my pleasure to streamline this article that expounds on the need for financial freedom at all levels in our respective lives and societies, I trust you would love to go through.
Introduction.
Nonetheless, financial freedom plays a crucial role above all the affixed freedom mantras in our respective lives and societies. Here comes the question, what is financial freedom? This is a money related term that emphasizes the liberty gained as a result of accumulated or inherited wealth. Although different authors may have their respective vignettes over this issue, the definition above goes a long way in elucidating the intricacies of the underscored context.
Although the different stages of financial freedom in our different societies may differ given to certain factors like: a country's money value, state and source of wealth, rate of inflation in a domestic economy, etc. All these accounts for financial freedom. Consequent to this, a particular individual who may be spotted to have gained freedom financially in a particular country may be a poor person in another country despite his level of wealth which makes the maintained observation a stage based issue.
Using Nigeria and the US as instance, given the devaluation of the naira and prevailing rate of inflation in the country, a billionaire in Nigeria stands as a millionaire in the US given the current exchange rate of naira to dollar stipulated at ₦760.99 to $1. This proves that there is cross-border variation in levels of financial freedom.
Financial freedom has a lot to offer not just to an individual but also to a society. Nonetheless, this has the inclination to help a country for better stage of economic growth although it may not positively impact much on their level of development since development is a general concern over the wellbeing of the people but then, let's see some of its observations below.
Impact of Financial Freedom on Individuals and Societies.
We will be observing at this level, the different impact of gaining freedom financially as individuals and societies.
Exoneration from prolonged debt.
This is the core impact of financial freedom on individuals and societies at large. When an individual or society attains financial freedom, it helps them never to go in for a long term debt. This on the contrary means that financially free people or nations can also borrow given the fact that their wealth may not always be available for use but their debt level will never linger in the long run.
Using a country like US for instance, although it has some accumulated debt of $32t currently given to the data provided by worldometer, the country also knows how to manipulate its way out of the said debt if need be and we can attest to this if we could observe the level of aid it is giving to the outside world.
It Reduces The Inclination For More Work.
Financial freedom would lessen the workload of an individual, thereby giving him the privilege for a lesser input with a greater result. For instance, there are investors and bloggers in the hive ecosystem who are excessively prioritized given to their worth in the system.
Hence, the economic principle is true that men are inclined by default to work less when they are able to earn higher income. For instance a company owner may claim to be working round the clock but in reality, his workload or technical input may not be the same as his employees.
For instance, according to a report by phase.undock.com, It is reported that there are times in Tesla when Elon musk would work over 120 hrs with a few hours of rest. Currently, he doesn't do that again given the fact that he has gained a reasonable level of financial freedom.
Rendition of Aid To Others.
People who have gained Financial freedom are compelled by default to help others at demanding periods. This also applied to nations who have gained a reasonable level of financial freedom which we can use the world police for instance. For instance in this Ukrainian war, it is as a result of financial freedom that most NATO nations were able to render some aid to Ukraine.
This also applies in the hive ecosystem where you can't vote to earn something reasonable unless you have a good amount of Hive. Despite one's readiness to give some value to an article, he may not be able to do that unless he has some reasonable amount of Hive power. In essence, one is compelled by default to help others given to his level of financial freedom.
Control Over one's Time.
As an individual, financial freedom gives you a good level of control over your time since your finances could also take your proxy at any time based on choice and preference of your personal intention.
We would agree to the fact that most companies in our respective economies aren't managed by their owners or financiers but that does not stop those company managers from rendering appropriate accounts to their employers. This would help employers in these business environments to have time for other issues of importance.
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Solution to Financial Freedom.
We'll be looking into some of the proven solutions to financial freedom at this point. Although there are people who have gained this state of freedom through inherited wealth, but then, there are also other valid means of gaining financial freedom.
Early Career and Investment.
Career is just a profession of input that is either imposed, influenced or emulated given to an individual's level of control.
Nonetheless, many people have gained Financial freedom given to their early choice of career although this is quite a regional issue because in most developing nations, one's level of exposure in career may not absolutely be the warp and woof for his financial freedom.
Early Career Investment has helped most people in gaining financial freedom in their respective climes disregarding certain negative environmental factors. We could recall the case of Bill Gates who turned a billionaire at age 31 given his input in the field of programming, this was as a result of early career Investment.
Consequently, investing early in life has helped a lot of people in gaining financial freedom although this is as a result of the available opportunity that one has. For instance, early adopters of Bitcoin like: Armstrong, the Winklevoss brothers etc. who dived into the cryptocurrency invention when the price was still non substantial.
Risk Bearing.
Over 50% of global contributions of persons whom I've researched about are risk takers. It takes a certain level of abnormality to settle a problem. For instance, you don't beg two fighters to stop quarreling, rather you need to exhibit a certain level of violence in order to settle their quarrel. Although this isn't the point, for one to be financially free, you must be a sagacious risk taker.
We would vividly recall how Sturdivant was paid an airdrop of 10,000 Bitcoin for just two pizzas in 2010 by Laszlo. I trust that Laszlo made an indelible remark that the world of cryptocurrency would never forget in a giffy but then his generation may never pardon him for such a silly contribution to the blockchain invention. This further elucidates that Laszlo isn't a risk taker going by the connotation and reality that he should have been one of the Bitcoin whales by now. In essence, one must learn to take financial risk for him to be financially free.
Maintaining a Good Financial Discipline and Savings Behavior.
Financial freedom is not a crapshoot of coincidence but a well articulated measure with definite results. For one to be financially free, he must be disciplined towards his accumulations and expenditure approach. Achieving this could be by profiling your needs through scale of preference and never wanting everything at all times.
Consequent to the above deduction, one must have a well structured savings habit. Based on your current financial inflow, you may decide to save 30-40% of your income over a given period since you wouldn't be working till eternity. This is why most people became poor after a long period of service either in the public or private sector. When people negate the fact that they wouldn't be in active service forever, that's when financial freedom becomes a puff of smoke in tin air after their retirement.
For instance, I have it as my Leo goal amidst other of my financial engagement outside the ecosystem to save at least 50% of my author rewards over my stay in Hive blockchain. This is planning and whenever I wish to push a few of my earned hives out, I'll refer to the publication I streamlined in response to powering up and hence authenticate a power up. This is called calculated savings and not gambled coincidental savings.
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Conclusion
Individuals and countries should strive for financial freedom since a reasonable height of empowerment could be reached through this, giving everyone the right to mitigate against induced manipulation and full control of one's time and other concerns.
No individual or society would regret after gaining this freedom given to its magnanimous benefits as elucidated above. Finally, the Hive ecosystem can be of great benefit in response to gaining partial if not full effect of financial freedom. Thanks for going through bye.
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I think with adage money answering all things except life justifies this, hence i think financial freedom is the top notch in term of freedom, wonderful publication bye 👋
Yeah friend, financial freedom should be prioritized above most other irrequisite kind of freedom people are pursuing. Thanks for your noble response friend 🤝
Early career Investment,risk bearing. To me I feel those are one the most important solutions to financial freedom.
Great piece @davchi2 the pizza guy sure needs some strokes of the cane.
Yeah Bro, well noted although the first annotation is a big problem in developing nations but then early Investment in Life can gain someone good height if financial freedom of properly managed. Contrarily, Laszlo should have at least 3 strokes of cane each day for mismanaging his opportunity although we can't absolutely lay the blame on him, it might be that his village witches were seriously after him which made him to act that way.