I'm not sure there's a proper definition for the term financial freedom because the term is dependent on the individuals view. Enough money for me is different from enough for another individual.
But what can we term financial freedom?
Your financial freedom is dependent on what you're goals are in relation to your finances. Its that point where you have total control over what you spend and earn and how you earn and spend.
For earning it has to be a dependable source of income, meaning even without your physical presence you're still earning regardless. While for spending, you're at a point where you no longer have to worry about your expenses.
So it's that point where you can live your life the way you want and know that financial worries is not a problem.
How then do you attain Financial Freedom
I mentioned earlier that this is dependent on what your financial goals are. Goals are important in every part of our lives.
A goal tells you how far you want to go and where you've gotten to. So you should be thinking of how much you could have that would make you financially free and how to work towards making that money.
To work towards it, you need a plan. A goal tells you what you want to achieve, but a plan is how you achieve it. A good plan should have your long term goals and short term goals stated out.
Long term could be yearly goals. For instance if I'm looking at making a million dollars in a year. My ultimate goal would be 1 million USD in a year, and I would have some short term goals probably in form of quarterly periods where I can see how far I've come and if I'm on the right track or corrections are needed.
Making the right investments and saving will go a long way to help achieve this. Once you have enough money in savings that can cover for emergencies, then you can make certain investment choices without worrying too much about risks.
One of the reasons cryptocurrencies were created in the first instance was to allow individuals have control over their financial lives. It is perhaps another reason for it's growing popularity.
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I think first things first... Get out of debt. Then own your own home (with a reasonable mortgage with lots of equity maybe). Then build up cash savings. Then start stacking some hail mary type investments in size.
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Very true. I missed that, getting out of debt is the absolute first thing to do
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