If you delay, it will inevitably lead you down the wrong path. You’re you and only you can decide how to define financial freedom.Ĭontinuing to think that retirement = financial freedom will cause you to delay the discussion you need to have now. I can almost guarantee that your definition is close to everyone else’s.īut guess what? You’re not like everyone else. If I were to ask you for a generic definition or picture of what retirement is, what would you say? You see, the word “retirement” has been redefined in that last few decades. Therefore, you need to stop thinking that retirement equals financial freedom. The problem with that is many of them won’t be able to work, even if they want to. That’s already the goal of many Americans today. When you eventually come to that realization, you rationalize and say, “Well, I’ll just work beyond age 65 until I clean up this mess and actually can retire.” It leads to a lack of retirement savings. Unfortunately, what people are finding is that the path defined above doesn’t lead to financial freedom. “Retirement = Financial Freedom”Įarly in life, you’re taught that you should go to college, get a good-paying job, get married, buy a house, start a family, get a golden retriever, make even more money, buy an even bigger house, send your kids to college and then miraculously, financial freedom will happen at exactly age 65 when you retire. Then after you retire, you’ll have an abundance of time for “financial freedom” type activities and all will be right with the world. Better yet, there are people out there that make much less than what they used to, but now do what they love and feel great.īased on those examples, I can easily say that financial freedom is about more than just money. On the flip side, I could also show you examples of people who have only a modest income and home that consider themselves financially free. You need to gain a better understanding of your money now. It will just compound them if you don’t know what to do with the money when you get it. More income will not solve your problems. With that in mind, you simply cannot say, “When I make more money, things will be better.”Īs your financial coach, let me be blunt. They make $150,000+ per year but somehow still live paycheck-to-paycheck. While more money certainly helps, I could easily give you several examples of people that I know personally who have an abundance of income and/or wealth but still feel like they’re sinking in quicksand. In our culture, there’s often this misconception that making or having an abundance of money automatically provides you with financial freedom.
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