On Tuesday — Independence Day — we celebrate, amongst many things, freedom to pursue happiness, free speech, free assembly, and freedom to worship or not.
How about financial freedom? What does that look like?
I think most would agree it includes freedom from worrying about paying the monthly bills.
But is that all there is to financial freedom?
Some say financial freedom is when you can buy yourself time. Time to do what you enjoy or find valuable, rather than unpleasant chores.
For some, unpleasant chores could be yardwork or cleaning the house.
Having the money to pay someone else to do it would then constitute a freedom, a type of wealth.
Then there’s the attachment to money. If you’re poor, it’s natural to focus on it. But many wealthy people focus on money, too.
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And some hold on to it and what it represents to them; status, maybe.
Consider two equally very wealthy people. One shares with friends and charities, while the other bemoans wastefulness all around, as well as ever rising prices.
The difference may not lie in the size of their hearts, but possibly in a lack of trust in the future and a general and unfocused fear they may run out of money.
The second person will, in my opinion, not experience financial freedom until she learns to take a chance and let go.
It could be a small first step, like dining out occasionally or handing cash to a homeless person.
Who knows? She may find her financial safety was not impaired and feel a little freer going forward.
As we celebrate our nation’s 247th birthday, I hope you will take time to appreciate your freedoms and everything, past and present, that has been done to make it so.
Happy Fourth of July, everyone.
Jorgen Vik is a CERTIFIED FINANCIAL PLANNER™ and partner with SKV Group LLC. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. SKV Group is a separate entity from WFAFN.
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