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What Does Financial Freedom Mean To You?

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  • What Does Financial Freedom Mean To You?

    Guys - was just percolating on this topic over my morning coffee.

    What does it mean to you to be financially free? Is it the ability to buy anything you want? Control over your time?
    james.c.hendrickson@gmail.com
    202.468.6043

  • #2
    To me financial freedom is 100% about time.
    Right now I "sell" my services to my employer. The same way a prostitute sells their time.

    To be financially free means I can give my time away because I am taken care of.

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    • #3
      Financial freedom = Enough savings and passive income to quit working a mandatory job, and to have the ability to do pretty much all of the things we want to do without fear of financial problems.
      Buying stuff is part of the equation too, but over time stuff isn't as important as experiences and time well spent.

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      • #4
        Originally posted by Fishindude77 View Post
        Financial freedom = Enough savings and passive income to quit working a mandatory job, and to have the ability to do pretty much all of the things we want to do without fear of financial problems.
        Buying stuff is part of the equation too, but over time stuff isn't as important as experiences and time well spent.
        I go back and forth on this - what if the "stuff" people like to buy is bullion or paper savings bonds?
        james.c.hendrickson@gmail.com
        202.468.6043

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        • #5
          For me, enough where I don't have to go to work everyday if I don't want to.
          Probably a combination of savings and passive income that will replace the 9 to 5 gig.
          Brian

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          • #6
            Percolating on this as your morning coffee percolated? lol

            I felt like I was financially free when I left the corporate world and earned enough from my own businesses to raise my family. Anyone who is financially independent is ultimately a business owner of sorts. If you are living off of bonds, you are living off of the good faith and credit worthiness of the companies that issued them. You are a lender to them but you have a vested interest in their operations. If you live off of dividends from stocks and mutual funds, you are an actual owner of a number of companies, albeit fractional. You are still dependent upon successful company operations. If you live off of real estate income, you effectively own your own business.

            Etc.
            Last edited by TexasHusker; 08-14-2019, 08:45 AM.
            How can you have any pudding if you don't eat your meat?

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            • #7
              As others, I view 'financial freedom' through the lens of time... Specifically, the freedom/flexibility to use my time exactly as I choose. That requires a degree of invested assets, passive income, etc., such that my family is not reliant on making an employer happy with how I use my time. I may still choose to work doing something that I enjoy a great deal, but we'd have the knowledge that I could walk away anytime that I choose. We can travel, work for/with charities and our church, be generous with our time & money, and do anything else that we like. Goal is to be there around age 42-45, as long as things go to plan (acknowledging the adage "Man plans and God laughs"), at which point we can pursue whatever path we choose.

              Originally posted by jiM_Mi View Post
              Right now I "sell" my services to my employer. The same way a prostitute sells their time.
              Jim, I must admit that this is likely the first time that I've ever had a financial professional compare his work to that of a prostitute!
              "Praestantia per minutus" ... "Acta non verba"

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              • #8
                1st step = zero debts

                2nd step = zero employment

                1st step I'm about 90k away (mortgage is only current debt)

                2nd step will be in about 25 years when i retire
                Gunga galunga...gunga -- gunga galunga.

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                • #9
                  To me, financial freedom would mean not needing to work.

                  I'm not there yet.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

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                  • #10
                    Originally posted by kork13 View Post


                    Jim, I must admit that this is likely the first time that I've ever had a financial professional compare his work to that of a prostitute!
                    Anyone which works for money is selling their time. The only difference is how society views it.

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                    • #11
                      Is it the ability to buy anything you want?
                      Originally posted by james.hendrickson View Post

                      I go back and forth on this - what if the "stuff" people like to buy is bullion or paper savings bonds?
                      LOL -- I was just going to point this out. I consider DH and to have reached financial freedom. I am retired, but DH still goes to work because he enjoys doing it.
                      DH could quit work and our standard of living would stay the same. But, we can't "buy anything we want"-- like a private jet or something like that...

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                      • #12
                        At this phase of our financial journey, financial freedom means being free of debt. I just paid off my consumer debt (credit cards) and student loan. Once we pay off our mortgage, and have at least a year of salary saved for a rainy day, I will consider us to be financially free. My answer will likely be different a couple of years from now.

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                        • #13
                          I'm financially free, but my DH isn't.ha

                          We have no debt and if I wanted to quit work I could, but DH still has to work for family health benefits, so he's not free.

                          No debt is what I feel gives us financial freedom.

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