Making the decision to become financially independent isn’t to be taken lightly. The chances are that in order to become financially independent you will need to make some changes both big and small.
Becoming financially independent not only needs long-term planning and commitment but sacrifices too. Is it really worth it?
Financial independence is not about wealth and riches. Committing to financial independence does not necessarily mean that you will have a future of extravagance and fortune. The truth is, financial independence provides you with the things that can’t be valued in monetary terms. Whether it is worth it or not depends on how much these things matter to you:
You will have more time
The time we have is finite. It begins when we are born and dies with us. What we make of the time we have in between is down to us. Do you really want to be working for someone else your whole life, until you retire at 65, just to earn money to pay for things you think you want in order to have the lifestyle you think you should have? What about time to enjoy the real things in life?
Financial independence means that you can stop working earlier to enjoy the things you want to do with the people you want to be with. Whether that means spending time with your family or packing your days with things to do in Dubai, you will require the financial means to make the most of the time you have in life. When I am taking my final breaths do I really want to be thinking about all the time I spent working in order to buy all the stuff I accumulated, or do I want to remember times and memories with those I loved, doing the things I enjoyed?
You can pursue your real interests
Whether you hate your job or you love it there are surely more things you enjoy than working? What would you do if you had more time to do so? Would you learn a new skill you’ve always wanted to try? Would you spend more time on your hobbies? Would you travel the world? When you are financially independent you are able to pursue your real interests, doing the things you want to be doing for the life you have instead of the things you need to be doing for the life you want.
You don’t have to worry about job security
Long gone are the days when you would get a job fresh from school, work your 9-5, get an annual pay-rise and retire from the same company with a pocket watch at 65. Job security no longer exists but for many the debts, lifestyle maintenance and big mortgages do. What happens to the latter if the former suddenly disappears? Generally, our main income is our only income but what will happen to us if we lose it?
Being financially independent means not having the burden of worry about how you will pay the mortgage, put food on the table, meet the car repayments and live the lifestyle to which you are accustomed if your world turns on a sixpence and you lost your job tomorrow.
You will have peace of mind
Lack of money, long work hours, debts and financial pressure cause stress which cause arguments which makes for a difficult living environment. When your nerves are already fraught and tension currently exists with how things presently are, it can be devastating when something unexpected occurs.
Financial independence means that you can rest assured knowing that you can deal with emergencies should they happen. Health, food, clothes, a home; financial freedom allows you to live safe in the knowledge that your basic needs are met no matter what life throws at you.
You will be free
Your life is more valuable than any amount of money. Not only does financial independence mean that you won’t have to worry about money, but that you will be free of restraints, of expectations and of restraints. You can do whatever you like, whenever you like, with whoever you like. Or not. When you have financial independence you have choices and freedom.
And you can’t put a price on freedom.
Have you made a pledge to become financially independent? Have you achieved it? What was your reason for becoming
financially independent? We’d love to hear it! Please share your thoughts in the comments below.