“The purpose of wealth is freedom; it’s nothing more than that. It’s not to buy fur coats, or to drive Ferraris, or to sail yachts, or to jet around the world in a Gulf Stream. That stuff gets really boring and stupid, really fast. It’s about being your own sovereign individual.”
Financial independence is the state of having enough money to avoid the constant worry that plagues most people.
In the bestseller “Maximum Achievement”, Brian Tracy posits that 80% of people are troubled by money issues. When they awaken in the morning, at breakfast, and throughout their day, they consider and worry about money. The rest of the day is spent with them discussing it. Living in such a way is not joyful or healthy. This prevents you from becoming your best self.
Here are some great benefits of being financially independent:
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Increased well-being and less anxiety
Money issues are the primary cause of worry, stress, anxiety, and loss of peace of mind. Stress and financial anxiety are major contributors to many health issues. Money anxieties are the root of many marital issues, and financial disputes are one of the most common reasons for divorce.
One of your key goals in life should be to secure your financial independence without self-deception, delay, or reliance on luck.
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Freedom to do what you enjoy most of the time
Your ability to live your life more independently is one of the main advantages of financial independence. You are free to follow your interests and passions when you are financially independent. To have more time to pursue your interests and spend time with family and friends, you can also decide to work less.
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It supports your peace of mind
Another advantage of financial independence is it could also give you more peace of mind. You will be able to better concentrate on other elements of your life and experience a greater sense of well-being – if you are not concerned about making ends meet each month.
IMAGINE you could create your financial life any way you pleased:
- How would your life change if you met all of your financial objectives?
- What impact would it make to how you go about your daily business? What would you be concentrating on more or less?
- What kind of income would you like to have in a year, five years, or 10 years?
- What kind of lifestyle are you hoping to lead?
- How much money in the bank would you like to have? When you retire, how much do you hope to be worth?
These are pretty significant questions.
You can figure out what you need to know and do to get there, provided you can be absolutely clear about where you want to get to financially. To help you with this, you should read the article signs you are on the right track toward financial independence.
Key takeaway
One of your life's most essential objectives and obligations is to achieve financial independence. It is much too crucial to leave to chance.
Money issues are the primary cause of worry, stress, anxiety, and lost peace of mind. To begin your journey to financial independence, decide exactly what you want your financial picture to look like. It all starts with you defining your financial future clearly and then making an actionable plan to realize it.
You owe it to yourself to improve your money knowledge and skills until you are confident that you can support yourself and family, without having to worry about money. Learn more tips on how to handle your finances by browsing through our financial advice articles and videos on investnaija.com.
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