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Rachel Welch

06 November 2022 145 Read Resources

What Is Financial Freedom?

One of the first steps toward financial freedom is creating a budget and sticking to it. You should set aside at least three months of expenses for an emergency. In order to have financial freedom, you should not make large purchases or invest until you have built up a substantial emergency fund. You should also pay down any debt you currently have.

The next step is to determine what you value. Financial freedom is not a certain number, but a mindset. When money no longer drives your decisions, you can start living a life that is aligned with your passions and values. When you focus on price, you're only concerned with the dollar amount, or the economic impact. In contrast, when you think about value, you focus on how much it will satisfy you and bring you happiness.