Millennial Mindset: What it Means to be Financially Free
As many may know, I am on the road to become financially free. When I mentioned this to some of my friends, many of them were under the impression that they were already financially free. I asked them what they thought that meant and they usually say that they’ve found a well-paying job that covers the bills.
If that were the case, then I believe most of us are financially free. But when I say “financially free,” what I mean is more so related to retirement. Being financially free means not having to rely on a paycheck from work to pay your living expenses; you have money coming in every single month without having to go in to work for it.
Now, many think of this as retirement. The concept of retirement is a little different since you usually have savings that you just live off which will eventually run out. People have social security checks now, but us generation Y women probably will not have that luxury by the time we retire. So with this being said, I hope you girls save a lot of money for retirement…or manage to become financially free.
The difference between the normal retirement I mentioned above and being financially free is that you are still receiving paychecks by being financially free without having to work at all. If you make good investments, your assets can bring you cash flow each month! This can be in the form of real estate, stocks, businesses, etc. It is all about having assets and making sure they can continually bring you income whether or not you are working.
So my goal is to become financially free, not to retire. I actually like working at my job. But knowing that I will be covered if anything were to happen that made me unable to work or if I just decided I did not want to work anymore, is freeing. Being financially free really means being able to live your life to the fullest with no constraints.
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