The term “financial freedom” gets thrown out a lot by personal finance writers (myself included.) But it’s often unclear what the exact definition of financial freedom is and how someone can know if they have achieved it.
Here is my simple Definition of financial freedom: You have achieved financial freedom when you can spend your days doing work that you love without worrying about how you will pay the bills.
The best part of the above definition of financial freedom is that it does not require you to amass a massive amount of wealth. It simply requires you to find a way to pay for all of your living expenses, plus a little extra for retirement savings by doing work that you truly love. …
In a recent article, I introduced my personal definition of financial freedom; Being able to pay for all of your living expenses doing work that you love.
This simplified definition of financial freedom focuses on income. That puts it in stark contrast with the Financial Independence, Retire Early (FIRE) movement, which focuses on asset accumulation; once you have accumulated enough wealth, you are considered financially independent.
In this article, I’ll compare the pros and cons of financial freedom compared to FIRE to help you decide which goal you want to focus on.
The math behind FIRE relies on two rules of thumb. …
I am excited to share episode 2 of the weekly “Millionaires in the Making” show.
The show’s idea is simple: A money nerd (me) has extended conversations about finance with someone who is not obsessed with money (my wife, Trish.)
These are the kind of money talks we have in real life, and we are super excited to share them with you.
Below is episode 4, where we discuss how we bought our first home.
If you enjoy this concept and want to see more, make sure you subscribe to the channel, so you don’t miss future episodes.