Achieving Financial Freedom - What does it mean for you?
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Think these 2 days mentioned about the young rich (classified as having liquid assets of 500000yuan or something, about $99,000 S$?)
China youngest at average age 36, HK age 48! Meaning? Singaporean somewhere in between guessing over 40?
We don’t have that much liquidity, asset-rich cash-poor and in debt!!! Financial independence is far from my mind now… -
Achieving Financial Freedom means that we does not have to worry about financial issue anymore, able to give our family members even our children a better life and send them for those enrichment classes you wish to let them attend.
True financial freedom is where you need not need to wake up according to your schedule everyday and drag your own feet to work or endure working with people you dislike, look at your boss unhappy face.
True financial freedom is where you can stay away from town/ not working for a month but you still get to receive your paycheck and able to have unlimited earnings yet need not need your 100% efforts and time. -
yes, I know of someone who actually retired at about age 40, and he is able to spent 100% of his time with his child from birth right up to about 7-8 years ago.
Then, the child moves on to have his own friends and pals in his growing up years, which then gives him even more time, and he is now pursuring other interests and new challenge in life. He is currently building up another passive stream of income, and as usual, his goal is again, to reach million dollars in this new target as well as to help others along the way, just like his other sources.
That is really true financial freedom, where he can afford not to work, and live off his passive and consistent income, and pursuring, what I consider, hobbies and passion in his life. -
Attended the Thrillionaire Evolution seminar by Nik Halik, a very successful and wealthy guy, and the first civilian astronaut from Australia.
He has 2 more goals to achieve out of 10 he wrote when he was 8 - 1) orbit round the space station and 2) walking on the moon
He gave lots of good advice and share lots of relevant information that can be applied to our life and daily living, thinking and actions.
I quote some words of wisdom from what Nik Halik said
"without the right mentors, your very best thinking has got you exactly where you are today"
"Have a career of choice, or you are in a job of necessity"
If you do not have your own goals, then you are effectively fulfilling someone’s else goals.
Invest in the No. 1 Brand in the world - You, Me, Ourselves! -
I am very impressed and humbled by many of the replies here, was considering should I be commenting in the first place.
Let's do it anyway.
To me, financial freedom is a simple equation of having a passive income that surpasses all expenses. Hence for example, supposed all debts and expenses have been accounted for, which amounts to say... $3,000 / month.
My passive income from various sources amounts to say... $3,001 / month.
In basic speaking terms, I may be financially free - being able to do whatever I want, without worrying for next month's bills. Additionally, earning extra $1 / month.
Of course, we have yet to factor in other stuff such as inflation, savings, future plannings etc. Too technical, too complicated.
In general, the appropriate questions to ask are...
1. What do you want in life? (Not financial goals.)
2. How much passive income do you have now, and how much do you want?
I'm personally in my early twenties, starting to earn a tiny bit of passive income, so let's work together for our individual goals! 2 cents worth -
Financial Freedom means you have enough money to handle all your expenditure.
Expenditure - personal expenses, household expenses, medical expenses (make sure I can still afford to pay for my private medishield plan rider even in old age)
Also I have reserves set aside to handle any unforeseen circumstances. -
For ks , it will never be enough n end.
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In order to have Financial Freedom, you need Multiple Streams of Income, esp. those that can generate into some sort of passive income, like Property rental, good dividend/yield investments with sound fundamentals, Internet Business, Network Marketing, Info Marketing etc.
If you have more than 2 or more streams of income that gives almost similar or comparable amount, any one stream of income that was lost will not hurt nor affect your lifestyle and standard of living.
So if you have a primary job where you work for someone, then grow your other streams of income so that it can replace or more than replace that primary job.
You can continue to work for that someone if you want to, but in the event that you lose your job, then you are really affected since you have other streams that can replace the primary job income. -
scang:
So if you have a primary job where you work for someone, then grow your other streams of income so that it can replace or more than replace that primary job.
You can continue to work for that someone if you want to, but in the event that you lose your job, then you are really affected since you have other streams that can replace the primary job income.
This sounds familiar. Did you get this from Rich Dad, Poor Dad?
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Learn from guru expert ; good .
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