Have you ever wanted something so bad that you can taste it? That’s how I’ve felt for the past few months when it comes to the idea of financial freedom. While it’s not exactly consuming all of my thoughts, it’s definitely taking up real estate in the conscious and subconscious regions of my brain. I have an insatiable desire to be free from the shackles I wear due to my debt and lack of passive income.
Granted, most would think I’m pretty darn close to being financially free because the only debt I have is “good” debt–a wee bit of student loan debt locked at 1.625% for life and my mortgage, which is locked at a low interest rate as well. I’m also doing well with my efforts as a freelancer, bringing in over $10,000 last month.
But I disagree because my personal definition of financial freedom is being 100% debt free and, in turn, being able to do whatever I want with ALL of my money. I look forward to the day when I can live my life as I see fit and have the financial means to do so. Hey, a girl can dream, right?
Or more fittingly, a girl can work.
My Philosophy for Achieving Financial Freedom
I’ve read a plethora of articles and blog posts about the idea of financial freedom. Of the hundreds I’ve come across, I can’t remember a single one that highlighted how to achieve financial freedom other than giving the standard tips of pay off your debt, invest your money, reduce your spending, blah, blah, blah. While these things are important, what’s missing is the idea that you have to work for it–that even if you follow all of those wonderful 5 or 10 steps, you still have to keep hustling to make your financial dreams come true.
If you don’t do the work, nobody else will. And making haphazard attempts to get closer to your goal won’t cut it either. You need to be dedicating consistent effort and time to your quest for financial freedom, and you have to realize that it won’t happen overnight. There’s not going to be some magical day where you wake up and decide, “I now have financial freedom!”
Sounds like a no-brainer, right?
Today’s Choices Impact Tomorrow’s Opportunities
Unfortunately, so many people spend their time paralyzed with money fears or spinning their wheels doing things that derail them from their progress that they lose sight of the end goal. Sometimes they’re so focused on the day-to-day and immediate gratification of the now that they can’t understand how today’s choices impact tomorrow’s opportunities.
These behaviors do nothing more than cause people to lead a life of paying others first, relying on others to pay them so they can live their lives and worrying about how they’ll overcome the obstacles and challenges life so regularly presents us with. None of this will help you achieve financial freedom–it actually confirms you’ll never have the freedom you so desperately crave.
But…there is hope if you’re willing to work for it.
How I’m Working to Achieve Financial Freedom
Each time I write a goals post or recap the previous month’s success (or struggles), I do so in order to analyze what’s working and what’s not working. I track my numbers in an effort to maximize my efficiency and to make room for bigger opportunities that can help me reach my goal of financial freedom even faster.
When I find something that’s working for me, I give it more effort, attention and time. I might celebrate a large milestone with a short-lived “pat myself on the back” moment, but then I’m right back at it instead of resting on my laurels.
If something isn’t working? I consider other ways to make it successful before abandoning or replacing it, but I won’t waste my time with trying to put square pegs into round holes. My time, work ethic and motivation are my greatest assets and I’m not about to squander them on fruitless efforts that detract from my ability to meet my goals.
In other words, I work for it. I’m constantly striving to better my financial situation, and I’m always learning from my mistakes just as much as I’m capitalizing on the opportunities that come my way. Thankfully, somewhere along the way in this crazy financial journey of mine, I realized that financial freedom doesn’t just happen; it’s earned.
How are you working to achieve financial freedom?
Photo credit: meddygarnet
Being aware of choices and constantly staying on top of it is what I'm doing! I know that it's a steady marathon towards financial freedom and not a sprint. It's the same way I look at personal fitness and health. Everything takes hard work…you'll see results but not as quickly as you want and not overnight. But in the end it will all be worth it!
Yes! The bit about a marathon and not a sprint is so true. As is how this type of thinking/dedication can have big impacts in non-financial ways as well.
I'm with you on this. I am a huge advocate of hard work and perseverance. I wish most people understood or realized that success does not come over night for most people at least, and that it takes sacrifice.
For example, we are saving up for our down payment, but are eating out less to save more money.
We don't have new cars and we don't go on super expensive vacations even though just by income we probably could. It's important to have high expectations and matching goals.
My recent post What Are Your Vacation Plans for 2013?
Love this–high expectations are nothing without the work (and goals) behind them! I think you two are doing a great job–the debt free part alone is huge.
My student loans are stuck at 7% interest and I can't even get a mortgage, so I'm also stuck as a rent slave. I know how much house I can afford but in this country, home ownership is not scalable, and government does not allow the stand-alone sale of homes I ca afford to buy.
So I don't see financial freedom in my future.
Don't lose faith! I never saw my dream actually coming true when I was drowning in credit card debt. Keep chipping away and you WILL get there.
Agree! So many people want the quick fix to get themselves out of debt and to earn money fast. The truth is you have to work hard and earn it. People who are financially free worked hard to get into that situation (and it is great to be there) and work hard to stay there. I see things I want ALL THE TIME but 99% of the time (I'm human after all) I realize financial freedom far outweighs more shoes or purses or stuff.
My recent post Celebrating National Financial Literacy Awareness Month
Haha…yes, I know what you mean about seeing things you want all the time–I'm right there with you! The difference with us is that we value our long-term goals much more than the short-term satisfaction of frittering our money away.
I couldn't agree more! So many people just assume that things like home ownership and debt freedom will come to them eventually, they don't realize that you have to work to make those things a reality!
I'm working pretty hard towards financial freedom, I'm always trying to make more money, either through my side hustle of freelance writing or through my full time job in marketing, so far it's working, and I'm pretty close to debt freedom. Only $12,500 to go!
You're doing a great job–that net worth update was very promising! $12.5K is so close…you'll be there before you know it and never look back
I figure that the harder I work, the more rewarded I will be. Yes, there are many times when I want to give up on making extra income on the side due to time commitments, but I want to be debt free and just living life just like you. I have a long way to go because I just got out of credit card debt about 7 months ago. I will get there soon enough with more perseverance. Thanks for the motivation Jen.
My recent post Have a Small Business? Here Are a Few Tips to Save Money
You're welcome! And I think you're doing an awesome job. I too sometimes struggle with motivating myself to keep up with everything, but I find that the harder I work, the easier it is to ignore the urge to just go take a nap.
Getting out of credit card debt is a fantastic accomplishment–you're already on your way!
Well said! I too would love to see myself financially "free" at some point again in my lifetime. The weight of debt really weighs down on me.
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Baby steps! It's what worked for me and I'm guessing a key component to tackling any goal. You'll be there before you know it
Nice to see you commenting here
On my way to repay the favor….
Great write up, and obviously one of my favorite topics (i.e. financial freedom is the tagline to my blog). You really hit the nail on the head – you have to work for it if you want it. You can save. You can spend less. But it takes a lot more than that if you want to retire before you're 65. If you want it bad enough, you'll find a way. You just can't give up.
My recent post Reader Debate – Would You Borrow Money to Invest in Stocks?
Yes, yes, yes! Thanks for sharing your thoughts–just keep working and you'll eventually be where you want (and need) to be
Great article! Yes, I'm dedicated to my mission of financial freedom as well. And I think part of that journey is getting back on track if you ever fall off. And being better able to handle things that are out of your control, like with me and my shoulder expenses.
My recent post April Goals
So true! Getting back on the wagon is a tough thing sometimes, but it's the only way to truly keep moving forward… good luck with the next steps; hope surgery isn't the only option!
Wow $10,000 a month! That's awesome!
My recent post HST is Finally Gone! British Columbians Rejoice!
Thanks! It was just one month, but I hope to have a repeat sooner than later
Great job on the income!
I also blog about my finances, although no actual numbers just percentages, every other month. I don't do it because other people think it's interesting, but because it really helps me stay on track and move closer to my goals.
Thanks, Justin! I agree that sharing keeps me on track as well. Good luck this month!
Financial freedom is definitely hard work. It's to get discouraged especially when comparing yourself to others but everybody is different and financial freedom for yourself can only be something you yourself work hard for.
Financial freedom is definitely hard work. It's to get discouraged especially when comparing yourself to others but everybody is different and financial freedom for yourself can only be something you yourself work hard for.
I know what you mean! Comparing myself to others is a battle I sometimes have to fight–it's so easy to see other people's success on the surface and not understand what they went through to get there. Working hard is the way to achieve all of your goals regardless of your circumstance.
Well said. You can budget all you want and save all you want, but if you don't work hard and, "want it" you're not going to get ahead. Half of the battle (in my opinion) is being willing to hustle, work hard and assess where you're at financially to determine what's working and what's not. Work smarter, not harder, right?
My recent post Pre-owned Engagement Rings-Frugal or Tacky?
Hell yes–working smart is what I'm all about!!! I recently read that it's normal to have days when you just can't work and then days when you work 13+ hours in the same day–there's an ebb and flow that you have to make work for you. When you figure out that formula and you work your tail off, you're money (pun intended!)
I enjoy your blog, and others that are similar, but I'm not yet bitten with the 'financial freedom' bug. I'm not sure what it is – probably just the status quo. I'm happy to fill my time in the company of others (employees, who do what I do cause we like it). And I have a huge mortgage – well in my opinion it's not that huge, but you know… I have to work to pay it off. I have no student debts or consumer debts. I suppose I like to have money – to 'spend' and to donate, and to be like everyone else. One day I might get it.
My recent post 12 in 2 list – a time and money plan!
Thanks for stopping by/commenting! Always happy to meet new readers & bloggers. I think you're on the right track for what works for you and that is the key to figuring it out! Kudos for staying out of debt other than the mortgage and for having a job you enjoy. You're already leaps & bounds ahead of some; keep up the great work
Sounds like you have the right attitude about your financial success. So many people find excuses and reasons why they will just never be successful or wealthy. Acknowledging that hard work is the number one reason you will reach your goals and KNOWING that you will reach them says it all. Thanks for stopping over to by site and Im glad I found yours too!
My recent post Frugal Find Friday: High End in Reworked and eBay Pieces
You're welcome! I love finding new blogs to read!
But yes, staying positive and knowing that someday your hard work will pay off is a huge motivator!
I agree 100%, you have to work to get what you want. The way I think about it is like this: All the books/articles etc that talk about paying off debt, investing etc are good and correct, but that is only one part of the concept, specifically the plan. However, once you have a good plan you still have to execute it. Without the proper execution the best plan in the world means nothing.
Definitely! A plan is nothing without action!
Couldn't have said it better myself.
I'm working right now on creating alternate income streams (rentals and online income) so I don't have to rely only on my 9-5.
That's awesome–best of luck to you! I'd love to get into the rental game sometime sooner than later…just need to take the plunge after doing the research
I´m working on increasing my savings in every way I can!
My recent post Self Hosting; Now What?
I´m working on increasing my savings in every way I can!
My recent post Self Hosting; Now What?
That's awesome–best of luck!
Absolutely true; the learning process can be painful, but makes financial wellness much, much more satisfying.
Have to learn from your mistakes or you'll just keep making them, eh?
Good for you knowing what you want out of life and setting goals to get there. I've had people say that we must have been given money to be virtually debt free bla bla but no! It was all hard work, spending less, saving more and making choices that worked for us along the way. When our paths joined (Mrs and I) we both had money saved up and both had a good understanding about where we wanted to go with our personal finances. We worked and we continue to strive to reach goals but it's never been handed on a silver platter. Lots of blood, sweat and tears have gone into making us who we are today. Don't be afraid of using a bit of elbow grease to get ahead…. that's the way most people actually do find their way. Great post. Well done with the income.
My recent post The Grocery Game Challenge #1 April 1-7, 2013 ~ Price Comparison Grocery List
Good for you knowing what you want out of life and setting goals to get there. I've had people say that we must have been given money to be virtually debt free bla bla but no! It was all hard work, spending less, saving more and making choices that worked for us along the way. When our paths joined (Mrs and I) we both had money saved up and both had a good understanding about where we wanted to go with our personal finances. We worked and we continue to strive to reach goals but it's never been handed on a silver platter. Lots of blood, sweat and tears have gone into making us who we are today. Don't be afraid of using a bit of elbow grease to get ahead…. that's the way most people actually do find their way. Great post. Well done with the income.
My recent post The Grocery Game Challenge #1 April 1-7, 2013 ~ Price Comparison Grocery List
This is all awesome! I love that both of you are on the same page and are working together as a team–you'll get so much further with your goals together!!
Exactly! Why would anyone think that it was easy? It takes hard work, dedication, and thorough planning. Well, unless you won the lottery. But even that, you should learn how to manage it so you won't go broke again.
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Keep the good work Jen! one comment re: “my personal definition of financial freedom is being 100% debt free…” While I don’t have any debt and I achieved financial freedom by your own standards, I wanted to comment that you can still achieve freedom with your debt. The key is to create passive income that covers your expenses (interest from the debt would be one of them) and is enough for your current lifestyle. Again, keep the good work
cheers! Tal
Yes, all ideas and plans should be converting into actions. Those ideas will remain as concepts unless something will move. We might have numerous great thoughts about becoming rich but poor in action thus nothing will happen. We need to know why you want change. The answer will boost the desire to win. Sometimes, we need to take the first step in breaking the ice. Start now.
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