What Does Financial Freedom Look Like?
I’m about to turn 24. Age almost seems like this abstract concept. When I was a little girl, even when I was in high school, I felt like there would be a moment in my twenties when I would start to feel like an adult. To me, part of being an adult means having my financial life in order. However, that hasn’t happened to me yet. If you look around the personal finance world you’ll see lots of talk about financial freedom and financial independence. But, I realized both of those concepts would look different for each person. This got me thinking, What exactly does financial freedom look like for me? How will I determine if my financial life is where I want it to be?
This is one of the reasons why I feel like we need to always talk about money. For me, there are parts of my life that have influenced my goals for the future. Like where I want to live and how I want to work. All of the things I'm talking about require money, however, I feel like each person needs to have a personalized idea of what financial freedom would mean to them. At the end of the day, you don't want to live someone else's life. So, instead of arbitrary goals surrounding my finances, I thought it would be a good idea to think about the aspects of my life I want to prioritize and how my finances will help me live that life.
The ability to say no
As a freelancer, I deal with this at least once a week. When you talk to potential clients about projects, it's easy to automatically accept the project regardless of the red flags you may notice. However, the more I work as a freelancer, the more I realize it’s crucial to say no to a project you feel won't work for you. This could be because you think the potential client is rude or the project isn't something you're excited about. Oftentimes, when I accept a project I feel hesitant about that's when things start going wrong. So, for me, part of financial freedom means I have the ability to determine what I want to work on. I think the method of how I work could change over time. Right now, I'm a freelancer. But I could see a time where I would work at a company full-time or either I have my own business. That being said, I also don't want to be in the situation where I'm working with people with who I don't agree with ethically or in environments where I’m not respected.
On many levels, I know the ability to say no to opportunities is a privilege. There are times when you just need to pay bills and I think there is beauty in being able to pay the bills. However, if we're thinking about our most ideal financial situation I definitely think I would prefer to have some control over the work I’m doing. I say this because retiring isn’t necessarily a big goal for me. With my personality, I know I'm at my best when I'm working at least 20 to 25 hours a week. There are people in the personal finance space who prioritize retirement, especially early retirement. But, I would prefer to continue working, but work in a capacity that makes me feel more creative and engaged with the world.
Prioritize my health
As I get older I'm starting to realize how important it is to prioritize my health. During this year, I experienced a lot of issues with my health. At this point in my life, this wasn't something I was expecting. Most people my age don't have health issues, especially if there's nothing to indicate what condition or problem they may have. Prior to being sick, I didn't have any signs that I was going to be struggling with my overall health. However, this has reminded me how much your well-being can change in one day.
When I have more financial stability, one of the things I want to put in the forefront of my life is my physical and mental health. Right now, there's so much going on in terms of the American health-care system. In my ideal world, I’m able to get whatever treatment, medication, and lifestyle considerations it takes to make sure I can stay healthy. This is something I want for myself, but also for my loved ones. In terms of getting the best treatment or being able to take a break or adjust a work schedule.
A world where I can get regular sleep, be in a low-stress environment, and be able to work out in my free time. I think a life like this would give me a great deal of satisfaction outside of simply having more money.
Time for my hobbies
I want to learn how to play tennis and learn how to ice skate. I have no idea if I have enough athletic ability to do either, but I want to try them anyway. These are dreams I’ve had since I was a child and I want to explore them. I want to have time to read history books and non-fiction. I want to try to write my own book, it doesn’t have to be a New York Times Best Seller, but there’s an idea I want to articulate.
In my ideal financial situation, I have time for these hobbies. This is one reason why I’m glad I live in this period of time. It’s so much easier for people to pursue their hobbies outside of their main career and this is something I plan on doing.
Location Flexibility
I was born and raised in South Carolina. Yes, the state that seceded from the union. Although I do my best to appreciate the implications of being a South Carolinian, I’m not excited about the idea of spending the rest of my life here. I don’t feel like South Carolina is a horrible place, it’s my home but it’s also not my forever place.
This is why I starting working remotely. I kept looking for opportunities in the state and kept getting disappointed. If I had financial freedom, I would live wherever I wanted. I would still spend time in South Carolina, however, I would prefer to live most of my life somewhere else. I know how much our homes are determined by financial opportunities and I want to be free of this. I grew up in one of the biggest cities in the state and yet the economy wasn’t great.
I’m still undecided about where I want to live, suburbs vs bigger cities. What I know is that I want to determine where I live based on what works for me. I would like to live somewhere that’s fun for a person in their twenties, where I can pursue my career goals, all at a reasonable price. I’m grateful remote work will help me accomplish this goal. With remote work and financial freedom, I think I will be able to live wherever I want.
When we talk about money, we’re always talking about more than just money. If we’ve decided to work towards the goal of financial freedom, we should know what that looks like for us. I hope this inspires you to consider how you would use money to improve your life.
