Financial Freedom or Freedom From Finance?
There ain't a single person in crypto not in it to make money, change my mind! We're all here for the promise of free internet money and major gains, the financial rewards are obvious in this early stage of crypto and while there are so many altruistic parts to the economy people get into crypto for the promise of financial freedom.
The idea that in a second you could have bought the right cryptocurrency or backed the right project early on and be rewarded with millions of dollars is the dream of many. You can then sit back and enjoy the freedom that comes with not having to work to pay your bills and doing exactly what you want to do on your own time.
It's like this unicorn we're all chasing and then we're going to be happy right? No more slave to the system, living my best life over here people.
Image source: medium - wealthrituals
I can't vouch for the authenticity of these numbers, but do they matter? I think the options available matter more than anything esle and the overall odds of achieving these goals.
- 1% will be considered wealthy (financial freedom on their terms)
- 3% will have adequate savings to be secure without any financial help.
- 7% will still be working…because they have to (not because they want to).
- 74% are dependent on the Age Pension, family, friends or charity.
- and the other 15%? …well, unfortunately, they don’t make it to 65.
Consume too much
That outcome seems pretty bleak for most people chasing this goal and why is that? Yes we need money to live but you'll be surprised at how much you actually need once you cut out the things like designer clothing, the latest tech, iTunes subscriptions and all those things you feel you need but don't actually need.
All the junk you've bought over the years that are stoke piled in your home are not just collecting dust but its money that could have been invested to earn you money over time.
It's not just about putting away for a rainy day, its about putting away for every day. We don't know how much time we have here so, by all means, spend if you feel an opportunity of a lifetime comes along, book that flight, buy that surfboard, spend money that invests in your happiness and enriches your soul with compound interest.
The rest however you can put towards various savings options, maybe some risky undertakings like crypto and who knows how cosy you could be in a few years. Too many people want crypto moon now because they want to buy stuff now, they have this wish list of desires.
Steem didn't moon so I can't go on holiday so steem sucks and I'm powering down is a sentiment I see quite often. Investing time and money is not about living in the now, it's about banking it for the future.
We don't know where this thing is going, the Bitcoin Pizza guy didn't either, now his out 10 000 BTC but he was living in the now, nothing wrong with a little YOLO but maybe think about what you want to achieve and why you do what you do to earn cash. Those 10 000 BTC could bring you pizza for life and what a wonderful feeling that would have been right?
Faux financial freedom
Financial freedom is the pitch of every business guru, scam and motivational speaker. You're going to go out there hustle hard and then sit around and reap all the benefits for years to come. While its not impossible most people won't reach that level of financial freedom, those gurus will be getting enough people to pay them $29.95 for their courses.
Don't fall for that nonsense, find out what you need to live and work out on how to save towards being able to live comfortably without having to rely on trading your time for money for the rest of your life.
Have your say
Do you think financial freedom is the dream? What would you do if you were instantly capable of never having to work again, how would you spend your time?
Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.
So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."
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