Having wealth and freedom is about having both the time and the money that you need to live the life you want. Neither wealth nor time is enough on its own—it’s hard to enjoy either money or leisure without having enough of the other. Time without money is not a lot of fun, nor is it fun having money but no time. You need both. It is all too easy to focus on money alone. Many people we see have plenty of wealth but no time or freedom, when we know that time and money are both important to having a life of wealth and abundance.
Financial freedom is not simply being rich. Many people who are rich are not financially free. Certainly, you need to be wealthy to have financial freedom—wealth is a prerequisite. But having a lot of assets or wealth is not enough by itself. For financial freedom that wealth must be invested in areas that will give you passive income. You cannot be free if you still have to work for your money and/or your money is still at risk.
- People who own a business, even a quite big and very successful business, but who are still tied to it and cannot leave it for any period of time.
- People with jobs who earn well and enjoy good lifestyles but whose income stops the moment they do.
- People who own investment property with large amounts of borrowing that still needs very active management.
Financial freedom, then, is about having time and money: your time is your own, and so is your money. You do not have to spend time generating an income, and your money is secure. You need wealth, you need a good income—but it has to be the right sort of wealth and the right sort of income.
Living the life of your dreams means that you will need a plan to both create wealth and secure it so that you have enough passive income to spend your time as you choose.
source: Coach Yourself to Wealth (Hawes & Baker)
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