What does it mean to you? Has your life outlook changed in light of the pandemic?
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I don’t run in the same circles as the likes of Jeff bezos, and that was my knee-jerk (emphasis on jerk) first thought upon seeing “financial freedom” - just being super rich and not have to worry about anything more than how to further exploit people to become even richer.
I do have a colleague who would also fit into this idea of financial freedom on a slightly lower scale. He’s working only to avoid boredom. Mortgage paid off a long time ago. Has many pensions and income streams coming in which amount to maybe three times my salary. Financial freedom to me is not having to work or worry about finances/starving to death/losing your home. He could quit work tomorrow and not worry.
I cannot quit work tomorrow without making alternative plans for income. However, I do appreciate that I am still in a good place compared to others. Although I do have to pay my mortgage etc the money I have leftover/saved affords me some freedoms that others may not have.
for example, my parents needed to get from country A to country B during the pandemic. The entire process was a tit show but I was able to throw money at the problem and get them home safely. On the flip side when things were worse here I was also able to pay to keep them were they were for over a year. When the day 2 and day 8 testing went wrong (we got scammed like many others) I was able to throw more money at that.
some days I’m stressed because I “lost” a few thousand pounds that I may or may not get back. But my parents are safe.
financial freedom to me is being able to do whatever (within reason) with my money without suffering for it. I didn’t have to choose between helping family and feeding myself.
I’m not sure if the pandemic was meant to teach me to be a better person. Am i suppose to conclude that money isn’t the be all and end all? That’s not the lesson I’ve learned. My mum taught me to save for a rainy day and it sure paid off for her!
My parents have friends in similar situations who can’t afford to stay or to return. Their children can’t help them. To me that’s a lack of freedom as they are now stuck.
Back to the point about saving money -
I think financial freedom also means being able to spend on yourself within reason. If you’re only saving for a rainy day but can’t afford to replace your broken umbrella - that’s not freedom.
I usually try to be sensible when paying for everyday essentials but when the pandemic hit I didn’t have to worry about my grocery bill doubling. The small financial freedom I had helped me to weather the storm.
I hope I’ve understood your question. I hope I’ve not come across as really shallow!
I do have a colleague who would also fit into this idea of financial freedom on a slightly lower scale. He’s working only to avoid boredom. Mortgage paid off a long time ago. Has many pensions and income streams coming in which amount to maybe three times my salary. Financial freedom to me is not having to work or worry about finances/starving to death/losing your home. He could quit work tomorrow and not worry.
I cannot quit work tomorrow without making alternative plans for income. However, I do appreciate that I am still in a good place compared to others. Although I do have to pay my mortgage etc the money I have leftover/saved affords me some freedoms that others may not have.
for example, my parents needed to get from country A to country B during the pandemic. The entire process was a tit show but I was able to throw money at the problem and get them home safely. On the flip side when things were worse here I was also able to pay to keep them were they were for over a year. When the day 2 and day 8 testing went wrong (we got scammed like many others) I was able to throw more money at that.
some days I’m stressed because I “lost” a few thousand pounds that I may or may not get back. But my parents are safe.
financial freedom to me is being able to do whatever (within reason) with my money without suffering for it. I didn’t have to choose between helping family and feeding myself.
I’m not sure if the pandemic was meant to teach me to be a better person. Am i suppose to conclude that money isn’t the be all and end all? That’s not the lesson I’ve learned. My mum taught me to save for a rainy day and it sure paid off for her!
My parents have friends in similar situations who can’t afford to stay or to return. Their children can’t help them. To me that’s a lack of freedom as they are now stuck.
Back to the point about saving money -
I think financial freedom also means being able to spend on yourself within reason. If you’re only saving for a rainy day but can’t afford to replace your broken umbrella - that’s not freedom.
I usually try to be sensible when paying for everyday essentials but when the pandemic hit I didn’t have to worry about my grocery bill doubling. The small financial freedom I had helped me to weather the storm.
I hope I’ve understood your question. I hope I’ve not come across as really shallow!
No not coming across as shallow at all it really interests me what it means for people. The pandemic has opened my eyes to the fact I want to spend on experiences and maybe have a smaller mortgage, but then the housing market is beyond crazy at the moment so that may be easier said than done.
I guess that’s what I was trying to get at - financial freedom is being able to do it “all” and not have to think so hard about your finances.
Wishing you the best with your goals.
Is financial freedom the same as financial security?
To me that means if things go bits up you can still afford to keep your home and car and sustain yourself.
I think the amount of money needed to do this is relative . Some people could survive on jobseekers, others could need thousands of pounds each month .
To me that means if things go bits up you can still afford to keep your home and car and sustain yourself.
I think the amount of money needed to do this is relative . Some people could survive on jobseekers, others could need thousands of pounds each month .
I’m not really sure, I think it means different things to different people. You’re right though it’s definitely all relative isn’t it.