People peddling "Financial Freedom" in the form of a course/class do not understand the term.

The term "financial freedom" is often used to describe a state of being where an individual has enough wealth to live their life on their own terms without any financial constraints. However, in reality, the term "financial freedom" is an oxymoron, as true financial freedom is almost impossible to achieve.

Firstly, financial freedom implies that an individual has enough wealth to meet their basic needs, maintain their lifestyle, and have a cushion to fall back on in case of emergencies. However, as our wants and desires are unlimited, it is almost impossible to achieve a point where we feel completely financially secure. There will always be a desire for more money, more assets, and more investments, leading to a constant pursuit of financial growth.

Secondly, true financial freedom requires a level of self-control and discipline that is difficult to maintain in the face of the constant temptations of consumer culture. The desire to keep up with the latest trends and acquire the latest gadgets and luxury items often leads individuals to overspend and take on debt, which ultimately restricts their financial freedom.

Furthermore, external factors such as economic downturns, market fluctuations, and unexpected expenses can disrupt even the most carefully planned financial strategies. This unpredictability makes it almost impossible to achieve true financial freedom.

In conclusion, while the term "financial freedom" may be a popular catchphrase, it is an oxymoron as true financial freedom is almost impossible to achieve. Instead, we should focus on developing healthy financial habits, living within our means, and setting realistic goals to achieve financial security and stability.

Why "FINANCIAL HEALTH" is a better goal than financial freedom.

Financial health and financial freedom are two related but distinct concepts. Financial freedom typically refers to a state in which a person has enough passive income or savings to cover their expenses without having to work actively. On the other hand, financial health is a more holistic goal that encompasses both financial stability and financial security, which are important aspects of overall well-being.

Financial health involves having a sound financial plan that helps you achieve your financial goals and protect yourself against unexpected events that could negatively impact your finances. To be financially healthy, you need to have a good understanding of your financial situation, which includes your income, expenses, assets, liabilities, and overall financial health.

Here are some factors that would make you financially healthy:

Good credit score: A good credit score is important for obtaining credit when needed, such as for buying a house or car. It also helps to get better terms and rates for loans, which can save you money in the long run.

Emergency savings: It's important to have an emergency fund in place to cover unexpected expenses or financial setbacks. Experts recommend having enough savings to cover at least 3-6 months of living expenses.

Adequate insurance coverage: Having adequate insurance coverage, including health insurance, life insurance, and disability insurance, can protect you and your family from unexpected financial hardship due to illness, injury, or death.

Debt management: Managing your debt is important for your financial health. This includes paying off high-interest debt as soon as possible and avoiding taking on new debt that you cannot afford to pay back.

Retirement planning: Planning for retirement is essential for long-term financial health. It's important to save enough money to ensure that you can maintain your standard of living after retirement.

Budgeting: Creating a budget and sticking to it can help you manage your expenses, avoid overspending, and save money.

Overall, financial health is about taking a proactive approach to managing your finances, making smart financial decisions, and planning for the future. It's important to focus on financial health as a long-term goal, rather than just aiming for financial freedom, which may not necessarily lead to overall financial well-being.

By DW

Austin, Texas

3 Votes