Financial freedom may be a wishlist for millennials who are currently in their productive age, especially for those who are reading the financial freedom books “Retire Before Mom and Dad”. In a sense, financial freedom is a condition where a person has full control over the money they have and does not let money get in the way of decisions in life. Often financial freedom is associated with early retirement or working only when you want because that person can live on passive income, without installments, and live no longer worrying about money.
Financial freedom is actually personal and in accordance with the personal goals of each person. For someone, financial freedom might mean being able to travel around the world, while for someone else, financial freedom might mean being able to send their children to the best colleges. So, everyone has their own version of financial freedom. How about your version of financial freedom? Before reaching a state of financial freedom, generally, people will go through several stages in their financial situation such as described in “Retire Before Mom and Dad”, namely:
| Image | Product | Details | Price |
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The Black Girl’s Guide to Financial Freedom | A great roadmap to mastering your money – and learning a lot about yourself in the process.—Lynnette Khalfani-Cox, The Money Coach(R), author of the New York Times bestseller, Zero Debt: The Ultimate Guide to Financial Freedom | Check Price |
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Financial Freedom | This book blew my mind. More importantly, it made financial independence seem achievable. I read Financial Freedom three times, cover-to-cover. | Check Price |
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The Common Path to Uncommon Success | It’s time to achieve your financial dreams with a 17-step roadmap to guide your journey to financial, location, and lifestyle freedom. Get rid of fear and doubts and say hello to your version of uncommon success! | Check Price |
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The Simple Path to Wealth | This book grew out of a series of letters to my daughter concerning various things—mostly about money and investing—she was not yet quite ready to hear. | Check Price |
Pros And Cons Financial Freedom Books
Pros
- Written content is easily shareable
- Many people prefer consuming written content over other platforms
- Writing is less stressful and time-consuming than producing audio or video
- It is much easier to edit a written piece of content than audio or video
Cons
- A piece written of content is difficult to repurpose into other forms of content
- Many people don’t like reading
- Written content has a low barrier of entry so everyone can do it, which results in a very saturated platform
Dependencies
This is the stage when you still have no income and are completely dependent on others.
Solvency. At this stage, you begin to be able to meet your own needs, but sometimes you still need help from people.
Debt freedom
At this point, you have been able to set aside money for an emergency fund because you have paid off most of the debt. You no longer only have enough money to survive, but also manage to improve your financial situation for the better.
Financial security
You have started investing in valuable investments that can generate short, medium, and long-term returns. You also start to enjoy the benefits of the investment you make.
Financial independence
You continue to make solid long-term investments until a point of income from investment alone can even cover the needs of your current lifestyle.
Financial freedom
This is a condition where your financial condition can meet the lifestyle you want without working. Money can flow from passive income.
Abundance
If your income continues to flow and your financial condition can meet the lifestyle you want, it is possible that you can even reach the final financial stage. At this stage, you have income that even exceeds your own needs. So what needs to be done is to manage wealth or consider plans to reduce it.
