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It’s true that money can’t buy happiness. We all know miserable people with money. But what money can buy is freedom. Freedom to do work you enjoy, freedom to travel the world and have wonderful experiences, and freedom to spend your day in a way that makes your heart sing.
As J. L. Collins, the author of The Simple Path to Wealth has said:
“There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and to work for whom you respect.”
Many of our decisions when it comes to money management, wealth building, and day-to-day personal finances are focused on providing ourselves with some type of freedom in our lives. But is a high income and/or a high net worth the only way to achieve this? Is it even the best way to achieve it? A lot depends on what freedom looks like for you.
Ways to Have Freedom on a Modest Income
Define Freedom
What does being free mean to you? It’s worth taking some time to brainstorm the answer to that, rather than going with your first thought.
Do the people you know with a high income really get to experience a lot of freedom or are they working way more hours than they play in any given week?
Do those with a high net worth have a lot of time freedom, or do they spend a lot of their time maintaining their mansions, running their businesses and micro-managing their employees?
Defining what a freedom-based life looks like for you determines how much it will cost. Be specific. Many people want the freedom to travel, for example, but that can take many forms.
If freedom (for you) means living out of a camper van while traveling around southern Europe, then that will cost a lot less than living in a big city, but regularly jumping on a plane to go chill at a luxury resort for the weekend.
The freedom to work remotely may matter more than the freedom that comes with a high paid job, for you. In fact, someone with a low-paid, low-stress remote job might experience a huge sense of freedom compared with someone with a high-paid, high-stress job that requires 12-hour days at the office, sandwiched between two stressful commutes.
Avoid Debt
Again and again, I see high income earners experiencing a complete lack of freedom because their outgoings – including debt repayments – still match (or exceed) their income. High income families with high debt and high repayments aren’t feeling free right now. They’re feeling pretty restricted, and maybe a little trapped.
When it comes to making drastic breaks for freedom, like taking off to work abroad for a while, the defining thing that makes that possible is often not how much money someone has, but how much debt they have (or don’t have). The totally debt-free often experience other types of freedom, even if their income isn’t very high.
For most of us it’s far too late to avoid debt, but putting together a plan to manage it can often be the first step to a more freedom-based lifestyle.
Get (Some) Control Over Your Time
The freedom to completely control your time is priceless, but it’s not necessarily the preserve of the rich. Designing a lifestyle with flexibility built in can be done at any income level.
In fact there are very few high-income jobs or business models that don’t require long hours (and often restrict you geographically). Whereas other, lower-paying, options might offer a lot more time freedom and flexibility. What that looks like for you will depend on other factors. It could be:
- A fully remote job
- A hybrid job
- Freelancing (perhaps as a digital nomad) or consulting
- Seasonal work in different locations (with gaps for traveling in between)
- Taking on volunteer work that comes with all expenses paid accommodation and a simple lifestyle
If freedom is your primary aim, then building a high net worth is desirable, but it’s not the only way to create a flexible schedule, time to enjoy yourself, and opportunities for travel, downtime, or whatever else your customized definition of true freedom looks like.
Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks and the occasional award winning short story. Her work has appeared in a range of publications both online and off, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine.
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