Financial freedom is having enough residual income to cover your living expenses. Financial Freedom is not about being rich and having tons of money, but having enough to cover your expenses, so that you can spend your time doing what is important to you, rather than working continually to earn money.
Financial independence is the status of having enough income or wealth sufficient to pay one’s living expenses for the rest of your life without having to be employed or dependent on others. It is income earned without having to work a J O B. It is passive income, mailbox money. Call it what you will, it means FREEDOM. Freedom to live your life the way you want. To me that means, travel, be with those I love as often as possible, eat awesome food and drink only the best wine. And most importantly give back to those in need and those that gave so much for my freedom.
The experts say, to get either of the above, you start with a solid financial plan. You manage your debt wisely. You invest in yourself and your business. And you strive for multiple income streams. Hiring a financial advisor and/or mentor can also help. However, I believe that Marketing is Freedom.
What do you want in life Financial Freedom or Independence?
So, when I sit back and think about it, I prefer Financial Independence over Financial Freedom. For me, it’s not just about making a living. It’s about making a life, one filled with faith, filled with love and joy. It’s about working hard at something that not only provides income, but also brings me comfort and produces a life worth sharing.
I’m quickly finding out that everyone looks at financial freedom differently. I know people and even have family members that are happy if they can get through the week without robbing Peter to pay Paul. And others that have more than enough money, but more is never enough. I prefer the perfect balance. Enough to get me though but also enough to do what I want to do and still help others along the way. I’ve lived both sides of that coin and learned very early in life what I needed to do to make sure I landed more on heads than tails. I am a strong believer in hard work. Learning to work smarter came over time.
Grampa Barber
My grandfather had an 8th grade education, served in WWI as a medic, had a strong relationship with GOD and was a chief buyer for General Electric back when General Electric was a great American company. He invested well from his first paper route to his last day. My grandmother never wanted a thing, even living 8 years longer than him. He had a successful life because of the fire in his belly, his strong work ethic, and his way with people. He had a positive impact on every person he ever met.
I was his 8th grandchild, lucky number 8, and his shadow. He retired just before I turned 2 years old, and my mom went to work. I would stay with my grandparents for 8 to 10 hours a day, until I started school. There were things I learned from my grandma, but my grandfather could do no wrong in my eyes, I followed him everywhere. He taught me to read. He told me I could go anywhere just walking into a Library. He also told me I could be anything I wanted to be, as long as I wanted it bad enough.
My mom once told me that she always thought that her dad didn’t like ice cream. It turned out that he loved it, but raising 6 kids during the depression, even with a good job, it was a welcome treat that never lasted long. He selflessly did without seeing that his kids could enjoy a piece of their childhood. That is how he lived his life, with everything he did. After she told me that story, after every Sunday Dinner, I would make sure he got an extra serving of ice cream, even if it was mine.
At the End of the Day
It was his work ethic, his personable manner, his love of life, travel, a fine cigar & glass of wine and most importantly, his selflessness, that helped shape who I am and how I look at life.
Each of my siblings and cousins have different memories of my grampa but all of them have common themes. Some of us were lucky enough to spend time with him. All of us were lucky enough to learn from him. He left a legacy that I’m sure he is smiling down on.
