Financial independence is the status of having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others. Income earned without having to work a job is commonly referred to as passive income.
Financial freedom means that you get to make life decisions without being overly stressed about the financial impact because you are prepared. You control your finances instead of being controlled by them. You are living for yourself, enjoying the life and you will be having enough time to do what you really like and explore the world.
Follow these strategies for taking control of your finances right now:
- Read Books About Personal Finance.
- Join with Groups and Wealth Networks.
- Invest in Stocks and Cryptocurrency.
- Start Budgeting and Planning.
- Find Multiple Sources of Income.
- Reduce Monthly Bills.
- Think Positively About Money.
- Don’t buy Everything.
- Invest in Real Estate.
- Plan a Monthly Menu.
- Pay Off Your Debt.
The difference between being rich and wealthy
Rich people spend a lot of money, but wealthy people save and invest most of their money. A wealthy person saves as much money as possible and invests it in assets. That might mean buying real estate or investing in the stock market and cryptocurrencies.
The simple difference between a rich person and a wealthy person is that a wealthy person has sustainable wealth. In other words, a wealthy person will always be wealthy, whereas someone who is merely rich will only be so for a short period of time until the money is gone.
Benefits of Being Wealthy and Financial Freedom
- The greatest benefit of wealth is financial freedom.
- Be your own boss.
- Happy life and more time to enjoy life.
- Greater options and opportunities.
- Increased time leverage.
- Higher quality health.
- Education and self-development.
- Crisis management.
- Join the wealthy.
The Bottom Line
“Wealth gives you more choice and reduces limits”.
But to feel wealthy it takes more as to have enough, you have to think, that you have more than enough and feel secure, that you will in future find always a way to have always more than enough. That is for all areas of live.
So in my opinion it makes sense to strive for being wealthy in all areas of life. It is always better than limit yourself.