Financial freedom: what does that really mean? – Shreveport Times

Byron Moore Published 10:06 a.m. CT June 6, 2020

Byron Moore(Photo: File photo)

What is financial freedom?

If youre thinking being wealthy or becoming financially independent, I disagree with you. I know many wealthy, financially independent people who are anything but financially free. For them, money and wealth are a ball and chain, a never-sleeping slave master that makes them do its bidding.

Financial freedom is not a destination. Its not a one day kind of thing. Financial freedom is something you can (and I say should) experience now.

And financial freedom is not freedom from work. That would imply work is a bad thing, which I dont believe it is. To be sure, there are some jobs that arent exactly a trip to Disney World and a few that can be downright toxic. But moving from a negative work situation to a non-existent work experience is rarely productive. It can relieve tension temporarily, but it often has a longer-term downside.

So, if financial freedom isnt being rich, or being retired, what is it?

Freedom from want. Its hard to feel financially free if youre homeless and hungry. So, weve got to have our basic needs met. And for most of us, that means having a job. But it also implies that you find a certain level of fulfillment in your work. You can see its value to yourself and to others. You feel good about what you do and the value you are creating for others. Youre not wasting your life and your time for a trivial pursuit.

Freedom from worry. What if you were able to remove those aspects of your financial life that keep you up at night? Things like debt, overspending, lack of savings, volatile investments, financial vulnerability to adverse life events and the lack of any real prospects for retirement one day.

Remove all that and youll be able to worry less.

Freedom from wondering. I was talking to a landscaper recently and I confessed to him how little horticultural knowledge I have. I used a phrase clients have often used with me when it comes to money. I dont know what I dont know.

A comprehensive financial plan that addresses all aspects of your life and money can help you remove that feeling of not knowing. You know the broad outlines of where you are now and the direction youre headed. And youre confident that if you stick to the plan, youll get there on time.

Freedom from wandering. If you dont know where youre going, any road will get you there, so says the Cheshire Cat to Alice in Wonderland.

Without a plan, most people tend to wanderto meanderfinancially. One day they love the stock market, until they hate it when it goes down. The next day they love real estate (because I can touch it!), until they hate it because renters are so unreliable. Then they are born-again debt eliminatorsuntil they decide Bitcoin is the next elevator to wealth heaven and they buy a bunch of that.

The person addicted to checking out every new financial fad that comes along is not free. A plan frees you from that necessity to keep pulling up the roses every few weeks to see how they are growing.

Freedom to winat life.

Worrying less leaves more room in your life to live more. But just because you have room to live more doesnt mean you will. Youve got to be intentional with your life.

Your money and your life both require a plan. And the freedom the results from the plan doesnt come at the end of the journey it comes at the beginning!

It is a state of mind and heart you experience when you begin the journey.

The key to being financially free is to begin.

Argent Advisors, Inc. is an SEC registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information at https://ruston.argentadvisors.com/important-disclosure-information/

Read or Share this story: https://www.shreveporttimes.com/story/money/business/2020/06/06/financial-freedom-what-does-really-mean/3143716001/

See the original post here:

Financial freedom: what does that really mean? - Shreveport Times