Why is financial freedom so important? There are many reasons to live debt-free with a comfortable income without having to work like a slave. In the previous post, I explained how being financially free enables you to help many more people in need than you can when you’re in debt and/or barely making ends meet.
In this post, I want to bring out a benefit of financial freedom that most people crave more than that next Lay’s Potato Chip: more time.
Once in a while, I listen to the Dave Ramsey Show, and every so often I hear the story of how a family got out of debt in just a couple of years. At least 80% of the time, one or both of the spouses took on extra jobs for a year or three. While this translated to not being able to spend much time with their family for the duration, eventually it broke the bondage of debt over their lives.
Can you imagine the feeling of going from an eighty-hour work week back down to forty? I don’t know about you, but I would feel like my lifespan had doubled!
Of course, those people choose to cut back on their free time temporarily to reach their goal of paying off all their debt. But what about those who are trapped in the vicious cycle of “keeping up with the Joneses”? If you think you must have the latest piece of technology, a better car every year, new clothes every week, a bigger house, and so on, chances are you’re going to work yourself in to the ground trying to earn enough money to get all the stuff you want.
In such a case, you do not have money. Money has you. And you have little time, if any, to really live.
When you have financial freedom, you don’t have to work overtime or extra jobs. In fact, you may eventually reach the point of not needing to work at all, and now you have all day to do volunteer work, or write a novel, or learn a foreign language in the country of its origin.
Are you ready to get out of debt and improve your income?