What do YOU think the best thing is about being financially free? I'm willing to guess that it's not really what you think it is... It's even better!

Imagine if you could choose: how you spend your time; IF you want to work; WHEN you work, WHERE you work and with whom?

All of that (and more!) becomes possible when you're financially free. So choose today to start creating a life that you would freely choose.

Show notes:

• [00.47] What do you think are the best things about being financial free?

• [08.22] THE best thing about being financial free.
  

Quotes

"As human beings, we always want more." - Lisa Linfield

"When we worked in corporate, we always knew that another paycheck was coming, that there was a chance to balance the numbers at some stage." - Lisa Linfield

"Financial Freedom is when the income from your investments make you enough money to cover your expenses, without you having to trade your time for money or physically show up for work." - Lisa Linfield

"That freedom of choice, the feeling that YOU control your life and how you live it.  That feeling is PRICELESS." - Lisa Linfield

Related posts and episodes

• How to use Parkinson’s law to have more money

• Financial Freedom and Passive Income

• Hard Choices, Easy Life. Easy Choices, Hard Life.

• How to fast track financial freedom at any age

• The often spoken about but very misunderstood fortress for financial freedom

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TRANSCRIPT

The other day I was asked a really insightful question…

What is the best thing about being financially free – A.K.A. Retired?

Now because my answer may surprise you… just pause this a moment and answer the question for yourself… what do you think the best thing about being financially free is…???

As most of you know, John and I are financially free.  We have enough money to pay for our future, as well as our children’s schooling and education. 

Now some of you may think the answer is having Enough Money

But actually, it may surprise you that this definitely isn’t the answer.  You see, as human beings, we ALWAYS want more.  As I said in Episode 208, How to use Parkinson’s law to have more money, it doesn’t matter how much you earn, we ALWAYS want more… and that doesn’t stop when you retire.  We all want more.  That desire doesn’t stop… and so whatever you set your money target as, when you have to live by that number, your instinct won’t just switch off, it will make you still want more.

And another thing on the money front I see so often is that despite the spreadsheet, your financial adviser and everyone else telling you you CAN spend the money, it is extremely hard for many people to switch from saving money their whole life to spending it… and the worry of running out – which is purely emotionally based – causes so much stress for people.

Others of you may think that being financially free is when you FINALLY lose that blooming budget and its constraints.

Well, unfortunately that isn’t so.  In fact, your budget becomes stricter.  You see, when we worked in corporate, we always knew another paycheck was coming, the chance to balance the numbers.  We also knew that there would be bonuses.

Once you stop working, there’s none of that.  You have to live within your budget. 

There are times when the market grows more than you planned, so you think there’s an extra pot of cash – but you can’t give into that temptation, because there’s always a shocker around the corner.

Some think that the best thing of retirement is NOT having to work

For some, it is.  But you will be blown right out of your socks to know how many people, after the first 6 months, desperately miss the meaning, purpose, brain stimulation and contact with other people when they stop working.  People who for YEARS told me that they are planning to do absolutely nothing besides play golf and ride their bike. 

I’m financially free, and I still work 40 hours a week at least.  I love it.

But for people in corporate careers who don’t have their own business, they struggle to start one over the age of 60, and struggle to find part-time work. 

For many, their souls yearn for work, and this inability to work becomes a real source of heaviness for them.

There are those who tell me the greatest thing about financial freedom will be having the time and space to travel the world, tick off all those things you weren’t able to do.

Now, let’s put those aside who retired in Covid and physically couldn’t travel.

I see many times four things happen

1.      People love the travel at first, but, over time (particularly with age), the thought of packing suitcases and lugging them through airports, boats and trains becomes less appealing. 

2.      Your body isn’t the same in retirement – those annual 3 month skiing trip you had planned becomes impossible because backs, knees and hips give up on you…

3.      Your mind also isn’t the same in retirement.  It’s a fact – most people become more risk averse as time goes on. The 40 year old you who could cross airports and switch transport at the drop of the hat isn’t as fluid at 60 or 70, and those exact same trips become stressful and a source of anxiety

4.      Your budget doesn’t always allow for the added costs of travel…

So, now that all those ‘logical’ and ‘physical’ reasons are out the way, I want to tell you what THE best part of being financially free is.

OK, hold on.  Let me just pause.  Just so we’re all on the same page, what is Financial Freedom.  As I said in Episode 20 and the article that goes with it …Financial Freedom is when the income from your investments make you enough money to cover your expenses.  Without you having to trade your time for money or physically show up for work.

We call that type of income Passive Income – because without doing anything, your money generates the money you need to live on.

In reality, it’s not NOTHING – you should always spend time growing your knowledge about your investments, and in the case of rental property, you may need to fix the leaking pipe… but it’s not a regular trade of a certain amount of hours for a certain amount of money.

So, let’s get back to THE best part of being financially free.

It’s the Freedom to Choose.

To Choose how you spend your time.  IF you want to work, WHEN you work, WHERE you work and with whom.

That freedom to not have to work for a boss you don’t like, in a job you don’t like, in a city you hate.  Now that’s freedom.

John hasn’t yet found the thing he LOVES doing, that doesn’t feel hard.  That thing that brings him passion.  I think he’ll keep kissing a few work project frogs, but at some stage, it will click for him.  So right now, he’s training hard for World Masters Rowing.

Me, I’ve found my passion, the thing that brings me energy, makes me feel good about my contribution to the world, life and my clients.  Yes, there are yucky days.  But for the most part, I love it.  When John was going through his deliberations of stopping work, I had to really think hard and evaluate for me why I was working 40 hour weeks.  The answer was – because I CHOOSE to.  Because I love what I do.  I love the people I meet and work with.  I love spending my time this way.

Having the choice to slowly build this little business I love.  Having the choice to only work with nice people I enjoy spending my precious time is life changing.  I choose my path.  I choose my humans.  I choose my location.

And, I get to choose to show up for all my girls’ activities.  To watch them play sport, take them to play dates, help them with their shopping, take them to their physio appointments.  That means that some Saturday’s I need to work… but it doesn’t feel tough because I’ve chosen to reallocate my week times to be there at the important events.

That freedom of choice, the feeling that YOU control your life and how you live it.  That feeling is PRICELESS.

You’re still the same human, with the same foibles and worries, but feeling like an autonomous human with no one else calling the shots, able to express yourself through your time, work and creativity… that to me is Living your  Best Life.

It does require you to choose now, and as I said in Episode 201 – the Hard Choices you make now, will result in the easy life you want… but, if you make the Easy Choices now, you will set yourself up for a hard life later on.  The easiest way to relate to it is health – sit on the couch and eat fast food, chocolates and ice-cream and those easy choices will lead to health issues and a lower level of vitality through the rest of your life.

So friends, start creating a vivid, detailed vision filled with emotion and imagery, and create that pull in your soul to find the way towards that Financial Freedom I believe EVERYONE should enjoy… and that Everyone means you too!

So here’s to a life of free choice.