People defines financial freedom differently and this is because of the dissimilarities in exposure and financial background. A Nigerian's definition of financial freedom may be different from a person from another country, while anyone in the world who is into 9 to 5 might have a different definition from someone who is into crypto, this is because irrespective of the fact that the difference in the economic background of people change help coin their definition of financial freedom.
We must also understand that crypto as a revolutionary, has rewired the mindset of many people making them spend, or think rather differently. A lot of people don't know their monetary lifestyle and spending culture including their source of income can be predominantly present in their definition of financial freedom. While financial freedom is a state, not many people might envisage or see it as a possibility and this is because of the present state which they might have found themselves.
Beliefs Based On Class & Background
For example, everyone who is into Crypto, didn't know about it at one point in time, now knowing about crypto means having an in depth knowledge of how the technology works in order to maximize one's investment. Now, people who have been into crypto for a long time used to feel that their lives solely changes financially. But this isn't true. Now some people have failed with crypto, some others employed the right methodology and the right mindset, and now it's been worth it.
For people who have lost and later recovered all their loses and made even more gains. They've not just gotten monetary rewards for their endeavors, they've gotten essential lessons about another life-changing opportunity in crypto. This rewires their mentality, the spend differently, they save differently and also invest differently. So the way people do these three things often gives off information about what their expectations towards financial freedom would be like.
Mindset: Richness In Exposure
To me, financial freedom is a mindset. It's that stage in life where one's richness in exposure assures them of the position they'll get to in 5 to 10 years time and not necessarily the money they have in their bank account. For people who lack the right exposure, they used to feel that financial freedom is having an unlimited amount of money and spending it gradually through their lifetime. When I was younger, my father usually equated financial freedom to the possibility of what he might own in changing the condition he was.
He felt that owning some particular valuable commodity in terms of monetary valuation would change his life forever, but this is untrue. Financial freedom is not tied, neither is it static. The needs, wants and desires of people are overly changing with time, so typing a specific amount of money irrespective of time isn't the right way to see financial freedom. However, when people start having money irrespective of whatever venture they're likely to change in their economic beliefs and behaviors.
With Crypto, the level of change is astronomical. How and why is this? People who are into crypto mostly look at the value of their assets in comparison to how it might grow with time. While people who aren't considering how much they'll save to get to a position where they might have to never be poor again. The wiser ones tie this to assets they own and how it might appreciate with time. My point is, everyone predicts what financial freedom would feel like as none, have a complete permutative decisiveness
.A lot of people look at the present economy, their income and savings hence propel a huge amount of money which they feel is likely to put them off work and holidaying on the Bahamas on a daily for the rest of their lives. This mentality in itself is static and sterile. This is why my all round definition of financial freedom is knowledge gotten through exposure. A lot of people don't know that exposure increases the likelihood of knowledge. The right knowledge on the other hand creates prospects which in turn creates a mental stability.
Crypto: The Game Changer
With the right kind of knowledge, making money becomes a milestone, reaching a certain level of achievement, retracting one's efforts but making even more money. Nevertheless, the kind of venture that heralds this kind of financial freedom is owning a company, Real estate, politics (In some places) and crypto. Now what's the percentage of people in the world who owns companies or own Real estate venture? However, the next option becomes crypto. In reality, Crypto is massively underrated.
This is because, it creates a different form of experience, that comes with years of stacking diverse knowledge of how the technology works. While the gains might not be life changing in some other places of the world, Nigeria being one of the biggest owners of Crypto is an evidence to how life-changing crypto can be. In essence crypto sometimes helps people coin a healthy definition to what financial freedom should be like. This might not feel explanatory on the surface until you make comparisons of what your definition of financial freedom is, before and after you got to know about it (crypto).
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You are right that things change over time. For me, financial freedom is to have enough money that I don't need to be forced to do a job and I can live off my investments. So I can choose to work on whatever I want and even if I don't work, things will work out. I don't need fancy stuff like a yacht or anything like that.
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Living off one's investment rather than having to be dependent on a boss for monthly dues is a great way to envisage financial freedom really. Hahahaha I don't think I need a Yatch or even expensive things either.
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I think the above sentence is incomplete, they're part of your opening thoughts.
That aside, your opinion is clear on this matter. And honestly, currently, crypto seems like the safest and less competitive yet guaranteed path to financial freedom as long as a person is willing to put in work, patience and knowledge, it's a good pathway. It may not be crypto for all persons, but as you've highlighted, it begins with knowledge. Each person needs to discover a workable pathway to success.
Thank you, I have made the necessary corrections, my autocorrect is messed up to some extent and it never came up when I was doing my second editing.
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Well, financial freedom is very different based on each individual and someone who lives in a ghetto, for example, might think getting to an urban area is what makes them financially free and even with crypto being a game-changer I feel like it still differs from each individual.
One might think getting one bitcoin would make them financially free while another might feel that will be too little but yeah we can't speak enough about how much crypto can do.
You've exactly amplified my stances, financial background and exposure makes people define financial freedom rather differently. This is quite thoughtful of you. Thanks for dropping by.
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Exactly, it makes a whole lot of difference.
Crypto is life changing, some people are lucky to get it right from the and some people did not but crypto is built in a way you you grow, learn, earn.
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You just summarized it all, one learns, learn more, grow then earn. It might not be easy, but eventually time takes its due course.
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Well crypto has changed a lot of people's thinking but in my opinion, anyone fully in crypto is not financially free to me except you have diversified.
Yes, I believe in crypto but the thing is you never predict, all you can do is hope.
But when there is a system of diversification, an the assets are way more than the liabilities, and there is more production than consumption then I feel that is a state of financial freedom
Hello bro, thanks for coming through. Main reason why I reiterated that financial freedom varies individually according to people's default or current state in life. Most people in crypto are diversified one way or the other and in reality, When you look at people's lives in real-time in Nigeria you'll realise that their lives are even more unsteady than crypto.
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This one cracked me
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Beautiful content. Truly, people's definition of financial freedom is based on their exposure and source of income. In my own opinion - financial freedom is just having that absolute confidence that you'll always have the financial strength to take care of all your financial needs today and years to come. Thanks for sharing this thoughtful post.
To me, financial freedom is being able to spend my time on my passion and not having to worry whether it is something that will give me enough money to survive in the short-term. The ability to be able to work on projects from ground up that will not be profitable from day one.
But also the ability to take a half-year holiday with my girlfriend to explore the world, meet new people of completely different backgrounds and better ourselves by being exposed to new situations.
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Financial freedom is truly a mindset
You have to believe it to achieve it
Thanks so much for this. Riches or wealth is never a function of the amount of money you've got. Its solely based upon the mindset. A low level mindset person can not be ever rich except on rare times of luck. Even at that it doesn't last.