In the Netherlands there are several stories of people won a lot of money in the lottery and then spend it all on consumers goods. And that's really sad. Because it's such a waste of a good opportunity.
For me, financial freedom means having investments that in total generate enough income every month so you can pay the bills and other things you like to do.
In that way you don't have to touch your base but can live of what your investments generate.
And, yes. You might not be able to buy expensive stuff. But you do get financial freedom in return.
And I think that's way more valuable.
I talk about it more in my vlog.
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Great post ..Well done
Investment is a culture and self-awareness we need
Thanks for sharing
I couldn't agree more. Steem is a one of a kind investment. The best thing about it is you can earn more Steem by enjoying what you do and doing what you enjoy on Steemit. I also like ETH since it's going to allow us to earn more just by staking it.
Definitely an important topic to talk about @exyle! Would you say financial freedom is the same thing as financial independence?
I've calculated that to be financially free and have a netto month income of €2.000 per month, you basically only need €625.000 invested in World Index Trackers with the assumption of 7% return per year. This way, you wouldn't have to touch your principal amount, which is key to financial independence!
For the last 90 years, this has been the average return on the stock market (dividends + price increase) and should be doable (although I would wait out the upcoming crash/correction on the stock market before putting money in). I am not even talking about investing in crypto, which currently seems to have much higher returns ;-)
Personally I am aiming for a combination of investments in crypto, index trackers and real estate.
Of course that €2.000 netto is only enough for 1 person. When you are with 2 people, you need approximately a little bit less than €1.000.000 (and not talking about potential costs of having kids of course).
I believe this is actually quite doable and achievable if you don't spend too much money on consumer goods. And here I am talking about 'retirement' in The Netherlands. If you retire in South-East Asia, you need a lot less and can be financially free much earlier.
Btw, great move of cancelling that contract with the big client. Must give you a lot more freedom and a good feeling of not having to be on call 24/7. I am curious how you feel when you cancelled the last one of those 24/7 contracts, must be amazing!
Keep up the good work!
Yes, you can live with less in a developing country. But in places like the Netherlands you have your medical expenses pretty much covered by being a citizen or a permanent or semi-permanent resident. Getting cancer or a stroke can be a total financial disaster in a third world country or a country that doesn't have universal coverage if you don't have an insurance policy with extensive coverage. Such insurance policies tend to be quite expensive. You should factor that into your cost of living in a third world country.
That is a very good point! Never thought about it like that. Thanks for commenting :-)
When you're young you are better able to risk living in a third world country from a cost of healthcare point of view. But if you're middle aged or old the prospect of becoming seriously ill should give you a pause. Also, if you become incapacitated by serious illness, you could end up in a horrible place unless you have become part of a community of trustworthy people. In welfare states, you will be taken care of by the system.
Check out Mr Money Moustache, he explains the (rather simple) math behind "retiring early"
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
http://www.mrmoneymustache.com/2011/09/15/a-brief-history-of-the-stash-how-we-saved-from-zero-to-retirement-in-ten-years/
Thanks! I know Mr. Money Moustache and I actually did some of my calculations based on his ideas ;-) Great guy!
I'm generating the same kind of income, though my investment costs were waaaaayyy less. I know everyone is not a fan, and some people are very sceptical, but Bitcoin mining has given me total freedom from the corporate office job I used to have.
My initial investment was around $30 000, and I now generate anything between $1500 - $3000 per month. Just letting you know, there are alternatives :)
That was a good move @andriesvw! Awesome that you have been able to do that :-)
If a global cryptocurrency become dominant, then the arbitrage benefits of living in a poorer country with lower USD forex rates will be less.
It is said that a penny saved today is the penny earned tomorrow. I truly agree with your opinions.
@exyle,
You are absolutely correct! Some people think Financial freedom means we need to spend as much as we can. But it's not correct and what you said here is the correct meaning of the financial freedom!
Cheers~
That's awesome! You mentioned in your post you see people announcing that they're going full-time Steemit. I just made a similar announcement today! I'm hoping to integrate my marketing consulting business to lean heavy on Steemit so I can go full-time into the platform without have to build Facebook ad campaigns!! Lol Thanks for the post! Glad to see what an awesome impact Steemit has had on you over the last 1.5 years! :-)
https://steemit.com/steemit/@brettcalloway/looking-to-go-full-time-steemit-by-summer
Yeah that is totally ture. I remember there was a proper documentary on a person.It was an experiment, he was given money to live and I guess it was aroung $500k and within one year he was bankrupt again. So you can only spend wisely if you earn it through hard work and you know it includes your blood and sweat.
In last 5 months I have turned my $350 into $5000 and I haven't bought much or anything big for myself. Now I am planning to buy MacBook in a month or two from my earnings.
Financial freedom means a lot and it coincides with your background.
In the US you need more but some states if you have a good start you can manage.
Keep on steemin'
Mark you are Very much what FREEDOM is all about and you can teach others through STEEMIT how to follow in your foot steps @exyle by being consistent. The people that are Successful on Steemit treat their blog or vlog's like a business and they are the CEO. Once you have a Following and have created cash FLOW you are then FREE.
you just hit the nail on the head man. your definition has explain it all about financial freedom, and it also work in the same part of my.
Steemit have also being one of the source of my financial freedom, Even working as heavy duty automobile operator, Steemit has now help me in a way I can now save 80% of my salary in a month. Which as also make life easy over here.
Thanks for sharing Mark
Man, that is fantastic to read. Congrats!
Wow the temperature is at -8 degree and the sun is out that much? That's awkward though . It's really hot over here.
Speaking of financial freedom, I don't think there is a better explanation that that which you have given in you video.
To me ,financial freedom is being able to afford the basic things you need just when you need them without stress and that's what many fail to understand . People get to have their monies in their mouths and that's why you see someone rich today and por tomorrow simply because he failed to invest and so I think you video is a wake up call.
thanks for sharing
It's -8 it's +8 :). So lovely weather all around. Yes, no stress sounds good. One of the reasons I stopped the contracts.
To get financial freedom we need to invest in assests not in liabilities. Assets will provide you passive income.Once you start opening up streams of passive revenue, you won't be able to stop. With the profits you make from these income streams, you can reinvest in even bigger, more diversified streams, and slowly build an empire of self-perpetuating revenue--at least, that's the dream.
You must have read Rich Dad Poor Dad as well ;-)
that's sound like a good way to do it.
You are so correct!... i read this now and I'm screaming to my friend here with me " this man knows what I'm talking about!!!"
Imagine me getting $100 from steemit and buying ice cream with it? That's wrong!
What happened to opening a store with it?
Or like my dream cake house?
Or start a trade no matter how small?
People just dont know how to invest, i tell you!
Yes, for me most of it is about long-term investment and working towards a bigger goal.
I agree completely! If I won the lotery, I think I'd buy a nice house close to nature first. No big house, just one that fits us. No mortgage, so our monthly costs will be low. Then, I think I would finally go on a long vacation, because oh my gosh, I am longing for a vacation!
Besides that, I wouldn't buy anything fancy or expensive I wouldn't need. I'd just use the money to have more financial freedom. My current situation of earnings on Steemit would probably be enough to keep us fed without having any job at all, though I would want to hold enough crypto to be able to let it keep on growing.
Excellent video friend and i agree with your opinion regarding getting financial freedom and i think buying unnecessary consumer goods will only increase the burden and we always need to spent money in a way that generate some income in this way we will become financially free, i think steem is a great investment program and we can generate income by investing in steem, well in term of risks, i think risks involved in every business, no business is risk free and to me the biggest risk is not taking any risk, thanks for sharing your nice thoughts with us freind. Stay blessed
Thanks for your perspective on Steemit. That's very helpful.
I voted for you as a witness yesterday. I voted for @exyle. Is that right?
No that is not right. You have to vote for @blockbrothers. @exyle and three friends are together @blockbrothers as a witness. I know that for certain, I am Exyles mother. They are already in the top 50!
I had a similar thing with power wheel chairs, on call 24-7; I had no week ends and no vacations. I burned out after 3 years and went back to the machine shop. Don't do it! Unless you make a 6 figure income, it's not worth it.
Yeah, I have to agree. But when you 'need' them to have an income it's different. I never regretted the contracts but I am happy I can leave them behind now.
That's a great point about consumer goods, you see the line ups over here during the holidays where people lose their mind for a 60 inch TV that's on sale. I've never understood that...But to each their own I suppose.
Investing! I love it! And living off those investments has always been my goal. I've read so many books about people living off of dividends they get off stocks alone. That's empowering to me. What a great way to think about real 'wealth'...It's freedom!
I hope Steem is my version of 'dividend payments' from stocks....Crossing my fingers :)
Definitely correct & I agree with you @exyle. Peoples must reqiure to generate enough income and it compare to expences. If they can control expences it would be best opportunity to invest their save money. The key to building a strong financial plan for the future is to understand how much they spend and save right now. This is called tracking their cash flow, and it can give them a sense of control and confidence that makes it easier to make financial changes in their life. So In fact your conversation must listen them and if follow your opinions it will be great success.
Usually when people win lotteries or get money they did not work had to get , tendency is that they will misappropriate it on liabilities. The excitement of having huge sum of money usually becloud the sensibilities of planing through investment. It happens everywhere, not only in the Netherlands. Thanks @exyle
If you don't invest and consume every pany, you will Loser in every way. So it is better to invest in a very smart way for sustainable income. Thanks for sharing such a valuable message to the people friend, wish you a very happy time my friend.
You really are an inspiration to many new people who want to set a path forward in their life thanks for sharing your videos :)
Thanks for the words of thought, it's best to make use of those types of opportunities when they come, some people never had the opportunity for that, if you ask some them what will they do with that type of opportunities, they will break it down on what they will invest it on, to be financially free.
Great! Financial freedom is being able to live so comfortably well with the Returns on Investment without getting to touch our capital.
Thanks for throwing more light on this.
Every investment never goes waste one must always do investments from the start one day it will certainly give back return we must work hard in the younger age and enjoy in the old age :D
I’ve read that it is something stupid like 90% of the people who win the lottery, live the same life they did just a few years later. People aren’t used to own money and never know what to do with them once they have them.. for me it is a no brainer not buying a few houses and renting them. Settinf passive incomes and investing in a business that will set me up there in life. Everyone wants lamborginis though..
That happens because people are not prepared to have money, many years ago I had read a statistic regarding the wealthy families and the majority ended up losing the family fortune in the third generation.
The first generation made the money with a lot of effort and work, the second generation acimilo some of the care of money, but not enough for not knowing the effort and sacrifice to get it and the third inherited the money from their grandparents without having the slightest knowledge how expensive it is to make money, with it they saw the waste and goodbye fortune.
It's true what you say, financial freedom requires organization, astuteness, knowing how to spend and above all things, knowing that the investment is never touched, you just have to dispose of the surplus or those profits that the investment gave
excelete post as always dear friend @exyle
I wish you an excellent day
I don't give a rat's ass about expensive consumer goods, either. I have a family but, personally, all I really need is a warm and dry room, a shower and a place to cook simple food, power and high-speed Internet access. I don't need to travel, dress in expensive and fancy clothes, eat expensive food etc. or to impress anyone.
to me financial freedom is when you have enough passive income to cover your expenses, this would be considered financial freedom
The key to financial freedom starts within each of us. But sometimes, a lot of people need education, a broad mind, and a positive mindset. And I believe one can get this by engaging with different communities online and offline.
Also, we need to get over buying things we don't need just to impress people. You know, sometimes that's what cripples people with money.
People should really sit down and find out the amount of income they need to be financially free. It may surprise you that it's not as much and as hard as it seems.
I agree with you..Invest in the Markets, you can do this.
Quite possible... But it won't be easy...
excellent Financial freedom @exyle
Just as you said @exyle it is truly way more valuable to gain financial freedom through investments and the steemit is a great investment because I have been able to generate part of my clearance fee for my institution as a graduate through this platform and my mum and dad would have lesser burden financially henceforth.
I am glad you dropped this post to remind us all in making a life time investment so as to secure the future.
You are truly a one of a kind witness @exyle keep the good work up I am definitely richly impressed going through this post of yours🌸🌸.
Keep been your awesome self dearie.
Awesome point!!!
I completely agree. But that is sometimes hard to understand. For example someone that is 'poor' or barely comes from month to month wins lottery. His issue then is that he doesn't know how to live with that kind of money as it completely changes his views, daily operations and how he looks on money/others.
That's why there is a lot of stories how someone that got alot of money lost or spent it all very soon. Because it simply gets over his head and it's a burden that is sometimes just too hard to bear.
Anyone can say "if i would won 1 million $ i would never be so 'stupid' to spend it all" - but the fact is that to those people life actualy changes for 360°.
However you're right about investments. If you get enough profit from them and are able to live normal that is much better than buying ferraris and spending everything on material stuff as that is just not it. There are other priorities and values in life that are always more important like children and their future and so on.
Great post, keep up the good work.
@arhitekt
You trully said my dear friend,financial freedom means having investments that in total generate enough income every month
It means free of loans and your investments generating streams of income to do what ever you eant to do and not be living off of a debt in false pretence.
I totally agree with you on this @exyle. Someone can hit a jackpot and still be poor in next few years if there are no investments in place. I also see financial freedom this way; If your gross income is greater than your gross expenditure then you are financially free.
Well, I agree with you about the definition of Financial freedom.
But I see financial freedom is not just generating good income everymonth to pay bills.
It's getting income more than you need for paying bills and having 200% income of it.
For example: If I pay bills with $500 monthly, then I will fell financial freedom once I get $1000 or more without working (which is a smart investment) by building your asset.
But, I love your thoughts :D
Thats were i would love to go financial freedom...
I am investing maybe in 1 or 2 years this could work out but i wont count on it and i will keep working. If it does grow then it would be nice...
Thank you for upvoting my comments @exyle thats very kind off you.
Financial freedom is one of the main indicators of success. It is impossible to call the person successful if he feels constraint in money. Not money breeds evil, but their absence. How many crimes were committed because of money, how many people have lost morality and humanity due to their absence.
When they say that happiness is not in money, it is true. But their absence is a source of misfortune. Therefore, achieving financial freedom is so necessary not only to build success, but also a happy life.
This is very correct and the earlier people see it this way, the better for them. Money, especially that which is gotten on a platter of gold should be used to make more money since it was not on any particular budget before, instead of waste in on consumption.
I think the notion that since this has come, more will also come is what makes people squander money gotten on a platter. Some even spend on things that are detrimental to their heath. That's how some kill themselves with their money.
Financial freedom stems from one's consciousness. If one doesn't have the know-how of being abundant then no matter how much money one has, they will remain poor. Why? Either the money will be taken away from them or they will hoard it and live in fear of losing it.
An abundant consciousness means trust in one's existence to support one, to release any concern or agenda regarding the source money will come from, and lastly to live and act with an attitude of a master.
I know, easy to talk but until you do it, you will have doubts.
Whenever I jam the expression, financial freedom, say to myself, will it ever be realistic for me?
Optimistically speaking, I am assured to an average extent that, it is achieveable! Many have gained financial freedom through legit means by virtue of hard work and persistence, why can't I, at least in a bit.
your post always inspired of me new subject learning.i think that,this post very important for me.financial freedom version really imformative tropic of income investment market.i agree with you.every people should be know this matter.thank u very much for ur good post sharing @exyle
Financial freedom is such a funny thing. We are born into it and then spend most or all of our lives trying to get it back but never really understand when we lost it. We have to manage our money carefully and never buy things that cause us to be in big debts. this way financial freedom is available any time we want. Thanks for the post. Great topic.
very excellent
wow very excellent
Correct....
Better safe then sorry later on.
Investment is the best use of spending money.