ﾓSeize the opportunity. Create wealth. Make a difference!ﾔ
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“Mister give me ten piece of six and eight and box the eighty-five for me!” Bahamian’s love to wager, whether its on the overseas lotteries or the various number houses down the street – we just love placing a bet!
Everyone’s hoping that one day they will win the big pay day that will put them on easy street. A day when “I aint gatta work no more.” A day when all I will do is relax under the dilly tree in my hammock and enjoy the gentle island breeze. A day when I will not have a care in this world!
Everyone is wishing for it- but what we are really looking for is financial freedom “Hmmm, Financial Freedom. Financial freedom is the pursuit of everyone and a common expression wherever you go. So what is it and can anyone get it?
The first thing to realize as you set out to find financial freedom is that financial freedom has absolutely nothing to do with how much money you have or make. What? Exactly. Financial freedom is something that goes on inside of you. This is why someone who makes very little can be happy and someone who makes a ton of money can be extremely stressed out over their financial situation.
So the first step is to realize that financial freedom is more about our attitudes toward money than about the amount of money we have.
So what are the attitudes that provide financial freedom?
Firstly, you don’t have to worry about money. I know we all worry about money and say, “If I only had some more money, then I wouldn’t have to worry about money. ” But you know what? You don’t have to worry anyway. You can simply control your income. You can control how you spend it. You can make choices that can alleviate any need to worry. Once you realized that things always work out. So why worry? You can choose not to worry.
Secondly you can be happy regardless of your financial state. I have heard of people who are worth hundreds of millions of dollars and I know people who don’t have two cents to rub together. Some are happy and some aren’t. And none of the people who have a lot of money say, I’ve become so happy since I got money.” They were happy before they had money and they are happy now that they have money. Their happiness has nothing to do with the money. Some one once said that, “Anyone who says that money will buy them happiness has never had any money.”
Money will be a means to an end, not the end itself. Another way to look at it is that money will be a tool to build the house but its up to you to make it a home. Don’t get me wrong, I still encourage you to set some financial goals, but go beyond that to know what greater purpose there will be when you reach them. What will the house be that you will build with that tool?
Thirdly, you must realize that you are free to earn money – some people think it is bad to earn more money. It isn’t. So put your talents to work for you and earn more money. You are free to save – some people believe it is bad to save. It isn’t. So starts saving a percentage of every dollar you earn. You are free to give money away – some people feel they will be better off keeping it all. You won’t be better off so share with those around. You are free to spend – some people believe that they can’t spend anything on themselves. You can. Spend some of your money on you and live a little.
We are free to make choices. That is financial freedom. One of my favourite quotes on this subject is from Charles Wesley, “Earn all you can, save all you can, give all you can.” That will keep you in financial freedom.
Fourthly, remember that Debt is the primary financial freedom killer. If you want financial freedom, one of the first things you should do is to get out of debt. I have made getting out of debt my number one priority and I suggest you make it yours as well! My goal is to be debt free in the next three years and I encourage you to set a goal for yourself. If you would like help in this area give me a call and I will help you.
Remember the old proverb – The borrower is the servant of the lender. Who has freedom? The lender. Who doesn’t? The borrower. Develop a plan to get out of debt!
Take your eyes of the Jones and embrace delayed gratification. Replace the notion to “buy it now and struggle later,” with this rule “Delay it now, invest the money, and have all you want later on! And you won’t even have to touch the principal! We tend to think that having it now will bring enjoyment, but unless you can do it and not cause yourself financial stress, you will actually get more from waiting to buy it later!
Finally, decide to have more by managing better. The fact is that most of us earn enough. It would be better if we would set our priorities and live by a budget. As we get control of our debts, our budget will loosen up and we will find ourselves enjoying it more. Start to use the money that you already have wisely and you’d be surprise at the results you get, by having your money work for you.
So I bet you that if you spend some time thinking through your attitudes about money. You will be surprised at how you can change a few, look at things a little bit differently and you will begin to enjoy true financial freedom! It’s a sure bet!
By Glenn Ferguson
Glenn Ferguson is a financial planner who specializes in retirement coaching
