We associate financial independence with not relying on monthly salary and living paycheck to paycheck. But along with financial benefits there are also other perks that people might sometimes overlook. Along with being financially free, you also become emotionally free devoid of constant worry about money. Here are some benefits that being financially free brings along with it:
Stress Free Living
It is a widely known fact that money decisions add stress to people’s lives. Stress is also caused in other aspects of your life due to a lack of funds. When you are no longer trying to squeeze out every rupee out of your job, you won’t have to deal with the stress of the work just because you need your salary. When money doesn’t drive every decision in your life, you will be able to focus on doing things that you love. You could even focus on starting your own small business or undertaking freelancing jobs that you enjoy doing and make some money while you’re at it. And since you have the flexibility of choosing what you do, the stress for doing what you don’t like doesn’t become an issue.
Time for Yourself
As your stress level comes down and you spend less time worrying about money, you’ll become much more interested in improving other areas of your life. Many people would like to eat healthier, but not everyone actually has time to cook and learn what healthy eating actually entails. People may have other hobbies which they might feel like developing, or a bucket list of all the things they wished to experience. When you attain financial freedom you also gain more time to do the things that really matter. Focusing on your health, undertaking activities such as yoga or gym, involving yourself into self-improvement activities or spend more time with your loved ones – these are all things you could do with the time that you make for yourself through being financially independent.
Ability to Think Differently
When you are employed, every move you make is tied with money. What you make dictates what you do next. This carries on from month to month. By being financially free you are able to move beyond that mentality. You can start thinking in terms other than just strictly money and start building a more meaningful life in terms of experiences rather than costs. Being employed the thought process is restricted to the length of a month. But being financially free allows you to think beyond just a month and focus on the long term. Carrying out your investments from this different point of view can be beneficial as well. As your assets grow, day-to-day volatility will affect you less and less. This could mean that your risk appetite can be mature enough to undertake higher risk for potentially more returns. It all depends on what you prioritize to do with your newly found financial freedom.
To sum up:
Financial freedom has obvious financial benefits, but the net positive effect reaches far beyond your bank account. No longer needing a salary gives you the freedom to do what you truly want to be doing without needing to worry constantly about money. Making time for yourself and things that you love give you the happiness and satisfaction that being employed restricts. It enables new ways for you to rediscover living.