Everyone seeks financial independence to break free from their money woes. This includes the daily struggles of worrying about how to pay the bills and utilities, groceries, and other necessities. You may have experienced having to loan from relatives or banks just to get through a difficult time or have resorted to selling some valuables to a pawnshop for financial emergencies.
Striving for financial independence is important so that you don’t have to worry about your day-to-day expenses in the future. Not only will financial independence give you economic freedom, but will also enable you to explore other possibilities in your life.
Indeed, there are a wide variety of perks that come with being financially independent.
1. You have extra spending money.
Whether you still have a desk job that’s supplemented with extra cash flow from other investments, having the extra cash for shopping, vacations, and other activities is a great perk.
You don’t have to find excuses to decline friends asking you to join them at an upscale restaurant or deprive yourself of fun just because you’re strapped for cash.
2. You have the freedom to pursue your dream business.
You have extra cash lying around that you don’t need, and finally, you can pursue the business that you’ve always wanted. Whatever business it is that you’ve been fantasizing about, you can finally let it come to fruition. You can put some capital at risk, and dedicate time (that you didn’t have before) for your creative project or business venture.
That’s not to say that you should just go ahead and launch a new business. You still need to carefully plan it out to ensure that this new investment will reap returns for you and further contribute to your financial independence.
3. You can explore your hobbies and interests.
You’re no longer strapped to a desk every day. You have the time, freedom, and money to pursue hobbies and interests. Whether that’s your favorite sport or a costly craft, you can do it!
Remember how you used to love painting or music, but had to get a desk job when your first child was born? Well, now you can pick up a paintbrush or guitar again.
4. You can retire early.
Imagine yourself at 60. Do you still want to be working by then? Gaining financial independence gives you the option for early retirement, and live the rest of your life in utter relaxation.
Through the dividends from sound investments, you can live your retired years in comfort and even luxury. Spend more time with your family, take care of your children (or grandchildren), travel, and be free. You deserve it.
5. You can have more fun.
You can’t buy happiness, but you can surely buy fun. The rich and famous, for instance, can spend on luxuries that they enjoy whether it’s driving the most expensive car, sporting the biggest diamond the world has seen, collecting designer bags and shoes, or vacationing in splendor.
When you’re financially independent, you have extra money to allocate for fun activities and luxurious items. You can afford it without worrying about scrimping on necessities!
6. You’re in a position to help others.
You may have the intention to help other people or contribute to society. But, when you’re barely able to make ends meet, it’s hard to look beyond the four walls of your home.
One of the perks of financial freedom is that you have the means to help others and contribute to the greater good of the world.
7. You have peace of mind.
Peace of mind from the daily or monthly stress of making sure that utilities and necessities are paid on time is by far the biggest benefit of financial independence.
When you have peace of mind, you can look at the bigger picture. You can take the time to smell the roses and enjoy the little things in your life.
In Abraham Maslow’s hierarchy of needs, he theorized that for people to achieve their self-actualization goals, the more fundamental needs must first be met. With financial independence, you can focus on achieving your full potential through personal growth and experiences.
When you’re financially independent, you open a world of endless possibilities. Free yourself from worrying about your basic needs, safety, and security by being smart and working hard towards achieving financial independence. Yes, some are lucky enough to be born with a silver spoon. But they also work hard to maintain financial independence.
When you’re financially free, you can follow your heart’s desires. Join or establish a charitable organization, take up a new hobby or revive old interests, start a passion project, or simply travel the world. You worked hard to fulfill financial independence, so go for it!
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