To quote Bill Gates, “If you are born poor it’s not your mistake, but if you die poor, it’s your mistake.” Most tellingly, I often read this quote when I think about financial freedom. First and foremost, let me define the term ‘financial freedom’ — which means having enough savings, financial investments, and cash on hand to afford the kind of life as we desire for ourselves and our families. And, of course, our size of mind is everything when it comes to making wealth in life. In other words, I mean to say that the thinking behavior of a person's mindsets at a time when he/she is thinking for wealth creation. No matter how much financial stress you're in today, there is always a way to achieve financial freedom in the long run.
Incidentally, it is interesting to note that I’ve seen many people often want to be rich overnight. How pitiful they may be? In today’s world, people might say that earning money is such an easy job while doing it in an unethical way. This is the reason why financial fraud is rampant in society. Having said that, for instance, as per the prosecutions and cases filed in the courts of Nepal; financial frauds occurring within BFIs regulated by the Nepal Rastra Bank (NRB), have cost the Nepalese economy an estimated total of NPR 5 billion (USD 57 million).
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Quite interestingly, have you ever noticed the dress sense of Mark Zuckerberg? Zuckerberg literally wears the same boring t-shirt and jeans every day. Similarly, in 1958, Warren Buffett purchased a five-bedroom home for $31,500 and hasn’t moved out since then. His net worth? An astounding $90.3 billion. He can afford a bigger and more expensive home. After all, the truth is, plenty of rich people don’t look like rich people at a time when they’re living with financial freedom in life. In fact, buying less stuff can actually help you get richer. By spending less, two things work in your favor. One, you’ll have more money to put aside for your financial freedom. Two, you’ll learn that you actually need a lot less stuff to survive, which also helps you put aside more money.
Like it or not, but our life is indeed too short. Therefore, financial planning is a crucial part of our life. Most importantly, you can do this by taking advantage of the power of compound interest. Divide your money into three imaginary buckets, namely security, risk/growth and dreams. Firstly, your security bucket is where all the money for your bills goes — you could need this money to make your life function. Secondly, your risk/growth bucket is for things like high-yield shares and investments. Lastly, your dream bucket is money that you can have fun with. In such a way that we should all focus on the pool of wealth creation rather than living with a clueless mind.
All in all, here is what I’d like to conclude by saying that, “The best thing money can buy is ultimately financial freedom when it comes to living a happy and prosperous life ahead.”
