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What Financial Freedom REALLY Is and What to Do If It Feels “Out of Reach”

Posted by Steve Worrall | Jul 02, 2022

The typical definition of financial freedom means no debt, six months of savings in the bank, a paid-off house, and saving toward retirement so you can stop working. The pop culture “teachers” of personal finance tell us that this is when you'll experience financial freedom ….and so we spend our lives working toward those goals.

But what if we look at it a different way….

Because maybe you're just starting out, have a lot of student loan debt, or bought a house that you were forced to pay well over the asking price for in this current market.

Perhaps you're just starting a family and are overwhelmed by the reality of the costs of those little mouths to feed.

Maybe you've even lost your job or your biggest client and you're wondering where the money is going to come from just to pay your bills.

Or maybe you've got millions in the bank but you're afraid because you've just seen your accounts lose value because of market swings or issues in your business or with the economy. Isn't it funny to realize that sometimes financial freedom has nothing to do at all with the amount of money you have in the bank?

So how can you experience this financial freedom if you don't have a big savings account, you have loads of debt, you've not saved enough for retirement, you don't know how you're going to pay for your kids' college, or you feel fearful when you think about your financial situation? How can you experience financial freedom right now?

First, give. Yes, that's right. Find a way to give. It doesn't have to be a lot of money or even money at all. But go out and give from a place of abundance… stretch yourself and give more than you think you can without expecting anything in return.

Next, take your head out of the sand. Is there some financial situation in your life that you are not facing the reality of? Taxes that haven't been paid?  Money that you owe to someone? A potential lawsuit out there? It could be mail that you haven't opened yet because you're afraid to see what's inside…. but you know there is something. And whatever that something is, it's time to deal with it because when you face down that “thing,” take responsibility for it, and come up with an action plan for handling it, then you're on the road to freedom.

The third step is to get your financial house in order. Do you know with absolute and total certainty what would happen to all your stuff, your business, or your kids if something happened to you? Do you have a plan in place to make sure that at the end of your life (whenever that may be) you leave the world a better place? That you improve the lot of your family, not just financially but emotionally, and that you don't leave behind a big mess?

Now a lot of people say, “That's too scary to think about!” But it's not. It's actually very empowering because right now you have a clear head and can start to think about why you are here. How will you leave the world a better place?

You start by knowing that your financial house is in order and that your family, the people you love and who love you, are going to have an easy time of it when you're gone.

So that is your action plan for financial freedom today. It's not about six months of savings, getting out of debt, and paying off your house. All those things are great…. but you could do all of those things and still not experience the freedom you're looking for. If you're always waiting to experience freedom until you “arrive,” you'll never get there.

To help you get started and move in the right direction, I'm dedicating the entire summer to Financial Freedom! Make an appointment to come into the office, and let's work together to get your affairs in order.

If you already have legal documents in place, fantastic! We'll review whatever you do have during our session to make sure you haven't made some of the common mistakes most people make that could be costing you money now or leave your family with a mess later - even if you've worked with well-intentioned lawyers or other professionals in the past.

At the end of your planning session, you will know what you really need to do to preserve, protect, and grow your financial assets, as well as how to pass on your emotional, spiritual, and intellectual assets (our most important assets). If you're ready to get started, simply call the office at 770-425-6060 and we'll work to coordinate a mutually beneficial time.

About the Author

Steve Worrall

As a sandwich generation kid himself (caring for both children and aging parents), Marietta Georgia Estate Planning Elder Law & Probate Attorney Steve (Stephen M.) Worrall KNOWS the struggles you are facing as you raise children, balance the demands of your job, and take care of your aging parent...

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