Expressions like “Financial Freedom” are being thrown about a lot by self-styled success gurus on the internet. What do they even mean?
As a Coach, I know how important it is to gain clarity before even starting out on the journey towards a goal. Therefore, I’m going to give you exact definitions of some of the most frequently used terms, and then I’m going to suggest a few strategies on how to start moving towards that beautiful state where you control your money, rather than letting it control you.
We’ll start out with the minimum, which is Financial Security. This is defined as having a sum set aside – such as, in a savings account – which will cover your (and your family’s or other dependents’) living costs for at least six months. In other words, you’ll be able to cover your bills and survive.
This is important in the case of loss of income.
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