The goal of Financial Freedom is to break free of the dependence on and compulsions of money.
In my advisory practice, I’ve seen those that managed to do so, and those that are unable to do so.
So where are the pitfalls?
1 Materialistic accumulations
Life is an ever increasing need to experience higher and higher sense pleasures.
The house gets bigger, cars get bigger, dinners gets fancier, luxury/expensive hobbies… every income increase is fed into increasing expense
2 Unending insecurities
Life is full of surprises and only the strong survives.
What if I got critical illness? What if my money runs out before I die? What if disaster struck my assets? What if disaster struck my family? How to give up my income if I don’t know what’s going to happen?
3 There is no plan
The plan is to generate passive income. Not sure how much… The plan is to work until I die… never gonna retire.
The whole idea of Life is to live it profoundly, to experience it to the utmost. Financial Independence is a piece of the puzzle to that. Instead, people became enslaved to money, their jobs, their assets. Spending 2/3 of their life working in a joyless job under a hateful boss who probably have lots of health related issues from job resentment.
Unless we confront this 3 things, it is very likely we will be trapped in the cycle of financial enslavement. And see our Life ticking away.
(Can you really blame gambling houses and marketing gurus getting rich when people choose to gamble with them to get rich quick rather than working thru these issues slowly, diligently and honestly?)
life-lite 