How Financial Freedom Increases Happiness
Being financially free allows you to no longer worry about making ends meet monthly, paying down debt, or paying unexpected bills.
Financial freedom can lead to many business opportunities you may not have otherwise been able to pursue. Therefore, becoming financially free allows you to fund personal goals or pursue your dreams.
Chasing your dreams may include escaping the 9-5 to pursue ventures that generate passive income. Start that business that you have always dreamed of.
Another way financial freedom can increase happiness is by allowing you to travel more, spoil your family with gifts, or splurge on big-ticket items you could otherwise not afford.
However, financial freedom looks different for everyone. Below are 10 Ways Financial Freedom Increases Happiness
What is Financial Freedom?
According to the article written by Todd Christensen on Money Fit website, “Financial Freedom is growing savings that enable us to retire or pursue the career we want without being driven by earning a set salary each year. Financial freedom means our money is working for us rather than the other way around.”
Financial freedom may not necessarily be the sole source of happiness, but it can alleviate the stress caused by economic instability and insecurity.
1. Financially Secure
One way that financial freedom increases happiness is by feeling financially secure.
Sometimes, people prioritize financial security over taking financial risk.
If you prioritize financial security, you may sacrifice happiness by staying at a job you hate for a steady paycheck.
If you are afraid to take risks due to finances or working a job you hate, then becoming financially secure may bring immense peace and happiness.
However, working towards financial security can be a daunting task. For many, it will require many hours of overtime, side hustles, or picking up various jobs to earn extra money.
Furthermore, it will take budgeting, saving, and paying off liabilities to get to a place of financial security.
However, getting to a place where you feel financially secure will help bring peace and happiness.
Being financially secure may allow you to step outside your comfort zone and take calculated risks or partake in investments you otherwise couldn’t, opening the door to new opportunities.
2. Worry Less about Finances
Financial freedom can bring peace of mind and eliminate the stress of money concerns.
No longer will you have sleepless nights plagued by the fear of losing your job or being unable to pay your bills.
Not only will you be able to sleep better at night, but you will also feel relaxed knowing you have the money to cover any unexpected expenses.
Living a financially free life relieves the stress of money concerns and allows you to concentrate on saving for unexpected circumstances.
3. Increases Fulfillment
Achieving financial independence can be daunting, especially if you have a mortgage or other debts to repay.
However, the feeling of being responsible, dedicated, and self-disciplined enough to pay off all your debts and attain financial freedom is truly invaluable.
Being financially free is a significant accomplishment and one of the most challenging goals you may achieve. It is for this reason that so many accomplish financial freedom later in life.
Therefore, being able to manage your money in a way that you no longer worry about finances can leave you feeling a sense of pride.
4. Focus on What You Want
Financial freedom enables you to pursue your passions and aspirations without financial fears.
Passions can include:
- Traveling to exotic destinations you otherwise couldn’t afford
- Paying for children’s college education to help them get started in life without being burdened with debt
- Afford an expensive hobby such as owning horses or flying a plane
- Quitting your job to start a business
Therefore, being financially free allows you to focus on personal fulfillment rather than financial struggle.
When you achieves financial independence, a life without the limitations of financial obligations becomes possible.
Therefore, the ability to live fearlessly and chase after your dream life is possible.
5. Better Relationship with Your Spouse
The Institute for Divorce Financial Analysis reports that financial issues contribute to 22% of divorces.
Money can cause disagreements between couples with differing opinions on its usage.
Attaining financial independence and paying off debts can help reduce financial stress in a marriage.
Therefore, being financially free can resolve issues within a marriage.
When you no longer have to worry about money, it prevents disagreements with your spouse about poor money management or having insufficient funds to cover expenses.
6. Feel More Confident
Achieving financial independence is a liberating experience that brings peace of mind and freedom from financial concerns.
It means you no longer have to monitor your bank balance or stress over unexpected expenses.
Instead, you can cover all your costs and handle unexpected expenses that may arise.
This sense of financial security allows you to live your life fully, knowing that unforeseen events such as a sudden car breakdown or medical emergency won’t leave you in an unstable financial situation.
In short, financial independence gives you the confidence to live without worrying about unexpected expenses.
7. Able to Reinvent Yourself
Attaining financial freedom can offer many benefits, including increased flexibility in how one chooses to allocate funds.
This newfound financial freedom allows you to reinvent yourself or create a new lifestyle that may have been previously unattainable.
For example, before being financially free, you wanted to reinvent your appearance but needed more money for a medical spa. Becoming financially free allows you to explore those options without worrying about spending the money.
Furthermore, you may want to afford luxury brand clothing and accessories to reinvent your look, giving yourself a higher-end appearance.
In another scenario, you’ve always wanted to be a CPA but didn’t have the money to attend college. However, once becoming financially free, you feel financially secure enough to take on that goal.
Financial freedom can open doors to reinvent your life to be anyone you want to become. [Read also: Step by Step Guide on How to Reinvent Yourself]
8. Spend More on Experiences
Gaining financial freedom is a significant achievement that frees you from the burden of money.
Financial freedom means traveling more often and indulging in cultural experiences that were once beyond your reach.
Possibly, you want to bathe an Elephant in India or Run with the Bulls in Spain. Take a Gondola Ride in Venice or travel the world on a Cruise Ship.
Financial freedom allows you to make these dreams a reality without worrying about finances, allowing you to experience more of what life offers.
Exploring and encountering more of life’s experiences can lead to a greater sense of joy and contentment.
9. Ability to Give Back
When you’re living from one paycheck to the next, making a meaningful contribution to organizations aligned with your values and beliefs can be challenging.
However, achieving financial freedom allows you to donate more generously to these causes, which can be incredibly fulfilling.
Not only can you support causes you care about, but you’ll also experience a boost in self-confidence and happiness knowing that you’re positively impacting the world.
10. Improved Health
Achieving financial freedom can have a significant impact on your overall well-being.
Stress is a known factor in many health issues, and financial worries can be a significant source of stress for many people.
In fact, according to EveryIncome, “Stressing about finances can go far beyond the wallet. It can seep into every aspect of your life and manifest itself as generalized anxiety, guilt, panic attacks, or trouble sleeping at night.”
Therefore, you may improve your overall health by eliminating financial stress and enjoying greater peace and contentment.
Also, having the financial means to prioritize regular checkups with healthcare professionals like dentists and eye doctors can help you maintain good health.
Taking care of your physical health is essential, and regular checkups help catch any issues early on, possibly making them easier to treat.
With financial freedom, you can prioritize your health and ensure you take all necessary steps to maintain it.
Prioritizing your health can lead to a better quality of life and greater well-being.
In summary, while it may not be the sole source of happiness, financial freedom can ease economic instability and insecurity. [Read also: Get out of Debt | How to Pay Off Loans Fast]
Attaining financial independence is a crucial step towards going after one’s aspirations.
It relieves the burden of financial concerns but also promotes personal contentment.
Financial freedom also enriches relationships with loved ones and fosters self-assurance, which can inspire personal growth.
Furthermore, financial independence can positively influence overall well-being by mitigating stress associated with monetary matters, allowing you to pursue your best life.
About Author, Sara Elizabeth
Writer, Amora V Lifestyle
Co-Owner of Elizabeth Besich Boutique
Sara is a writer for Amora V Lifestyle and is Co-Owner of Elizabeth Besich. Sara previously worked as a Marketing Manager and has her Master’s from Lindenwood University.
Sara studies everything of interest, from psychology, recipes, finances, mental health, and travel, thriving to find happiness and to live a good life.
When not learning, Sara loves all things outdoors, food, and hanging around great company. Furthermore, Sara loves spending time with family, who she is blessed to have in her life.
Note from the author: Through my articles, I hope to bring you joy and peace and that you enjoy it!
Disclaimer: The information provided in this opinion article is for entertainment purposes only. It should not be construed as financial advice and does not constitute an offer or solicitation for investment. We cannot guarantee the accuracy or completeness of the information presented, and readers should always conduct their own research and seek professional advice before making any investment decisions. The content of this blog is the opinion of the author and should not be attributed to any organization or entity. Any reliance on the information provided in this blog is solely at your own risk. Any reviews or comments written are the subjective opinion of an Amora V Lifestyle member and not Amora V Lifestyle. Amora V Lifestyle performs occasional checks on commentary left by users. It’s worth mentioning that we may also use comments in our articles. By posting a comment, you are giving us permission to use it in our content. Please check out Privacy Policy and Terms of Use for full disclosure. Sources: https://www.moneyfit.org/financial-freedom-means/
Leave a reply
