Financial independence is an interesting topic maybe not for everyone but at least for people who are interested in managing their personal finances. I have met a lot of people who want to attain financial freedom and also those who have concrete plans for the same. Today I got a chance to talk to a few people about their thoughts on Financial freedom. First of all many people did not even know what Financial freedom was and some people did not even think about that. It was to my surprise that there are people who don't care about the future and live in the present. They spend what they earn and I even wonder if they try to save anything or not.
The first thing that people think about getting is a new liability and only later do they think about savings. Even when it comes to savings, they are not clear on how they can do proper savings. I know there are many people who have good financial awareness and I cannot judge the general public with just the people I met and tried to talk to. The group of people that I talked to are all full-time employees with a decent salary which they think is sufficient today to lead their life and they are having a thought that this salary would keep going until their retirement.
How much would be sufficient in life?
I started questing people with this asking how much would be sufficient for them to live if they had to quit working today. Mostly people think only about a few months and they give some unrealistic value. It was very interesting to have this conversation and get some perspective from others. Most people say that I need sufficient enough that would make me keep going without a job. I asked them what they would be doing after that and the straight answer was that they would get another job and keep going.
In a way, they say that it is not valid to think about things they would do if they have more money but at the same time I was surprised to see that many people don't even have a proper investment plan. There was this young chap who gave a very good number and I was happy to think that at least he had some thoughts on attaining financial freedom. But later after continuing the discussion, I came to know that he wanted to spend that money only on luxuries and there was no idea to save them or make that money generate more money.
Maybe financial independence is not for everyone
I concluded with this thought that not everyone is interested in financial freedom and maybe it is not for everyone. People would like to have a good cash flow every month but they mostly think that they have to continue doing a day job for it and earn from that. They don't believe in passive income or income from their assets. People talk a lot about creating liabilities and mostly they would try and expand their income only if the liabilities are high and if their income is not sufficient.
Finally, I came to the conclusion that not everyone is interested in financial learning or proper asset management. Maybe it might need some more time for people to find the importance of financial planning. When they have kids to take care of, things can change a little bit. But usually, it takes a lot of time to think about financial freedom. I have to be very honest that it took me a lot of time to think about these things and I thought about having a secondary income very late.
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