Freedom Or Security – Which Do You Choose?
Money means different things to different people. Today we’re going to discuss two ways of looking at it. Money can be a source of financial security, OR it can be a source of financial freedom.
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Today’s show is brought to you by The Financial Freedom Tool. Evaluate your personal finances like a professional (even if you aren’t a financial whiz). Learn more at FinancialFreedomTool.com
Let’s start with some definitions of what we’re talking about when we say freedom and security.
When we talk about security here, we’re talking about things like your personal financial security or job security. Freedom means financial freedom and career freedom.
Many experts say that it’s a trade-off – you have to choose one or the other. We want to examine that today.
Here are a few questions
Given the definitions above, when we say “security”, what do you think?
If you’re like most people, you’re probably thinking things like “a regular paycheck”, “an annual salary increase”, and “no fear of losing my job.”
What do you think when we say “freedom?”
You might say “creative control”, “no money worries”, “set my own schedule”, and “be my own boss.”
Which one is more fun to think about?
Freedom, of course! In fact, most people tend to smile when thinking about freedom. Thinking about security doesn’t yield the same emotions.
If that’s the case, why do we spend so much time worrying about security and so little time planning for freedom?
That’s a good question, isn’t it? Of course, you might say it’s because you have bills to pay and a family to take care of.
What if you could have both freedom and security?
Isn’t that ideal? Before we offer some suggestions on how to make that happen, we want you to think about how secure that job truly is.
Think about two scenarios
Scenario 1: You’re an employee with an employer.
Think of your employer as your customer. Think of the services you provide to your employer as your business. Now, look carefully at that … isn’t that what a job really is?
How many customers do you have?
What happens if you lose that customer?
You lose all your income.
How secure is that?
Scenario 2: You’re self-employed.
Now picture yourself in your own business with five customers. To keep it simple, assume that each of these customers gives you exactly the same amount of business.
What happens if you lose one?
You only lose 20% of your income.
So which one is more secure?
Ah, but you protest – with your job comes unemployment insurance and/or a contract with severance pay!
That’s true. However it doesn’t change how you will feel when you realize that your job is being eliminated or you’re being let go for any number of reasons. Wouldn’t you rather live a life free from that concern? To do that, you need more than one source of income … you need multiple “customers.”
2 ways to get started having both freedom and security:
#1: Start a business part-time.
Your part-time business may be related to what you already do, or it may not. If it’s related, make sure you’re not violating any company policies.
How do you get started in business? Get a customer! Now, you’ve diversified your income. Then get another … now you’re even better off!
Hopefully, the income from your part-time business grows to exceed your full-time salary. Now you’re free and secure!
#2: Invest aggressively.
You don’t have to start your own business to have the freedom we’re talking about. Start setting aside money each month into your “freedom fund.” Invest it wisely and over time, you’ll see your passive income start to grow.
When your passive income equals your salary from your full-time job, you’re free and secure. If this strategy interests you, check out Getting Aggressively Passive.
Don’t let a false sense of security hold you back. Ultimately, true security comes from the freedom you find when you pursue your dreams with passion.
It leads to BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
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