image of a soaring bald eagle with the words what is financial freedom

What Is Financial Freedom?

image of a soaring bald eagle with the words what is financial freedom

What is financial freedom? Plenty of money…for life! We share how to get to the next level of financial freedom.

Last time, we announced the release of our Financial Freedom Tool and how it fits our mission of helping good people have more money to do more good.

Today on The BIGG Success Show, we define financial freedom and discuss three ways to reach the next level of financial freedom. Here’s a summary of that discussion.

What is financial freedom?

Our definition of financial freedom is:

Plenty of money…for life.

Let’s take this definition of financial freedom part-by-part.

  • Plenty

First of all, let’s think about “plenty”.

Not enough. Plenty.

More than enough. An abundance.

It’s an individual thing.

  • of money

Now let’s turn to the phrase “of money”. Money is a valuable commodity, because it makes exchanging easy.

Money equals wealth in our definition. We really mean wealth in all its forms. For example, a person may have plenty of cash, yet feel a sense of emptiness which more cash will not solve. Reconciling with God will yield dividends that reconciling your cash accounts can’t.

Our definition of money also calls for thinking about both the present and the future. You need money when you need money. You can’t pay bills with your house, your car, or any other asset. You need cash.

But while cash is invaluable when you need it, it is generally a poor investment long-term. Much of the interest you earn on cash is flushed down the drain for taxes and inflation. Other investments fare better. So cash costs you money in the long run.

So, our definition of financial freedom means being able to enjoy life more now and later.

  • for life

This continues that last paragraph – you have enough money to live now and not wait for some artificially-set retirement date dictated by the government or an employer.

AND you have enough money to take care of your needs for the rest of your life. You don’t have to worry about running out of money.

Is it just a pipe dream?

We know – this all sounds great, right? But we can hear the mental objections. “Isn’t this about way off in the future?” “It probably involves a side hustle and I don’t have time for a side hustle.” Here’s the first thing to understand…

If you say it can’t happen to you, it won’t happen to you.

Like everyone else who has achieved financial freedom, you have to start where you are with what you have. And you must make the most of it.

That’s the price financial freedom demands.

It’s also the starting point on the journey to financial freedom.

The next steps

1) Look at your money flows

How much money do you have coming in? Where is it coming from?

How much do you have going out? Where is it going?

2) Benchmark your finances

Search for information about how much people spend, on average, in various categories. How do you stack up? Identify areas where you’re spending too much.

3) Develop an action plan

Once you know where you’re spending too much, map out actions you will take to cut costs in that area. And then, do it!

BIGG Takeaway

Success comes after Start (and not just in the dictionary)

Tweet our BIGG Takeaway

Do your personal finances stack up to your neighbors?

Our Financial Freedom Tool goes beyond what we described above about benchmarking your finances to an average person. It helps you quickly see how your personal finances stack up to peers with the same income as you – think of it as your neighbors.

You simply enter your info in the pre-created categories. In almost no time at all, you’ll be able to pinpoint opportunities to save more. From this, you can develop an action plan to help you get to the next level of financial freedom. Learn more

Here’s to your BIGG success!

George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00958-121818.mp3

Do More Good blog image of an eagle soaring in the glow of the sun

Do More Good

Do More Good blog image of an eagle soaring in the glow of the sun

Do more good by discovering how to gain more confidence, clarity and choices when it comes to your money.

Cue the drums. Sound the trumpets. Light the fireworks. Drum roll, please.

We’re excited to announce the release of our Financial Freedom Tool!

It’s software which helps you gain more confidence, clarity and choices when it comes to your money.

We talked more about this on The BIGG Success Show today. Here’s a summary of that discussion…

Financial freedom. What does it mean to you? Never mind that for now, we’ll talk about that next time. It’s the “what”.

Today, we want to share with you the “why”. Because the Financial Freedom Tool is more than just a software program. It’s a device to help you do more good.

But we’re getting ahead of ourselves. Let’s start at the beginning…

Personal finance powered by entrepreneurial finance

At BIGG Success, we’ve always been about bringing entrepreneurship to life. Whether or not you ever own a business, you are in charge of a very special enterprise – your life. You own it. So, it pays to think like an owner.

In addition, it can be useful to look at your household as a business. It’s not a large business. It’s more like a small business.

[Mary-Lynn] Since George teaches Entrepreneurial Finance at the University of Illinois, he’s familiar with the tools of the trade.

[George] I realized some of the main tools we use in entrepreneurial finance – tools which help owners really understand what’s going on with their business finances – these tools weren’t available in the personal finance space.

Our Financial Freedom Tool brings these powerful entrepreneurial finance tools to personal finance. We think of it as entrepreneurial personal finance.

Now, regular folks have access to the tools smart business people have used for years to manage their business better. (And while powerful, we make it so easy to use and understand. All you need to know is that smiley faces are good and frowny faces aren’t.)

It provides you with information about your money that you have probably never seen before. So, you can easily pinpoint opportunities to get ahead and make better money moves.

Do more good

Money itself is just a tool. It’s neither good nor bad. Money reflects the nature of the person who holds it. So we asked a question:

What if the good people of the world had more money?

We concluded:

If good people have more money, we can change the world for good.

Good people do good things with money.

What prevents good people from doing more? What holds us back from doing as much as we would like – for ourselves, for our loved ones, for the world?

When we think about how we can do more good, we tend to think in the future tense. It’s almost like a dream.

“It will be awesome when I can do that.”

“Once I’m making more money, I’ll do that.”

“I’d love to help that organization some day.”

But “some day” is usually just another word for “never”. Don’t delay.

Our Financial Freedom Tool helps good people have more money, so they can do more good.

It starts by seeing where you’re at. You may be able to start doing more good sooner than you think.

Hope for today and tomorrow

Let’s face it – we live in challenging times. We have witnessed one of the worst recessions in the history of the world. Even in good times, it’s not unusual for a large company to announce massive layoffs.

All the rules seem to have changed.

We used to have pensions, funded by our employer. Now we largely fund our own retirement.

Health insurance was a benefit for employees. Now its cost is largely paid by employees.

Fewer people have traditional jobs. We are moving to a “gig” economy.

Costs rise, even when wages are stagnant. People have to do more with less today. It’s harder. It can be discouraging.

We built the Financial Freedom Tool to give you more hope for today and tomorrow. It helps you know precisely how your finances stack up and you see exactly what to do to get to the next level. One level at a time, you reach BIGG success!

BIGG Takeaway

“Pinpoint opportunities to make more, save more, and do more good.”
Tweet this BIGG Takeaway

Do more good today

Want to make more? Want to save more? Want to do more good?

Then you owe it to yourself to learn more about our Financial Freedom Tool.

Here’s to your BIGG success!

George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00957-120418.mp3

image of woman with eyes closed and hands together for the blog titled The Gratefullness Dividend

The Gratefulness Dividend

image of woman with eyes closed and hands together for the blog titled The Gratefullness Dividend

A gratefulness dividend flows to those who fight off abundance denial.

We discussed abundance denial and the Gratefulness Dividend on The BIGG Success Show today. Here’s a summary of that discussion.

This show was inspired by a book by Gregg Easterbrook called The Progress Paradox: How Life Gets Better While People Feel Worse.* He coined the phrase “abundance denial.” We discovered his book when we did our show on the hedonic treadmill.

It’s easy to complain. The two of us fight the urge. So this episode was done as a reminder to us. We hope it helps you as well.

So, let’s look at how to fight off abundance denial and reap the rewards of gratitude.

Read more

An image of a wallet squeezed shut for the blog post titled Saving for Retirement with a Stingy Employer

Saving for Retirement with a Stingy Employer

An image of a wallet squeezed shut for the blog post titled Saving for Retirement with a Stingy Employer

Saving for retirement is harder than ever as many employers are shifting more of the burden on to employees. See how you can respond.

We discussed saving for retirement and stingy employers on The BIGG Success Show today. Here’s a summary of that discussion.

This show was inspired by a New York Times article by Nelson Schwartz and Michael Corkery. It compared the retirement plan of Sears and Amazon. Sears was more generous.

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image of a treadmill for the blog post titled: The Hedonic Treadmill Costs You Money

The Hedonic Treadmill Costs You Money

image of a treadmill for the blog post titled: The Hedonic Treadmill Costs You Money

The hedonic treadmill is a behavioral finance concept that predicts that people’s happiness spikes with spending, but then quickly reverts back to its original place.

We discussed how the hedonic treadmill affects your money on The BIGG Success Show today. Here’s a summary of that discussion.

This show was inspired by an article on the Quicken Loans site by Jackie Lam. We talked about what the hedonic treadmill is, how it affects your money, and how to avoid getting stuck on it. This show is a reminder for us. We hope it helps you too.

Read more