India celebrates its 75th Independence Day with Azadi Ka Amrit Mahotsav. Over the years, the idea of freedom has never been so open to different interpretations as it is now. It has come to mean different things for different sets of people, believers, investors, consumers, or call them what you may. One person’s freedom may shackle another, and vice-versa.
Similarly, your idea of financial freedom may create problems for another, in this case your family and loved ones. Or for another time, which you may be unable to foresee through the rose-tinted glasses of financial freedom that you prefer to wear now. But try to see more clearly, and things can fall into place, with a little effort, of course.
It’s one thing to want to be free, it’s quite another to fight to attain it and be able to live it up. “…Freedom is never free. You have to fight for it. Work for it, and make sure you are able to handle it,” Sofia Huxley reminds herself in Toni Morrison’s God Help The Child. That’s also true for financial freedom, a much-loved idea in the modern milieu, that is difficult to attain and maintain.
The quest for financial freedom can be tricky, taking you into unknown and uncharted lanes that may lead you nowhere. Shake off the esoteric idea for a moment, and the simple questions of life can pose a tough challenge: Can you predict the future and what uncertainties it holds for you? Do you have enough to see you through all your life goals and responsibilities? If you were to achieve financial freedom, what would you do with the time and resources you’ll have? Would it bind you into a lifestyle you didn’t really want or the anxiety that not being engaged in anything may bring?
That doesn’t mean financial freedom is a bad word. It’s an idea that remains enticing for people from all walks of life. Aspire, prepare, plan, organise, save, invest, and work towards the goal if that is what you want. Don’t forget to give it time, though.
On the road to financial freedom, you will also be expected to make sacrifices—yes, you read that right—whether it’s the lavish lifestyle that may push you further away from your goal, or your favourite investment that may push you towards unwanted risks. In many ways, that’s the rite of passage you need to undergo to attain any kind of freedom. Add to that, huge doses of grit and hard work. Make your money work equally hard, if not more.
On the way, perhaps, look at freedom from the smaller financial manacles—volatility, debt, taxes and imprudent investments. That will ease the journey to the final destination. And, who knows getting on top of your financial anxieties and insecurities in the short term may give you the sense of fulfilment that you were seeking?
Nidhi Sinha, Editor, Outlook Money, nidhi@outlookindia.com