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Financial freedom

It’s an attractive idea – most of us want it – but it’s easier said than done.

Frankly, it’s probably ‘why’ you came to this site in the first place.

Achieving it is a process

But the step that most of us obsess about is making more money.

Now we can explore the deep reasons you crave financial freedom another time – but it should be one of your life priorities regardless of your motivations.

In a country like the USA, that’s going to take a lot of money…

It’s not something to hide or shy away from – if you provide something of value this country will give you money in return.

Arguably the more money you make the more value you are providing. 

Creating that value is one of my life strategies – it’s why I focus on business so much in The Entrepreneur Experiment

I’m a businessman, it’s how I see myself best-providing value to the world, so, unsurprisingly, my future thoughts revolved around more entrepreneurship.”

So back to making money.

There is another very good reason other than just financial freedom.

It takes quite some time to achieve true monetary independence – but even before that having more money starts to make beneficial changes to your life satisfaction.

Especially through your health and your psychology.

“Higher-income has many benefits, including improved health and life satisfaction”

https://www.apa.org/news/press/releases/2017/12/earn-happiness

That doesn’t always mean greater happiness. It’s a cliche but true – money can’t buy you happiness.

But what it does do is make a change to which of the core happiness emotions you tend to feel. You move more towards greater self-oriented feelings of contentment and pride. As opposed to other-oriented feelings of compassion and love. Why is that beneficial?

Well, regardless of your personality type, we are all social beings. A lot of our self-image is a reflection of how we interact with the world and how we believe people perceive us. Social status is a real thing and for most of us, life satisfaction is intimately bound up in our societal standing, especially in the USA.

http://www.internationaljournalofwellbeing.org/index.php/ijow/article/view/710

Another benefit is that it shifts your focus up the hierarchy of needs pyramid.

Making more money enables you to concentrate on pursuing growth needs – like esteem and self-actualization.

Self-actualizing people are self-aware, concerned with personal growth, less concerned with the opinions of others, and interested in fulfilling their potential.”

https://www.verywellmind.com/what-is-maslows-hierarchy-of-needs-4136760

Then there is health…

“To some extent, income and wealth directly support better health because wealthier people can afford the resources that protect and improve health.”

https://www.urban.org/sites/default/files/publication/49116/2000178-How-are-Income-and-Wealth-Linked-to-Health-and-Longevity.pdf

From what you eat to where you live to your routines and habits – making more money has a well-charted benefit gradient. One that correlates at every income step to improved health. It doesn’t just make a difference at the extremes of the very wealthy or the very poor.

This is obviously a huge benefit – common sense tells us that the most important non-renewable asset we have is TIME.

Improved health is not just about living longer – it’s about being healthier and functional for more of the time that you’re alive. 

I’m going to return to this topic in a future post because it’s one of my other obsessions.

So, making more money is a catalyst for a virtuous circle of health and life satisfaction gains. 

Who doesn’t want that?

Don’t get me wrong, it’s not the be-all and end-all of life, not by a long shot – but it’s for sure one of the keystones.

As with everything in life – chasing this one thing to the exclusion of all else is a big mistake. But as long as you maintain some balance then there are few downsides.

Ultimately if you end up making bucket loads of money and it troubles your social conscience – then use that money for philanthropy.

Win-Win

Yes, there are alternative ways to achieve these improved life satisfaction outcomes. Frugality, vocational service, community, spirituality are just some of the many valid options that spring to mind.

But if an alternative route was your focus you probably would not be reading this article in the first place right?

So, in conclusion. Financial freedom may be the headline reason for making more money. But it’s not the only one and yes, if you have not already, you should get started on your journey today.

Invest in yourself – start a side gig