Shackles of Money

Being rich buys you the material things and experiences you want. Being wealthy buys you freedom and time.

I believe being rich and wealthy are independent from each other. You can be rich but not wealthy, wealthy but not rich, or you can be both. And I believe that everyone can define what each means, and they can change over time. It’s how you define and prioritize the two that can change your life.

Everyone’s life situation, perspectives, and priorities are different, and that’s why financial goals should be tailored to the individual. There are industry and social norms on financial goals and plans, but the great thing about this day and age is many of us are able to decide on what works for us.

However, one of the dangers of pursuing a rich life without planning for a wealthy life can lead to a life where you are shackled by money and you give up freedoms. You might be selling the freedom of your future self for today’s gains. You might be closing doors of opportunities ten years down the line for happiness today.

I personally prefer to forgo the riches of today for the freedoms of tomorrow. It's by no means easy to do with all the temptations of life. Everyday, you are bombarded with ads on your phone, social media, billboards, TV, emails, and many more. You see what others have and are persuaded that you need these things that you don't have. We currently live in a world with more access to shopping and ways for sellers to reach you than ever before in history. It's so easy! With one click purchasing, buy now pay later, cash advances, credit cards, and promotions after promotions. We are living in hard mode when it comes to the temptations of riches.

I do spend money on some riches that I don’t need, and I think this is also important to live a healthy and balanced life. It's OK to live for some of the riches of today as long as it doesn't derail the wealth and freedom of tomorrow. The freedom to move somewhere you want. The freedom to quit your job to care for a loved one. The freedom to start a business of your choosing. The freedom to break away from the shackles of money and needing to work for money. The freedom of money working for you. The freedom to retire and choose the way you spend your life going forward.

While this world today has a lot of ways to stumble on your path to financial freedom and wealthy living, it also has many opportunities to invest and build wealth too. I remember trading on a platform where I had to pay a $5 commission fee on the $100 I had available to invest at the time. That immediately set me back 5%. Then I remember there was a broker that allowed you to buy stocks for free and then had you pay a commission fee when you sold. This was better in some way because it allows your initial money to grow unhindered. Then Robinhood came out. That changed the retail investing landscaping forever. With zero commission fees, it allowed people to invest dollars at a time without taking away from their investment. Now there are also platforms out there to invest in real estate, art, startups, crypto, NFTs, micro loans, commodities, options, FOREX, and more. There are so many different ways to start investing and tools to break the shackles of money and gain freedom through wealth.