Money is a very sensitive subject surrounded by controversy, greed, fear and a ton of myths. The challenge is that some myths are false while some may sound believable and even reasonable. Most times, people utter statements such as, “I want to be free financially, so I won’t have to think about money in my old age.” With this, financial freedom has really made a name for itself.

Financial freedom is believed to be the solution to all problems. However, it is an illusion because even if you think you are financially free today, you might not be free 3 months or 2 years from now. So, being financially free is not defined by your income, how much money you make or how much you have saved. Everyone has their definition of financial freedom.

Today, we will be debunking some myths about financial freedom.

Myth #1: You can save your way to wealth

There are so many lapses in this myth and it is surprising that people still believe it. First, the amount you save depends heavily on factors like your income, cost of living and tax laws in your state. So, it might not be easy to save 50% of your income if you are just above the poverty line. The solution is to create a saving plan based on your situation. Of course, you can invest too.

Myth #2: Financial freedom means avoiding debt entirely

Being debt-free is a good goal to achieve. Unfortunately, it is not a rule to building up an overall financial long-term strength.
Debt is not all bad. Sometimes, it can get you on a fast track to financial independence. So, it is good to learn how to leverage your financial tool because it will amplify whatever situation you are in. For example, education debt can equip you with the knowledge to thrive in the world and business debt can bring in more money than it costs.

Read more: https://newsbreakersonline.com/common-myths-about-financial-freedom/