A Covid lock down (which some refer to as “jail”) is a great time to think about “freedom” and what it means. Q2 Ltd talks about three freedoms –time freedom, mind freedom, and financial freedom.
Time freedom is having enough time for the things that matter to us, such as our hobbies, our family and friends, our health and fitness and so on. For some being “busy” indicates success, but having time makes us rich.
Mind freedom is the opposite of feeling stressed – perhaps best described as “mentally relaxed”. Mind freedom is a tricky one because if we are too relaxed we underachieve, but if we are overly stressed we perform poorly.
Too much stress is detrimental to our health and wellbeing. We need just enough stress to perform optimally, and enough relaxation to be healthy and happy. It’s a balancing act.
Many people define financial freedom as owning a home, or being debt free, or being able to pay their bills on time. But real financial freedom is having enough income to do what we want to do, when we want to do it, without going to work unless we choose to. Sufficient passive income allows us to choose how we spend our time.
Achieving financial freedom requires a plan and discipline, and perhaps decades of saving and investment.
Life is a Trade Off!
Pre Covid many people dreamed big, and put living fully on hold in pursuit of those goals. Covid has disrupted what is normal and is an opportunity for us to redefine “success”.
- Do you really need a significant income or could you reduce your personal spending in exchange for more time and less stress?
- Do you really need the flash house/car/boat or should that money fast track debt or build passive income instead?
- Do you still want a bigger business or would a lean, boutique operation provide more mind freedom and sufficient income?
- Do you still need an office or is remote working/shared space a better option going forward?
- Is your industry/business model still viable, or has Covid/technology changed it?
- Is it time for a change of business/career? Or to start a side gig?
- Do you really want to retire from work if you are still fit and healthy, or would you get bored and lack purpose?
- If you continue earning income after retiring from full time work, would that allow you to live more fully now?
- What memories and legacy do you want to leave?
Redefining success and what we want can be liberating.
Covid-19 and a global pandemic is not what we wished for. However, it is an opportunity for us to reconsider, and perhaps redefine, what success means for us.
“Every cloud has a silver lining”