Is Financial Freedom a mirage?

4 min readJul 31, 2018

The world is designed in a linear form with several laid down paths every human must follow regardless of the differed interests.

This path starts from birth, to the daily struggle of survival to death. We were instructed to have education (either formal or not) and get a good job, grow bigger and one day retire, live happy till death. Our lives seem too busy with daily activities that form the basis of how much we can grow. Some prefer lesser work regardless how little the income may seem while others take more time out to work so as to earn more income.

This is the paradox of time and money, the ones that have it do not really have so much time to spend it while the ones that have the time is not endowed with so much resources. One then wonder if it's only an illusion of a possible meeting point between the two. Can we have so much money enough to fund our goals and yet have enough time to enjoy these goals, is there anytime we will go on that dream vacation and spend as much as we want without worrying about the next paycheck?

What Financial Freedom isn't: Being financially independence isn't a get rich quick scheme or it gives you the freedom to mismanage your finances (spend anyhow without been accountable for each penny) but the opposite because it takes time, discipline, energy and sacrifice.

What then is financial freedom:
Financial Freedom in it's simplest form is when you can maintain your desired lifestyle without a regular paycheck. If you are free financially, you can make big decisions without been stressed by money.

As beautiful as this may seem, it has proved unattainable due the fact that over 45% of people above age 65 in US live below the poverty line. Though due to absence of data one cannot accurately estimate the statistics in Nigeria, however it is expected to be higher as Nigeria because of its high poverty level.

World Bank (2014) estimates that over 80 million Nigerians are living in total poverty which is majorly caused by low income and expensive cost of living which have birthed low standard of living amidst the elderly population who are not earning any stable income.

We have however discovered a few ways you can be financially free despite the economic or societal downturns that seem to have plagued people's finances. Here's a few of them;

To start with, you need to understand where you are and where you need to be before you are financially free. This calculation seem bogus but with the "Cowrywise Financial Tool", you will be able to do that based on your current savings balance, the interest rate you earn on it, your monthly income and the percentage of your income you save periodically.

If this is the recipe for achieving financial freedom, then everyone needs to pay more attention to these things. They can be highlighted as "How much a person save and how much he earns on his saving". Hence, the savings and investment imperative!

How much do you earn: In order to achieve financial freedom, it is necessary to focus on improving income generation. This form the bedrock for how a man lives his lifestyle, how much he can and will afford and how much he can save.
In the case of lower income, options such as Improving ones skills, taking up a second job, a side hustle etc can be considered and explored.

How much do you save: It is advisable that individuals put away at least 30% of his total income in savings, at least 6 months of expenditure in an emergency fund (in case of future health, social or economic emergencies such as accidents, loss of jobs, surgery etc). Surely your savings will save you!

What do you save for: Man’s path is mapped so is his desires, aspirations and goals. A better way to live a fulfilled life is to save towards any spending especially on Life Goals. CowryWise is a platform that helps you save towards each of these goals while you earn competitive interest rates on them. Savings is always fun when you tie it to a goal!

How much do you earn on your savings: Saving is important so is the return on your savings. The most important thing about being financially free is the fact that your money can work for You! It is what distinguishes it from "just retiring". You must start learning how to invest according to your risk appetite and most importantly use your stash of money in the bank to earn more money without moving a finger. Cowrywise is a platform that give you great returns on your savings with out you thinking about macroeconomic stability or financial technical. Try out Mutual Funds, and other low risk portfolios to increase your wealth. At this stage, you must run from get rich quick scheme, and other crude form of investments.

Is Financial Freedom a mirage? No, it's even easy to attain by following simple steps and being financially conscious.




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