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Anybody who tells you that money can’t solve all of your problems is kind of lying to you. It’s true that no amount of money can solve self-esteem issues or fix your relationship with your mom. But, money can buy you freedom, and that can be life-changing.
Financial freedom isn’t about buying more stuff or moving into a nicer house. It’s about having agency over your life. So if you’ve been waiting for a sign that it’s time to stop spending your savings on depreciating assets like brunches and handbags, this is that sign. Or if you’ve been waiting for a sign that it’s time to ask for a promotion, this is that sign. When money has a healthy place in your life, it can help you access a new level of freedom that you almost can’t put a price on. Here are other types of freedom that financial freedom gets you.
You Can Be Selective About Jobs
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Creating a substantial nest egg is important if you face any amount of job insecurity (which, who doesn’t these days?) If you lose your job and have no savings, you are forced into taking whatever job comes your way first. Even if it pays poorly, is bad for your mental health or isn’t in line with your goals.
Vanguard reports that financial experts say you should have three to six months of worth of expenses in your savings. And Flexjobs says it takes an average of three to six months to get a job, from the day you start sending out applications. So, if you want some breathing room, it could be a good idea to have even more than six months of expenses saved up. This gives you the freedom to be selective, and only take a job that you’re really excited about.
