Financial Freedom for Teachers

Financial Freedom. Those two words together sound great to me. While those words may mean something a bit difference for each of us, for me it means more choice to do what I want, when I want.

When you are in a job, working for someone else, trading your time for a paycheck because you need a certain amount of money to pay your bills and living expenses, your choices may be limited.

As teachers, I want all of us to have the choice to teach and work at a job we love; to be able to work with students each day free of worries about money. This information about becoming financially free is not to make you give up teaching, but rather to give you the freedom of choice.

What is Financial Freedom?

"Financial freedom describes a well-planned lifestyle where one no longer is required to work for income to cover their expenses. Contrary to popular belief, it does not require being free of debt, as a debt payment is just another expense.

Typically, "Financial Freedom" can be attained in one of two ways (or a combination of the two):

  • Enough passive investment income to cover one's expenses.
  • A large enough "nest egg" that can be liquidated over time to cover one's expenses." (source: Wikipedia)

What Does Financial Freedom Mean to You?

Financial freedom is not about how much money you make. You need to decide how you want to live. What makes you comfortable? What makes you happy? Besides being able to meet your living expenses and basic needs, what is important to you? It may be traveling, giving to charities, supporting your parents or other family members. You can see the list will be a bit different for everyone.

R. Buckminster Fuller, known by his friends as "Bucky", has undeniably been one of the key innovators in the 20th century. He is known as a philosopher, thinker, visionary, inventor, architect, engineer, mathematician, poet, cosmologist, and more.

Fuller said, "If you stopped working today and continued to live at your current standard of living how long would you last? If you could last a month, then you are one month wealthy. If you could last five years, then you are 5 years wealthy. And if you could last forever then you are infinitely wealthy." This statement is a real eye-opener. How long could you live on your savings or other assets? It is not just about acquiring more "things" it is about being 100% responsible for ourselves.

What does your retirement fund look like these days? Even with the best retirement plan, look at how rising energy costs and inflation change your financial picture when you are on a fixed income. When planning for the future we need to keep the decreasing value of the dollar in mind.

The good news is that you can take control right now of your finances and start on your path to becoming financially free. There are tried and true strategies or "secrets" of those who are financially free. They are not "get-rich-quick" techniques. They are relatively simple, but not necessarily easy.

To get started on your path to being financially free follow the links below.

Beginning Steps to Financial Freedom

Creating Passive Income

Financial Leverage: Use Your Teaching Knowledge to Make More Money

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"I find great tips here all the time on strategies for helping my students. Also, there are some money tips that I have used to help me make the most of my salary."

 


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