Is there a universal definition for the term financial freedom?
There is probably a consensus written objective definition that most people would agree describes a state of financial freedom and yet in my experience most of us would define it subjectively in a way that has meaning for our own lives. Some might define it as being debt-free and owning all their possessions outright. Freedom to them is never paying interest on a debt owed to anyone – not having bills to pay to others. Some would see having a job with a high paying salary that allows them to live comfortably as financial freedom. Some would see it as having enough money to retire comfortably for the rest of their life – they see it as not having to work. Some might see it as being able to purchase whatever they want at any time – take lavish vacations, live in an expensive home and drive a fancy car – I call these the financial freedom is having money to burn! There are many, many other definitions from having that big retirement plan for your future to having nothing – no possessions
