The objective of running a business of any kind should not just be to make quick money but to become financially independent. But what is financial independence? Why is it important? And how does being a direct seller for QNET allow one to be financially independent?
What is Financial Independence?
At its core, financial independence means having enough wealth or assets to live a comfortable life without the need for working out of compulsion. But financial independence can mean a lot of things for a lot of people. For some, it means not having to worry about making ends meet. Meanwhile, for someone from the younger generation, it means being able to meet their financial needs without seeking help from their parents.
Whatever financial independence means for an individual, they should strive for it. However, nothing comes easy, as the saying goes, “There is no free lunch”. So, let’s understand QNET’s perspective of the Why and What behind financial independence.
Why is Financial Independence so important?
Many people have lost their jobs and savings due to the pandemic. Furthermore, it served as a reality check in terms of finance and job security. In hindsight, financial independence has never been more important than in the current world.
So here are some of the benefits of financial independence –
1. Financial Independence gives a person the freedom to follow their passion
It is a sad truth that many people are forced to work in professions that they have no passion for. Many people have given up on their dreams as they are stuck in the proverbial rat race.
Becoming financially free will allow a person to stop doing what they have to do and concentrate on what they want to do. Not only does this allow them to feel fulfilled in life, but it can also help them become mentally and psychologically stronger.
2. The foresight of long-term goals instead of immediate needs
Ever wonder why most people cannot settle down and have their life sorted when they are younger? It is because there is only so much they can plan and prepare for when they are living from paycheque to paycheque. People are less inclined or interested in saving money for the future when they are not financially stable.
When a person is free from the burden of worrying about surviving the next month, it becomes easier to plan for the next few years. With financial freedom, planning with long-term goals in mind becomes easier.
3. A better relationship with money and personal finance
Money is nothing more than a medium for making transactions. It is a tool to build better lives, create change and impact lives. But when there is financial insecurity, one begins to associate money with problems in life. Paying bills becomes a hassle, buying a new car or a property becomes an unachievable task.
But when there is financial freedom, one is less emotionally attached to money and perceives it as a tool to help them achieve their goals in life. This allows them to use it in a much better way to positively impact their life and everyone around them.
4. Financial Independence can change the perspective on sacrifice
When a person is not financially independent, they are forced to choose between that extra vacation day and that day’s salary. Furthermore, they have to face situations where they are making a choice between spending time with family and meeting a deadline at the office.
But when they become financially independent, they begin to gain perspective and appreciate the important things in life and make better decisions.
5. Financial Independence brings peace and confidence
Financial worries are something that keeps many people awake at night. Always thinking about financial troubles fills their lives with stress and drains their confidence. It also stops people from taking risks in life and following their dreams.
But when worrying about money is no longer a concern, people have a much better and stress-free life. Financially independent people are willing to take more risks, both in life and in business. They can see opportunities where people see risky propositions and have the confidence to act. More often than not, these risks allow them to have a higher chance of success.
6. Financial Independence Improves Relationships and Overall Quality of Life
In the end, all of us strive to be happy and to have good relationships with our loved ones. But many families, especially where both spouses work, find it extremely hard to bond or get closer. Money and conflicting work schedules cause inter-personal problems and difficult relationships.
Financial independence allows a person to have a better relationship with their family and friends. It allows them to spend more time with them and appreciate their presence.