- The Founding Fathers were entrepreneurs. They set up our country so that everyone could have the freedom to pursue life, liberty, happiness—and the engine of capitalism.
- When you’re financially secure, you have the freedom of time, money, relationships and a purposeful life. It’s a great place to be, but also a big transition.
- It’s important to have friends, family and community relationships in place when you transition from working to financial independence.
*** Thinking about discussing a financial transition with friends and family over the holidays? We can help you with that process anytime.
Remember the 1948 movie “The Treasure of the Sierra Madre” when the head of the banditos said, “I don’t have time to show any stinking badges”? That’s how I feel these days when I call a large bureaucracy to get a phone bill straightened out or some information about my investments. And it’s like facing the Spanish Inquisition proving who you are or getting the right person to help you. Then, after 15, 20, even 30 minutes, you realize you’re not going to get anywhere. It’s just a horrible waste of time and not what our country is all about.
The Founding Fathers were all entrepreneurs who believed that everyone should have the freedom to pursue life, liberty and happiness. Move the clock forward a couple of hundred years and we’re still all about freedom. In fact, there are four types of freedom, as I learned in The Strategic Coach® Program:
- Freedom of time. When you’re financially independent, you have the freedom to spend time the way you want to spend it. Not how a boss or corporation tells you to spend it.
- Freedom of money. That’s when your cash flow, balance sheet and tax situation are far enough along so that you can live the rest of your life without worrying about how you’re going to pay for things without working.
- Freedom of relationship. Many of the relationships that got you to where you are financially are not the ones that are going to take you into the future. You need to start developing relationships with family, friends and community that will enhance the next stage of your life.
- Freedom of purpose. Retirees, entrepreneurs and the financially secure have the freedom to pursue a life of purpose. They can spend their time on pursuits they find meaningful. They don’t have to keep showing up to a job they hate just to earn money.
Unfortunately, many people who have the wherewithal to enjoy the four freedoms simply don’t realize it. They’ve grown so accustomed to being financially disrespected that they still walk into banks thinking, “Gee, I’ve got to go through all these underwriting hoops and I’ll never get a loan.” They have to realize that they are now the 600-pound gorilla in the room. They should be able to walk into a bank and get a loan anytime they want.
It’s a matter of taking stock of where you are financially and then having the confidence to live where you want to live, doing things you want to do, and having the money to back it up. It really is a financial transition as much as a life transition. If you’re getting close to that stage of life, it’s something to discuss when you sit down with your family and friends over the holidays. We can help you with that process anytime.
Until next time, enjoy. Gary
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