Financial freedom is very new concept which has started growing in India from almost a decade. This concept came from western countries where people are more prefer to live-up the life with fun and enjoyment. People are more interest to enjoy the work as well spend their time to enjoy with hobbies & fitness. Also they believe into live every moment of life by doing things which give pleasure to heart & soul.
In olden days there are few words like lifestyle, luxury….etc. do not have any existence but in recent days these all have very much significance. Past 30-35 years there is big transformation in lifestyle. The concept of living is changing day by day.
How this financial freedom concept came in India ?
Indian were untouched with the culture of western word and slowly a time came when people were getting fantasized with the life of western word by mainly movies.
Globalization came in India in the year 1992 almost 28 years back. After which many multinational companies had started launching & selling their product in India. The common Indians were untouched with luxury lifestyle before. Due to new launch of lifestyle products in India people were gaining awareness about Luxury lifestyle and the products. That was the time when these luxury item was very much unaffordable for Indian common people as the earnings were very much low to buy such expensive Items.
Somewhere in year 1998 china has stared capturing Indian market due to their low cost products and attracting Indians to buy such items. Those time people were hesitant to buy the Chinese items due to their inferior quality and less shell life. Those time people were accustom to buy those item which has longer shell life and their expectation of shall life was 10-15 years. People were hardy buying these products and if they buying also they use to see the tag “Made in USA”, “Made in Germany”, “Made in France” as products manufactured in these countries were of good quality and had longer shall life.
As the demand of these items were very low due to higher cost, many companies of USA & UK had started manufacturing products in china to reduce the cost of their products. China was able to make these items more affordable due to mass production and low cost manpower. These low cost pricing has make big revolution in consumption of luxury items and a time came when there items come under affordable category. And then every common India was started enjoying luxury.
Same time during 1997-98 the internet had start entering into Indian market and started spreading awareness about luxury lifestyle and ways & means to get the luxury & comfortable lifestyle etc. From here Indians were more attracting to have Luxury & comfort lifestyle.
In year 2002 onward due to IT boom the level of income were significantly increased and to have these lifestyle were not very much difficult. People use to work hard for longer hours to build the assets like house, luxury items, bank balance etc. Also due to faster money inflow people use to spend money to have fun, traveling and entertainment.
During these time the stress levels also had been increasing as luxury needs had been significantly increased. To get all these luxury items, people use to work hard to take their income level up so they can able to meet expense for luxury and entertainment. Due to more stress level now people are looking towards relaxed stress free life with quality lifestyle. People find financial freedom is the only option to live stress free life as they have seen many things in life.
Is Financial freedom really give peace of mind ?
In India a person born with lots of liabilities as our social and cultural infrastructures are not giving us to breathe freely. These liabilities starts from our education, doing job / work, spouse liability, own house, kid’s’ education, kids marriage, self-liability after retirement and many more are always keeping pressure on us. To fulfill all these liabilities we need regular earning source as these liabilities need good amount of money in longer run and to earn this money people uses to work whole life till end of their life.
They are just going on the path on which their forefathers have passed their whole life and till end they were only struggling to earn money just to fulfill the liabilities. Some of them are little lucky those have completed their all liabilities in age 60-65 where even after releasing with all liability their old age is not supporting to live enjoy full life as on later years enthusiasm levels are very much low as compare to young age. Also in older age health is not supporting.
If we retire at the age 45-50 after completing major liabilities and also If we have enough money or regular passive income, we can able to fulfill all liabilities comfortably then we can able to live life peacefully.
How Financial Freedom is good for Self
If we can able to fulfill most of the liability by age 45-50 or before and have enough money to lead life till age 80 then we can utilize our time and money to live relaxed peaceful life. We can do many things in life related to hobbies, traveling, research, creation, adventure, knowledge sharing, helping others, charity works for under privileged and many more things in life. It’s very important that we should work for work not for money.
How Financial Freedom is good for Society
India has second largest population in the world which has more than 130 crore people. Out of which around 48% are female population in which 25-30% females are working for money. Most of the females are taking care of their family. So by enlarge we need earning opportunities for adult males and adult female who is looking for earning opportunities.
Most of the people are working till their age 60-65. Even in India due to financial reason few people are working till age 70-75. So almost their working carrier is of 35 years to 50 years. If we consider average working carrier is around 40 years it means one person is occupying one earning opportunity for 40 years and due to this, other person is not getting earning opportunity. In our country we have very limited opportunity for job or earning related professions as compare to population. If one person use this opportunity of their 40 years then other will not get opportunity earliest. But if people started retiring at age 45 or before then more opportunity will be available for others. This may increase more jobs/ work vacancy for younger people. This will help to increase more employment opportunity.
Other benefit is that the retiree at age 45 can do many works for social cause or can utilize his/her time to resolve social & administrative issues at their surroundings. These people can utilized our brain in training to younger generation, can write about the resolution of issues on any subject, doing research on subject and other such works based on their vast experience of around 20-25 years. These all can help country to get the ideas for implement new good things for society.
So in short Financial Freedom is good both for self and for our society which help us to give confidence to lead enjoyable quality life by living stress free life and also giving ways to do many things in life like knowledge sharing, spending time with dear once and many more.