why is financial freedom important to businesses and individuals
Financial freedom is essential for both individuals and businesses because when you’re financially secure you don’t have to worry about how you’ll cover your monthly bills or pay for unexpected expenses and you don’t have to worry about a an unending pile of debt. … A budget assist you in controlling your spending, keep track of your expenses and help you save more cash.
1) More Security / Less Stress
One of the fundamental human desires is the sensation of safety. It is the basis of how we behave and what decisions we take every day. In the absence of that sense we can fall into survival mode, which leaves no time for what we really want to do.
This can, in turn, push up the amount of stress throughout our day-to-day lives.
Imagine what it would be like living in a state of constant cash flow and be in a significant amount of debt, and not being aware of whether the constant changes in medical treatment will hinder your ability to care for your family.
Now, think about how it could feel to know that no matter if you worked or not your family was taken into consideration.
The lifting of that burden is incredibly liberating and is one of the biggest benefits of financial freedom.
2) Control Over Your Time
Financial freedom allows you the option of working whenever and how you like. This means that you are able to determine how you want to devote your time. Many may choose to work in the field of medicine out of enjoyment and the passion. Others might take a break right away to pursue different pursuits.
In any case, if all your expenses are paid for by other income sources the choice is up to you and not the government. In this sense it is practically freeing your time.