Financial freedom at all costs??!!

The Suzuki SX4 Sedan above will be an addition to the "stuff" that I own by the end of this month. It symbolises a few things in my journey towards financial freedom. It symbolises convenience, it symbolises comfort and it symbolises that my journey towards financial freedom will detour to allow me to enjoy some of life's pleasures with what I have saved.

Financial freedom at ALL costs?
Those of you who are reading my blog for the very first time may find it blasphemy for one to spend $55k on a car. What! $55k for a vehicle when you can use the interest from this amount to defray public transport costs? It's true that from a purely cost perspective, owning a car in Singapore will require me to take a longer time to reach my goal of financial freedom. The running costs of owning a car plus the maintenance would reduce the amount I can save each month and hence it would take me longer to reach my targetted level of investible savings to achieve financial freedom.

I admit to all the above arguments. However, I realise that if you CHOOSE to take a detour from your journey towards financial freedom and accept the consequences of having to work longer or delay retirement age, then it is up to you if you wish to do so. I regularly exhort you who are reading my blog to consider your decisions to spend or save as those that impact upon your goal of financial freedom. It is not about RIGHT or WRONG because you are the one who determines what is your financial goals and objectives and you decision if you want to save or spend. Your decisions affect your own financial situation and those who depend on you so exercise your choices with an eye out for the consequences.

For me, I have come to a stage in life where I want to give my family (and myself!) a comfortable form of transportation. It cetainly costs more but is within my budget. In addition, I have prioritised by making sure the roof over my family's head is 100% owned by me and NOT by the bank and hence my home is actually now an ASSET to me and not a LIABILITY!

No! No! Never can it be! Never never can it be!
Financial freedom to some may appear to be living ascetically. Literally bread and water so that we can build up our financial freedom. That is certainly one way to achieve financial freedom but may not be a balanced approach. Financial freedom means to be able to live within your means, slowly but surely building up your investible savings to a point where passive income exceeds your living expenses. The more you buy into this equation, the more you will realise what choices you need to make in your life. It doesn't mean neglecting family, neglecting health and neglecting the occasional spending on things to enjoy in life. But it means being clear about how much you should spend and how much you should save within your means.

I am getting my SX4 sedan to enjoy life a little. :-) After saving and putting aside money to clear my home mortgage, I finally own my home with my spouse for our family. It is an asset I can monetise should I need to or choose to. It is this choice that allows me the opportunity to give my family a comfortable ride in our urban landscape.

Financial freedom is a journey just like life is a journey. As we move closer and closer to our targets and goals, we should also enjoy the journey within our means and continue to focus on what is important to us. Family, health, loved ones and whatever we put on top in terms of life's priorities.

Be well and prosper.