A full discussion with comments is available on http://www.ritholtz.com/blog/2009/12/the-greatest-deception-in-the-history-of-finance/
The whole idea is about the posting is to say that Financial Freedom is the Greatest Deception in the filed of Finance.
Let us see what dictionary meaning of FREEDOM.
Some interesting observations are: FREEDOM is the state of being free; the power to act or speak or think without externally imposed restraints,
immunity from an obligation or duty. source: http://ardictionary.com/Freedom/6011 (you will get more definitions for FREEDOM)
It is quite obvious that the power of using Money without any constraints and restraints in one's life is Financial Freedom.
Now there is an argument that 'True freedom is being content'.
This may be true for the SURVIVAL need of man.
Pictorial description of Maslov's theory is given below:
(source: wikipedia)
Based on Maslov's model, I am proposing a simplified model below:
Survival -> Stability -> Success -> Significance
Survival level is you are just living. "Roti, Kapada & Makaan". That is food, clothing and shelter. Even though you have dreams about good standard of living you may not be able to stretch a bit to afford some luxuries in life. Being Content means people in this level will be continue to be in the same level.
As for as my understanding of Financial Freedom is moving from Survival, Stability level to Success and Significance level, Living a life with style... no adjustments... no tension regarding EMIs... fear about sudden commitments...
So, attaining Financial Freedom is to be self sufficient regarding having and using money. As one of my mentor says... Money is not the problem... having not enough money is the problem.
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