What does financial freedom and being rich mean to you? There is a current trend of rethinking wealth and redefining financial freedom. This is especially true for First Gen Latinx, including myself. We are stepping out of the drive to overachieve and transforming our financial mindsets.
What did wealth look like?
My first impression of wealth came from driving around the “rich neighborhoods” with my parents. Growing up, I was enamored by the idea of being super rich, having the big house and the bougie cars. I would see these rich people drive in their nice cars. Which, one that caught my eye, was a Lexus SUV. It became my dream car. On a side note, I would even tell my dad that I would buy him a Corvette, when I grew up and was wealthy.
This is the same case with many other First Gen Latinx. As the first generation, we feel the pressure to prove ourselves financially. On top of that, many will be our parent’s retirement. As a result, we pursue the fancy degree, the high-paying job and start to accumulate luxury items. Unfortunately, it can lead to burn out.
What is financial freedom?
Financial freedom can depend on who you ask. However, in general it is being in a financial situation where money is not an issue. It is the freedom from living paycheck to paycheck, financial anxiety and worrying about money. It can be building multiple sources of income, or having enough income/funds to where it isn’t a factor when making decisions. Want that fancy purse? No problem! Want that beach vacation? No worries, you have the money for it!
What does financial freedom mean to you?
At some point, we got so busy chasing wealth that many of us failed to define what that means to us. How does that look like? Now, there seems to be a significant shift in mindset—from wanting to be super-rich to seeking a balanced view of financial stability and freedom. I have gone through this shift and have spoken to others who are feeling it too.
For example, I began my real estate investing journey to gain financial freedom but also build wealth and be rich. But now, I am now redefining financial freedom and what that means to me. Financial freedom isn’t having large amounts of money. To me, it is having enough sources of income where I have the freedom to enjoy life. It is the ability to provide for my family, set my children up for financial success, take care of my parents when they retire, and travel. It is rethinking wealth and how I see it.
Redefining financial freedom and wealth
Redefining financial freedom and rethinking wealth doesn’t mean that you can’t indulge in luxury. It is more so the shift in putting such high value to these things and viewing them as what wealth is. Instead, we are shifting what rich means from material things to quality of life. It is prioritizing financial security and investment.
Additionally, it can mean re-imagining wealth as a tool for achieving personal goals rather than just accumulating materialistic goods. Small-time investors can view real estate investing as a viable path to financial stability without the pressure of becoming multimillionaires. This shift reflects a broader trend among many people who are rethinking their financial goals and embracing a more minimalist lifestyle.
How to achieve financial freedom
There are numerous ways to reach financial freedom. It really depends on your abilities/skills, resources and passion. However, here are a few suggestions:
- Entrepreneurship
- Side Hustles
- Stock Investing
- Real estate investing
Real estate investing is presented as a great way to achieve financial freedom. It has helped me build multiple sources of income and generational wealth. If you’re interested in learning more about rental property investing and building financial freedom, download my free ebook! This resource can help you take the first steps toward achieving your financial goals and building a sustainable financial future.
