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5 Steps to Reclaim Your Personal Freedom

5 Steps to Reclaim Your Personal Freedom

One of the best things that happened to me was that the economy went into the tank.

Before economic times got tough, I enjoyed all that life, easy loans, and low-interest rates had to offer. And this was a natural state for most people I am acquainted with. After all, people naturally want to improve their circumstances, enjoy the best life has to offer, and “shoot the moon” when possible.

Without balance and moderation, though, we have no limits to our wants. That’s what happened to me when times were good.

Some of my friends (and my wife, for that matter) have fewer desires than others. They have spent years developing an attitude of frugality and restraint. It’s not that they lack ambition or even money, they are simply wise.  

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I, however, had to learn it all the hard way.

It was only when the economy went south that I faced the fact that I was riddled in debt, and I wanted freedom. I have learned that true “freedom” comes with imposing (healthy) restraints on myself. That means delaying gratification, settling for less, and even doing without — behaviors I did not have when I lived my life with credit.

Restraint is not easy in our consumerist society. Our media glamorizes the material lifestyle; advertisers are all over the place, and even our neighbors are living high, even though they may be one paycheck from the edge. I was like that, too.

We can overcome this. I finally did. It begins with our mindset.

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If you are constantly battling the urge to spend, here are a couple of steps that may help hold you back:

1.  Realize that it is in our genes to feel dissatisfied with our circumstances. As Alexander Green explains in his book Beyond Wealth:

An early human who was content with what he had — who spent his days lazing on the African savannah admiring the clouds and thinking “Ahh, life is good” — was far less likely to survive and reproduce than his neighbor who spent every waking hour trying to gain some advantage.

2.  Think back to a large purchase you made. Did you originally want it badly, only to find out after you bought it that you didn’t appreciate it that much? Think about how that purchase didn’t quite do it for you. Why will it be any different this time? The psychology of desire is an important thing to try to understand in ourselves.

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3.  Stop giving a crap what anyone thinks about you. Stop caring about the Joneses. Life isn’t a competition for social status (besides, there will always be someone else who has it “better”, anyway). Quit the game, even if your friends are still playing it, and you will quickly stop caring what others think of you. Do work you love, even if it doesn’t pay as much. Stop collecting “stuff”, and start creating incredible memories.

4.  Appreciate what you have and stop focusing on what you want. This took me some time, and I still battle with it. But the thought of losing my wife, my kids, my health — as dark as that sounds, it always “brings me back”.

5.  Stop daydreaming about living the life someone else is living.

Sound easy? It only took me 40 years to figure out, and I still have ways to go.

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We have been programmed by our culture to want everything, spend unconditionally, and consume ruthlessly to keep up with the Joneses. At the end of the day, however, our reactions and actions are our own. We can make the choice to defy consumerism and balance our lifestyle to live simply and happily.

It’s worth a shot, right?

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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