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What Financial Freedom Actually Means and How to Define and Work Toward Yours · Stacked Intent: Your Guide to Authentic, Intentional Living

• 0:00
  SPEAKER_00: Hello, my name is Becca Stackhouse Morrison, and I am ready for you to tune in each episode to hear ways to become you.
• 0:09
  SPEAKER_00: Looking at ways you can be your authentic and intentional self, you'll finish each episode motivated to live life more authentically.
• 0:18
  SPEAKER_00: I learned how to be truly me through relationships, chronic disease, finances, and taking each journey along the way.
• 0:26
  SPEAKER_00: Talk about the real aspects of life.
• 0:29
  SPEAKER_00: Of course.
• 0:30
  SPEAKER_00: Relationships, finance, nutrition, hardships, exercise are all topics that we will discuss.
• 0:37
  SPEAKER_00: Pull up a seat, drive safely down the road, or get into that workout groove to be challenged, motivated, and encouraged to be you.
• 0:47
  SPEAKER_00: This is the Stacked Intent Podcast.
• 0:51
  SPEAKER_00: Welcome back to another podcast on Stacked Intent in season nine.
• 0:56
  SPEAKER_00: This episode is a financial episode, so don't turn it off.
• 1:00
  SPEAKER_00: I really encourage you to tune it in and listen because we're going to be talking about what are you really looking for in your financial freedom.
• 1:11
  SPEAKER_00: Let's be real for a minute.
• 1:13
  SPEAKER_00: When people talk about financial freedom, what does that actually mean to you?
• 1:19
  SPEAKER_00: It is not stressing over bills, it's not being able to travel, support your family, or it may be just being able to buy the groceries without having to check your bank account app three or four times.
• 1:37
  SPEAKER_00: Personally, financial freedom for me means that our budget is balanced down to a zero in our Excel spreadsheet.
• 1:48
  SPEAKER_00: This means that the funds that we have coming in all have an assignment from savings to travel funds to our gym memberships, which that's also important for mental health, bills, the rent, mortgage, groceries, and gas, and all those other lines in between.
• 2:07
  SPEAKER_00: It is the items that are important in our list.
• 2:11
  SPEAKER_00: This took me personally, I had money dates with myself to establish what those lines needed to be.
• 2:19
  SPEAKER_00: And I had that very well established beforehand.
• 2:22
  SPEAKER_00: And then as I got married and my husband and I blended our finances to now what we have, we now have money dates together to establish what both of us need and what our family needs.
• 2:34
  SPEAKER_00: I want to encourage you to have your financial freedom by defining what that freedom looks like.
• 2:41
  SPEAKER_00: This is because we all have to make sacrifices, and that's gonna look different for each and every single one of us of what we're willing to sacrifice for and what we are willing to save our funds for as well.
• 2:59
  SPEAKER_00: The objective that I hope you walk away with from this podcast is I aim to spark your thought on your journey towards financial freedom.
• 3:09
  SPEAKER_00: Are you just beginning to grasp this concept, or do you already have progress and you just needed a couple of reminders?
• 3:20
  SPEAKER_00: Well, financial freedom.
• 3:22
  SPEAKER_00: We're gonna start there.
• 3:23
  SPEAKER_00: Financial freedom.
• 3:24
  SPEAKER_00: It's a financial well-being and financial freedom, they're becoming some buzzwords within research, policy, and in our financial world.
• 3:32
  SPEAKER_00: But here's part of the truth: most people still do not fully understand what it means, especially for different age groups.
• 3:41
  SPEAKER_00: According to a consumer financial protection bureau, the financial well-being or freedom is not defined by a dollar amount, it's typically defined in how controlled, confident you feel that people see it in three different parts.
• 4:01
  SPEAKER_00: So it may be being able to keep up with your everyday life, reaching the lifestyle that you want, or having real freedom with your money.
• 4:14
  SPEAKER_00: Your state of mind can be a big takeaway in the way that you see financial freedom and how you are able and comfortable and confident of paying for the lifestyle you are choosing now and what you prepare for yourself for the future.
• 4:33
  SPEAKER_00: You're building the security and knowing the tracking of what your spending is, controlling what your budget is, and saving slash planning for what you have to come.
• 4:47
  SPEAKER_00: But also somewhere in there, saving for some unexpecteds.
• 4:52
  SPEAKER_00: This is important to understand that you might not be starting from a place that gives you this complete security because of the patterns you've learned along the way.
• 5:03
  SPEAKER_00: But you can learn what needs look like for you and make it important in understanding how it affects your day-to-day.
• 5:14
  SPEAKER_00: The ability to control over your finances, it is one of that means that you have an understanding of what your income is, what your expenses are, your assets, and maybe even what liabilities look like within your life.
• 5:31
  SPEAKER_00: So to achieve the financial freedom, you really must understand that you're spending.
• 5:39
  SPEAKER_00: You can start by looking at what you have spent over three months, looking at bank statement, credit card statements.
• 5:48
  SPEAKER_00: This is typically, since a lot of us use cards, one way that you're gonna be able to see how you've spent most of your money.
• 5:55
  SPEAKER_00: Is it going out to eat?
• 5:57
  SPEAKER_00: Is it gas?
• 5:58
  SPEAKER_00: Is it groceries?
• 6:00
  SPEAKER_00: Is it a little bit of this, a little bit of that?
• 6:03
  SPEAKER_00: Where are you seeing your money go?
• 6:07
  SPEAKER_00: Once you understand what is going out and coming in, you'll simply be ready to build from there.
• 6:14
  SPEAKER_00: But you've got to understand that first.
• 6:16
  SPEAKER_00: If you have never really saved before, then start small, start simple, and move from that point.
• 6:25
  SPEAKER_00: Being able to cover your living expenses and the goals that you have are two places that are gonna show that you've got a sufficient income and you're able to live the lifestyle that you choose.
• 6:37
  SPEAKER_00: But this doesn't mean that you might not be making sacrifices to be able to live the lifestyle that you're working for.
• 6:45
  SPEAKER_00: It's important, it's important for you to understand because we all make sacrifices, and it looks different for all of us to live a specific style that we're trying to live.
• 6:57
  SPEAKER_00: One of the ways that you will begin to find financial freedom is being able to live beyond that paycheck to paycheck, which it's a struggle for a lot of people, and it's a hard place to be.
• 7:11
  SPEAKER_00: But you are able to get there when you pay attention to your finances.
• 7:17
  SPEAKER_00: So do it, don't run from it, it's important.
• 7:22
  SPEAKER_00: Older adults, on the other hand, can focus more on maybe maintaining the lifestyle now and maybe into what their future is.
• 7:31
  SPEAKER_00: And depending on the stage that you're in, might even define the difference of what your financial freedom looks like.
• 7:39
  SPEAKER_00: For younger adults, it often means that becoming more independent.
• 7:44
  SPEAKER_00: For parents, it might be that you're able to support your children in the life stage that they're in.
• 7:49
  SPEAKER_00: For an older generation, it could mean that you're avoiding becoming a burden.
• 7:55
  SPEAKER_00: But no matter what your age is, one thing is clear, and that is that most people are not planning, saving, or investing enough to secure the kind of financial future they actually want.
• 8:08
  SPEAKER_00: Because our finances take us being active.
• 8:13
  SPEAKER_00: So where does that leave us?
• 8:16
  SPEAKER_00: If you want to live with intention, if you want your life to reflect who you are, then your finances need to reflect that too.
• 8:25
  SPEAKER_00: Financial freedom for many is not being able to have a certain amount of money.
• 8:32
  SPEAKER_00: But it's about having a choice.
• 8:34
  SPEAKER_00: And so that might be you can handle your month to month, you can bounce back from you know that unexpected tire blowout that happened.
• 8:44
  SPEAKER_00: You are working towards your goals and not working towards someone else's.
• 8:49
  SPEAKER_00: Though, if you are in a partnership, remember that you may be working towards goals together.
• 8:55
  SPEAKER_00: And that's why it might be important to sit down for these conversations.
• 9:00
  SPEAKER_00: And most importantly, you can make choices that let you enjoy your life, not just survive it.
• 9:10
  SPEAKER_00: Ways that you can create this pathway to financial freedom can look like build up an emergency fund that's a thousand dollars, pay off your debts, even pay off your house mortgage early.
• 9:24
  SPEAKER_00: Have three to six months of complete living expenses put away in something like a high-yield savings account, and then invest 15% of your overall household income into retirement so that you're ready when you're ready for that retirement.
• 9:44
  SPEAKER_00: Being financially free does not mean that you have everything figured out, it means that you are building a life that fits you.
• 9:55
  SPEAKER_00: When your money supports your values and your vision, you are not just financially free, but you are free to be your full authentic self.
• 10:06
  SPEAKER_00: Financial freedom is not just about numbers, it is about creating a life that reflects your values and supports what you are becoming.
• 10:16
  SPEAKER_00: If you have tried budgeting and you still find yourself coming up short, you are not alone.
• 10:22
  SPEAKER_00: Traditionally, financial advice often misses the mark and what comes from our real life.
• 10:29
  SPEAKER_00: So, here at Stacked Intent, there are some helpful resources that can help you find the best relationship for you.
• 10:38
  SPEAKER_00: Financial Rediscover is a powerful resource for everyone who might be looking for that budgeting.
• 10:47
  SPEAKER_00: It can help you beyond the basics of rediscovering what your relationship is with money, and you can learn how to align your financial choices with what your values are and find that feeling of confidence, clear, and what your next steps are.
• 11:05
  SPEAKER_00: It is time to take control and shape your financial future that fits you.
• 11:11
  SPEAKER_00: I also have a second course that is Cracking Life's Code, and that is looking at building a strong relationship with yourself, nutrition, and finances.
• 11:20
  SPEAKER_00: It's an online course that dives into the connections that matter the most.
• 11:24
  SPEAKER_00: Think of it as a reset button.
• 11:27
  SPEAKER_00: You have your entire life.
• 11:29
  SPEAKER_00: You will explore how to build intentional relationships with yourself, your body, and your money.
• 11:36
  SPEAKER_00: Three areas that are often overlooked as being essential that correlate together.
• 11:42
  SPEAKER_00: Now, my call to action for you is be sure that you have a healthy relationship with your finances as you move forward.
• 11:51
  SPEAKER_00: Look for what your non-negotiable lines are.
• 11:54
  SPEAKER_00: And if you need any help, remember you can always reach out to me at Stacked Intent on all social media platforms or through the website.
• 12:03
  SPEAKER_00: Thank you.
• 12:05
  SPEAKER_00: That brings us to the end of this episode of Stacked Intent.
• 12:09
  SPEAKER_00: If you love this episode as much as I did, head on over and rate and subscribe so you will never miss an episode.
• 12:17
  SPEAKER_00: New episodes are gonna be dropped on Thursdays until then.
• 12:21
  SPEAKER_00: This is Becca, and don't forget, enrich your life by being intentional.
• 12:28
  SPEAKER_00: This podcast was created, produced, and recorded and edited last year.