What is Freedom?

A young boy enters a barber shop, and the barber whispers to his customer: “This is the dumbest kid in the world. Watch while I prove it to you.”

The barber puts a silver dollar coin in one hand and two quarters in the other, then calls the boy over and asks: “Which do you want, son?” The boy takes the two quarters and leaves. “What did I tell you? That kid never learns!” said the barber.

Later, when the customer leaves, he sees the same young boy leaving the ice cream store after a lengthy conversation with the store proprietor. “Hey, kid, can I ask you a question? You seem like a bright young man; why did you take the quarters instead of the silver dollar?”

The boy licked his cone and replied: “Because the day I take the dollar, the game is over!”

This anecdote serves as an entertaining reminder that a part of feeling free extends beyond financial wealth; it encompasses wise financial decision-making plus an overall positive mindset.

At its core, freedom is the ability to live life on one’s own terms, free from constraints and limitations. While money is pivotal in achieving this freedom, it is not the sole determinant. Instead, the path to genuine autonomy combines diligent financial literacy, an unwavering optimistic mindset, and an industrious ambition to create diversified income streams.

I know this is not the first time you have heard it from me, but it’s worth repeating. Financial literacy is the cornerstone of economic freedom. Understanding the principles of budgeting, saving, investing, and managing debt empowers individuals to make informed decisions about their money. Without this knowledge, even substantial wealth can quickly dissipate, leaving individuals vulnerable to fiscal instability.

However, possessing financial literacy alone is not enough. One must also cultivate a mindset conducive to long-term success. This involves adopting habits such as delayed gratification, disciplined spending, and resilience in the face of setbacks. The young boy’s decision to forego immediate gratification in order to receive a greater reward embodies this mindset—one that prioritizes future opportunities over snatching a ‘quick’ buck.

Likewise, diversifying income channels is a must in safeguarding against financial volatility and expanding opportunities for wealth accumulation. Relying solely on a single source of income leaves individuals vulnerable to economic downturns or unexpected life events. By diversifying through investments, side hustles, or entrepreneurial endeavors, individuals can create multiple streams of income that provide stability and flexibility.

Freedom is not merely the accumulation of wealth but the culmination of intentional choices, mindset shifts, and strategic planning. It is the ability to pursue passions, seize opportunities, and weather life’s uncertainties without undue financial burden. As the young boy in the barber shop demonstrated, true freedom lies in the wisdom to prioritize long-term gains over short-term rewards. Wishing everyone a happy and liberating Pesach!

Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at Shmuel@approvedfunding.com.

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