"The real opposition is that between the ego-bound man, whose existence is structured by the principle of having, and the free man, who has overcome his egocentricity." ~ Erich Fromm
What a paradox! In a financial context, the quest to reach financial freedom tomorrow is an egocentric pursuit that limits or even removes freedom today.
In a previous post, we discussed the two types of freedom, which are freedom from and freedom to. If, as the 20th century philosopher Erich Fromm says, your life is "structured by the principle of having," you are not free because you seek freedom from something--the freedom from your current life, from the daily grind, from debt, from financial insecurity.
There is nothing wrong or right about seeking money, material wealth or social status; money is not the root of evil, but rather the most common way to lose oneself. Therefore you must make a conscious effort to find the non-financial meaning and purpose in your life. Do not seek, for example, the freedom from debt for financial well-being--seek the freedom to something meaningful that perhaps your debt is preventing you from being.
You will then be enabled to make money a tool to reach these things. This is freedom to--the freedom to be your true self.
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Related:
The Diminishing Marginal Utility of Wealth
10 Potentially Perilous Paradoxes on Investing Planning & Life
I think I am the former rather than the latter.
Posted by: Intrinsic | March 26, 2011 at 12:23 AM
Intrinsic: Seeking "freedom from" can be healthy as long as the end point becomes "freedom to."
Thanks for the comment.
Posted by: Kent @ The Financial Philosopher | March 26, 2011 at 12:07 PM
Great insight! I will never think of financial freedom the same way again.
Posted by: las vegas accountant | April 10, 2011 at 12:42 AM