Financial freedom is a term that resonates with individuals across the world. But what it is… is different for each of us.

In some cases, it evokes dreams of flexibility, security, and a life of abundance (you may see this word a few times in this On Pointe).

A simple definition of financial freedom is the ability to comfortably cover one’s living expenses and make choices based on personal fulfillment rather than financial necessity. In short, financial peace of mind.

But again, while financial freedom may vary from person to person it is tough to use a blanket statement. It’s simply too definitive.

This On Pointe will go through brief stories and quotes from 5 famous people you likely know regarding financial freedom. But with a twist… we’re going to explore the common thread of wealth consciousness in these people.

Why?

Wealth consciousness is a mindset that embraces abundance in all aspects of life (not just money). It involves recognizing value around and within us and fostering a positive relationship with money. This may be the true path towards prosperity.

Look, I like both definitions but as you will see, financial freedom may not be as simple as achieving the ability to cover expenses and live “freely”.

Why care in the first place?

One of the best things I can communicate to clients who are building their wealth journey is to try to understand wealth consciousness. Wealth consciousness builds a positive mindset around money and wealth. A healthy relationship with wealth frees you up for the opportunity for the success you want to achieve.

While we nod our heads to affirm that we’d all like to live in financial freedom, wealth consciousness may deliver more for you.

People who are wealth-conscious add many other facets to the conversation. AND… You don’t need to be super rich. Wealth consciousness is not about being ultra-rich, but it does recognize a mindset. A wealth-conscious mindset isn’t about being rich at all… but it may be the path towards it.

Some of the names below may evoke opinions and biases but if you can, push those aside and try and digest some of these quotes. You’ll want to allow other qualities, like wealth consciousness and financial freedom for you to ponder.

Let’s dive in…

Oprah Winfrey… I think most of you are familiar with the media mogul and philanthropist.

I do like this quote from Oprah… “I feel that luck is preparation meeting opportunity. If you hadn’t been prepared when the opportunity came along, you wouldn’t have been ‘lucky.'”

My guess is her preparation had so much more to do with her mindset than saving, investing, and building multiple streams of income. Look, I’m in the business of helping people invest and plan for their own “financial freedoms” but a wealth-conscious mindset can open the pathway.

Keep in mind, Oprah’s journey started from humble beginnings to becoming a billionaire. I live in the Baltimore, Md. area and remember when she was a local TV reporter!

Another quality you may want to observe… She sees financial freedom not only as personal liberation but also to empower others. The helping of others is part of her journey towards a wealth consciousness. How? It’s part of her ethos to give, and when you give it often comes back. Much like putting in the effort to “prepare” for opportunities that did eventually find her.

When anyone talks about money or investing, they often mention the great, Warren Buffett. He is the legendary investor who built a multi-billion-dollar company. Yet he views financial freedom with simplicity. He advocates for the accumulation of wealth not for the sake of extravagance but for the freedom it provides. He easily defines wealth consciousness.

But Buffett’s wealth consciousness is encapsulated in his quote, “Do not save what is left after spending, but spend what is left after saving.” Yes, it affirms the importance of saving but he also evokes the sense of abundance, a facet of wealth consciousness.

Wealth consciousness (and abundance) is not about saving for saving’s sake. What that quote means to me is to spend what you have after your needs are met which does include savings. Essentially, enjoy your wealth, and do something with it. Don’t just accumulate. There’s plenty once you’ve covered what you need, so go spend it!

Now for someone quite different… Elon Musk. My nickname for him is The Great Risk Taker!

Entrepreneur and innovator Elon Musk sees financial freedom as a byproduct of pursuing one’s passion and taking calculated risks. His view of financial freedom is quite different.

Essentially, he’s built up enough wealth to take large chunks of his fortune and roll into new ventures. What I see is the abundance mindset coming through in many of his ventures. Simply, if one venture fails, he can build something new that may succeed. He personifies an ethos of plenty, an abundance of ideas. There is a plethora of opportunities in the world to build successful ventures.

“If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” Mush once stated.

Looking at this quote you can recognize that he views the future in a positive light. A mindset like his exudes wealth consciousness. He’s not hoarding cash; he’s creating things and taking risks because he can.

Rhonda Byrne, the author, and documentary creator of “The Secret” is quoted as saying “Money doesn’t bring happiness, but happiness brings money.” Since “The Secret” and a few more books she authored, she has achieved her financial freedom. But when I look back at her quote, I read something a bit more.

Without getting overly philosophical (I suppose I’m allowed as I minored in Philosophy in college!) her quote to me is more about wealth consciousness.

Much like many, she started from quite humble beginnings… She has stated that she was almost broke while producing “The Secret”. Yet, she maintained a positive mindset and her happiness, which somehow brought her tremendous success. She found happiness in simply creating the documentary and believing in its success. Believing that the money will come to you is one of the core tenets of wealth consciousness.

Of course, she now has financial freedom but there is more depth to her achievements that include her mindset.

Let’s look at rapper and businessman Jay-Z… I do love his quote “I’m not a businessman; I’m a business, man!”

Some consider Jay-Z a marketing guru as he’s built his name into a billion-dollar business. His business produces multiple streams of income through many entrepreneurial endeavors.  He’s the richest rapper in the world with his net worth in the billions. Again, reread his quote, there is more to it.

As stated earlier, financial freedom is different for everyone. But he’s got a different mindset to help him pursue this freedom.

He looks for strategic investments and entrepreneurship aimed at building his business into a foundation of financial freedom that extends beyond his lifetime. The pursuit of generational wealth is his goal.

Building generational wealth takes more than financial freedom. It comes back to that mindset, a mindset that explores the limits of what one believes they can achieve.

In these stories of financial freedom, each weaves a unique story. The perspectives of Oprah Winfrey, Warren Buffett, Elon Musk, Rhonda Byrne, and Jay-Z offer a glimpse into the varied routes.

But as we dive deeper into their stories and quotes, we get a glimpse into their mindsets. This peek beyond the story offers the depth of the rewards of financial freedom. Better yet, we see a wealth consciousness thread in each… something we all can develop.

In short, you can either define financial freedom or you can live wealthy… and one helps you get to the other.

Take care,