Tuesday, July 23, 2024

Reevaluating the Importance of a Day: How Americans Gauge Time and Money

Survey Reveals Only One Third of Americans Feel Financially Free: What Does Financial Freedom Mean?

Are you one of the two-thirds of Americans who don’t feel financially free? If so, you’re not alone. A recent survey conducted by OnePoll and commissioned by Experian found that only one-third of Americans feel financially free, with definitions of financial freedom varying considerably among respondents.

For many, financial freedom means being debt-free, having a substantial emergency fund, or being able to pay bills for six months without worry. Others simply want to spend less time concerned about their finances. But what does financial freedom really mean to you?

According to the survey, the average American believes that their time is worth $134 per day outside of their jobs. This value is calculated based on the time spent on activities like cleaning, cooking, and driving, with the average person estimating that they spend about $35 a day.

Interestingly, nearly four out of ten Americans wish they had an additional source of income, with many estimating that an extra $270 a day would leave them financially secure. Without a side gig, that’s like hoping for a $34 an hour raise from your boss.

For those who feel financially restricted, the desire to not have to stick to a budget each month, stop monitoring their bank account before or after every purchase, or achieve an “excellent” credit score are common goals. But with the average American making a salary of about $65,000, only two-thirds of what they believe they need to feel financially free, the road to financial freedom can seem daunting.

Despite these challenges, there is hope. By focusing on financial literacy, understanding how money works, and seeking out credible resources for education and support, individuals can empower themselves to make informed financial decisions and work towards their financial goals.

Whether it’s paying off debt, spending less on non-essentials, or saving for the future, taking steps towards financial freedom is a journey that requires patience, strategic planning, and continuous learning. By making small changes and setting achievable goals, Americans can improve their financial health and move closer to realizing their dreams of financial freedom.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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