Most people think financial freedom comes from earning more.
But is this really true?
The Dream of Retirement
These days, it feels like everyone is talking about that golden moment when they’ll finally stop working, retire, and just… live life.
Sounds great, right?
Except you may be thinking:
- With what money am I supposed to save?
- When my money vanishes by the 20th of every month?
- When I borrow loans to cater for my family?
- Don’t I need to earn more before I can even think about saving?
If any of these thoughts have crossed your mind, this post is about to change the way you see financial freedom.
The Harsh Reality
The sad truth is that many Nigerians retire after decades of work only to depend on their children for survival—because their pensions aren’t enough.
Seven out of ten retirees in Nigeria earn ₦50,000 or less per month.
(Dataphyte, 2024)
That’s far below the global poverty line (≈ ₦95,700) and just about half the bare minimum needed to survive.
Instead of enjoying rest, many are forced into:
- Manual labour in their sixties and seventies,
- Relying on their children (who may still be in school), or
- Resorting to begging.
Government Intervention: Relief or Mirage?
Recently, the Federal Government announced a ₦758 billion bond to clear pension debts, with ₦107 billion earmarked for a “living wage” for low-income retirees.
Sounds like a breakthrough. But let’s do the math:
- World Bank says Nigerians need ₦320,518 per month to cover basic costs.
- The government’s intervention? About ₦105,862 per month.
That leaves a ₦214,656 gap—huge enough to keep retirees trapped in poverty.
And without inflation adjustments, this “living wage” risks becoming just another stipend that delays, but doesn’t prevent, financial struggle.
So, What Is Financial Freedom?
Dave Ramsey, author of The Total Money Makeover, defines it this way:
“Financial freedom is about being debt-free, having enough savings, and being in a position to work because you want to, not because you have to.”
In plain terms, financial freedom means:
- Having enough income, assets, or investments to cover your lifestyle.
- Living without fear of bills, loans, or salary dependency.
- Working by choice, not necessity.
A Tale of Two Earners
Let’s make this real with an example.
Chika and Tunde both earn ₦250,000/month.
- Tunde: The big spender. New sneakers? Bought. Latest iPhone? Of course. Streaming subscriptions he never uses? Renewed. Looked “rich” outside but was broke every month.
- Chika: Saved 20% consistently. Built an emergency fund. Invested in mutual funds. Cooked at home instead of eating out.
Fast-forward 5 years:
- Tunde: Still broke and drowning in debt.
- Chika: Built savings, investments, and a side hustle.
👉 Same income. Two very different outcomes.
What Freedom Looks Like
Financial freedom isn’t flashy—it’s peace of mind:
- Imagine stopping work not because you’re exhausted, but because your money now works harder than you.
- Imagine taking a month-long vacation without panicking over unpaid bills.
- Imagine handling hospital bills or car breakdowns without begging or spiraling into debt.
- Imagine choosing where to live—not where your paycheck traps you.
- Imagine giving your kids the best of life, debt-free.
That’s choice. control. peace of mind.
Building Financial Freedom: Small Steps, Big Results
Freedom doesn’t show up in a day. It’s built slowly through habits like:
- Saving as little as 5% consistently
- Shifting from consumer to builder
- Investing wisely for the long term
Think of it like leaving ₦500 in a random book. Months later, you find it again—unexpected joy. That’s exactly how your 50-year-old self wants to feel: grateful you saved and invested early.
Your Freedom Number
Here’s the wake-up call:
- The average middle-class American needs about $1 million to retire comfortably.
- Your dream might cost less—or even more.
Everyone’s “freedom number” is different.
- For some, it’s a peaceful retirement with family.
- For others, it’s building industries and leaving legacies.
Both dreams are valid. The price tag is not the same.
Final Thoughts: Don’t Wait, Start
Financial freedom is possible. But it doesn’t happen by accident.
It happens by:
- Small, consistent steps
- Smart money choices
- Starting early
So, what’s your freedom number? And are your habits today moving you closer to it—or further away?
If you’re ready to figure it out, take the wake-up test.
And if the result makes your jaw drop, don’t panic—reach out to the FINTEL Coach for guidance to shorten your journey.
Because the earlier you start, the sooner you can live life on your own terms.
Financial freedom is possible. But only if you start.