What are the key components of financial freedom?

Financial freedom typically involves having enough financial resources to be able to meet your needs and achieve your goals without having to worry about money. Some key components of financial freedom include:

1. Debtfree status: Being free of debt is an important aspect of financial freedom, as it means you don't have to worry about making monthly payments and can use your money for other purposes.

2. Adequate emergency savings: Having an emergency fund that covers several months' worth of expenses can provide a sense of security and protect you from unexpected financial setbacks.

3. Retirement savings: Planning for retirement is an important part of financial freedom, as it allows you to maintain your standard of living when you're no longer working.

4. Passive income: Generating income from sources other than your job, such as investments or rental property, can provide a steady stream of money that doesn't require active work.

5. Budgeting and financial planning: Creating and sticking to a budget, as well as setting financial goals and regularly reviewing your progress, can help you stay on track toward achieving financial freedom.