Money Matters with Stephanie Yates: What Does Financial Freedom Really Mean? 

What would your life look like if money weren’t the reason you said “no”? Maybe you’d take that vacation. Maybe you’d change careers. Maybe you’d sleep better at night. Financial freedom isn’t about becoming rich — it’s about having the ability to make decisions based on your values instead of your financial stress.

I’m Stephanie Yates, and for years, I’ve helped students, families, and small business owners navigate everything from taxes and budgeting to investing and retirement planning. As a finance professor, a Certified Financial Planner®, and an Enrolled Agent, I’ve learned that financial success rarely comes from one big decision. It’s usually the result of hundreds of small ones.

My hope is that this monthly column will help you build confidence with your money by breaking down financial topics into practical, understandable advice. My goal isn’t to tell you how to get rich overnight. Instead, I want to help you make informed decisions that improve your financial well-being one step at a time.

So what exactly is financial freedom?

To me, financial freedom means having enough financial stability that money is not the main driver of your decisions. It doesn’t necessarily mean having millions of dollars. It means having the flexibility to handle life’s surprises, pursue opportunities, and sleep a little better at night because you aren’t worried about how to make your paycheck stretch a little bit farther each month.

Over the years, I’ve discovered that most financial mistakes aren’t caused by a lack of intelligence. They’re caused by a lack of information, planning, or confidence. My hope is that this column gives you all three.

While everyone’s path looks different, there are a few steps that can move nearly anyone closer to financial freedom.

Build a strong financial foundation first. Take inventory of your current situation and identify the areas you’d like to improve. What are your financial goals? Do you have a budget? Do you have an emergency fund? How is your credit? Make sure your foundation is solid before you build.

Plan for taxes. In addition to keeping your filing up to date, plan ahead. If you have untaxed income, make sure you are setting aside funds to pay the associated income taxes or making estimated tax payments if required.

Protect your future. Once you have established an emergency fund equal to 3-6 months worth of your necessary monthly expenses, start saving for your future. Many people believe they need large sums of money to begin investing. The truth is that consistency often matters more than the amount. Contributing regularly to a retirement account and allowing time for your investments to grow can make a tremendous difference over the long term.

Protect the people you love. What will happen to your loved ones if something were to happen to you? Adequate insurance and estate planning documents will give you peace of mind knowing that they are taken care of no matter what.

Remember that financial freedom is personal. For one person, it may mean buying a first home. For another, it may mean taking a family vacation without using a credit card. For someone else, it may mean retiring comfortably or helping grandchildren pay for college. The destination isn’t the same for everyone, and that’s okay.

The important thing is to define what financial freedom means to you and then take steady, intentional steps toward it.

As we continue this column each month, we’ll explore topics like budgeting, taxes, investing, retirement planning, protecting yourself from scams, improving your credit, and making smart financial decisions at every stage of life. My hope is that you’ll find practical ideas you can put into action immediately — no finance degree required.

Financial freedom isn’t a finish line reserved for a select few. It’s a journey that begins with your very next financial decision. Whether you’re paying off debt, saving your first emergency fund, or preparing for retirement, every step counts.

I hope you’ll join me each month as we take those steps together. If there’s a financial topic you’d like to see covered in a future column, I’d love to hear from you.

Stephanie’s Takeaway: Financial freedom isn’t about having more money. It’s about having more choices.

Stephanie Rozelle Yates, PhD, CFP®, EA, is a finance professor at the University of Alabama at Birmingham and founder of Mitchell Avenue Financial Services, where she helps individuals, families, and organizations build financial confidence through education and planning. She welcomes questions and topic suggestions for future columns at syates@mitchellave.net.