Gaining Financial Freedom

When you hear the term, "financial freedom," a few stock images may pop to mind: The lottery winner rolling in sudden cash; the wealthy socialite dripping in diamonds; the silver-haired couple sailing into retirement on a yacht. But financial freedom doesnt have to be about when or if. Ultimately, its about making the choices that will help you live the life you want right now. And its just as much about how you feel as it is about what you own.

Net worth and what you have in the bank are only part of it, says Meadow Devor, money coach and creator of the Money Love workshop a self-guided course to changing how you think about money. Financial freedom is also determined by your thoughts and emotions about money and worth. I've worked with millionaires who worry just as much as people barely above the poverty line. To me, financial freedom means no worry. It means peace.

Here are seven women, including Meadow herself, who are living proof that you can attain financial freedom at any age and from any walk of life--and sooner than you may think. Keep reading to learn how they did.

How I define financial freedom: A state of mind. Before, I would have said: A lot of money. A big house. A walk-in closet. A fancy car. It was always about stuff, not about freedom. Losing all of my "stuff" changed everything for me. I learned that living a simple and frugal life brings me so much joy. When the clutter was cleared away, I saw that what really mattered was the amount of love in my life, the people that I connected with, the time I spent with my daughter. The striving for more and more kept me from focusing on what I did have in my life and it clouded my ability to feel gratitude.

How I achieved it: In early 2009, I was a newly divorced, single mom with more than half-a-million dollars in debt. I spent the next two years working three jobsas a coach, a piano teacher, and an Apple sales rep. I sold everything I ownedhandbags, shoes, jewelry, an armoire, garden pots, a lawn mower, even my favorite Gucci dress. I sold my house and moved into a small place, and rented out part of it. At first I felt defeated, scared, and really stupid. But the self-loathing wasn't helping me pay the debt off any faster, so I decided to forgive myself and focus on what I could learn and teach others. Every time I sold something, or made another payment, I rewarded myself with self-pride. I shared the journey openly with my daughter (who was in elementary school at the time). During the payoff years, she knew that any extra money went toward debt and that we were making sacrifices as a family for our future. I socked every dime toward paying it off, which I did by November 2011. Since then, I set a new Net Worth Goal each year and share the details with my students. If I do buy something now, it must meet these three criteria: Do I love it? Will I use it? And can I afford it? If so, I pay for it--in cash.

My definition of financial freedom: The ability to be generous. I grew up in a home where cost dictated every move. My dream was to reach a point where I could be comfortable, feel safe, and be generous. I tithe 10 percent to my church, give money to folks who need it, save for the short-term and for retirement, and take my intern out to lunch once a week because I remember what its like to be broke. Being generous keeps me from being too attached to money, which is the greatest freedom of all.

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How I Found Financial Freedom