What is “Financial Freedom”?

Let’s use the definition from Wikipedia as a starting point: 

Financial freedom describes a well-planned lifestyle where one no longer is required to work for income to cover their expenses. Contrary to popular belief, it does not require being free of debt, as a debt payment is just another expense. Typically, “Financial Freedom” can be attained in one of two ways (or a combination of the two): 1. Enough passive investment income to cover one’s expenses. 2. A large enough “nest egg” that can be liquidated over time to cover one’s expenses.

In this experiment, we are starting with the premise of no time and no money. For all intents and purposes, definition “2″ is out. The financial freedom we are going for is of the passive income flavor. We are building a business that will run itself and eventually produce enough passive income to cover ones expenses.

A subtle point is that we are not required to be debt-free in order to be financially free. Debt can actually be a huge accelerator of financial freedon, and in my case absolutely necessary based on the rules of this experiment.