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In the 21st century the concepts of time and money are being redefined. 'Financial Freedom', is one such term that has gained much importance in the changing financial scenario. 'Financial Freedom' means the freedom from continuous financial responsibilities through a planned management and allocation of assets. It frees a person from back-breaking work by giving him a steady source of income for life. One must not think that a financially free person is also debt free. However, his prudent asset management ensures that his debts do not become a burden but only a part of his over-all expenses. In this way, his debts do not hinder his long term financial goals. Thus, financial freedom maybe defined as a lifestyle that blends expenses and income according to the individual preference. This makes 'financial freedom' a more possible and convenient state of being.