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Friends,

Every American knows 1776 was an incredibly important year for the American Revolution.

Yet, only a few history buffs know 1763 was of equal importance.

Until that point, the British practiced a form of salutary neglect: laws were not strictly enforced on colonial citizens, especially merchants.

The colonists appreciated this stance. They had the freedom to do as they pleased.

But in 1763, King George III needed to pay for the French and Indian War.

His solution: start taxing the colonies.

The rest, as they say, is history.

This story reminds us of the two forms of freedom.

• Freedom To: When we're younger, this is usually more important. We desire the freedom to stay out as late as we want; to pursue any activity we want; to hang out with whoever we want. While exciting, the "freedom to" can be exhausting.
• Freedom From: As we age, this becomes far more important. We desire freedom from having to please others; from unwanted requirements on our time. While less exciting, the "freedom from" inspires a more durable motivation.

The American Revolution contained a mix of both. But freedom from (taxes, tyranny, etc.) was the motivation that ignited the revolution.

The same is true in personal finance.

The freedom to forge our own path in life is important. But our passions and pursuits ebb and flow over the years.

Over the long run, freedom from is what becomes essential.

Freedom from worrying about money; from being on useless conference calls; from a boss who controls our calendar.

Freedom from is the durable force that keeps us going.

Wishing you freedom from life's stressors -- big and small,

- Brian Feroldi, Brian Stoffel, & Brian Withers

P.S. - The next cohort of Valuation Explained Simply starts on August 7th. We are holding a contest to give away 3 free seats (worth $997 each). To enter the drawing, click here. (Winners announced July 10th).

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One Simple Graphic:

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One Piece of Timeless Content:

Morgan Housel is a self-described optimist. Why? That's the title of his decade-old article that serves as a great reminder to investors to this day.

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One Twitter Thread:

The global software industry generates $650 billion in revenue each year and is growing at a double-digit rate. Ryan Reeves' primer on the key financial terms for this industry is an excellent read for all investors in the space.

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One Resource:

If you're like Brian Stoffel, you enjoy checking out books from the local library. But libraries aren't as convenient as they once were. What if there was a digital library where you could check out books from your couch?

There is! Try openlibrary.org, with millions of books available for free.

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One Quote:

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More From Us:

👨‍🎓 The next cohort of Valuation Explained Simply starts on August 7th. To join the waitlist, click here.

📗 If you've read Brian Feroldi's book, he'd love a review.

👨‍🎓 Missed Financial Statements Explained Simply? You can purchase the replays & materials here.

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