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7.2.2023 I Financial Independence Day
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We’re just two days away from Independence Day, and today’s show is all about Financial Independence — what it means for different people, and how to achieve it.
Is there a single good definition of financial independence?
We’ve found that each person has a different definition.
- For some, it means not being a burden on family members later in life.
- For others it’s having enough money to live on without income from a job (unless you want one). This is the basis of the FIRE movement (Financial Independence, Retire Early).
- Still others regard financial independence as having enough savings and investments to provide lifetime income.
Financial independence is a journey, with many obstacles, unexpected twists, and opportunities along the way.
- A big part of the process is committing to deferred gratification.
1. How you spend your time and money needs to be connected to your highest values
2. Set up or add to an emergency fund so that your desired lifestyle is not threatened
3. Be open to pursuing experiences in your life that are financially freeing
Act Today
- Your net savings rate
- Measure current and future spending
- calculate how much you need to be financially independent
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For more tips on how to achieve financial independence, please visit our new dedicated resource page at our firm’s website at wealthenhancement.com/yourmoney.
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