Financial Independence

From a young age, I always had a goal of becoming financially independent.  Not so I could have a big house and expensive toys.  It was freedom I wanted.  Freedom to spend my time doing what I loved. Freedom to speak my mind at work and be true to myself.  Knowing if I was pressured into something unethical or something I strongly disagreed with, I could always walk. ​

Financial stress is also at the top of the list of worries for most people.  In addition, it is a common cause of divorce and family feuds.

Financial independence does not mean you quit your job…although you could if you choose.  But you can go into your job each day knowing you are there by choice.  It also means if you change jobs or careers you can take your time selecting the next position without worrying about paying the bills. 

It also gives you the resources to help your family, friends, and those in need.  Financial independence is not for everyone.  I’ve heard many people say they want to be millionaires, but not many people put a plan together to get there.

The people I know who are financially independent will tell you it was not that painful getting there.  If you look at the math behind it, it’s straight forward. You don’t have to be a doctor, high level executive, business owner, or lottery winner.  Obviously, being in a high paying career will get you there sooner, but it’s not a requirement.  Like most things, it really comes down to how badly you want it. 

Of the people I know who are financially independent, none of them have Ivy League degrees, and most never earned more than $75,000 per year working for others.  Too many people use this as an excuse because deep down they would rather not make the necessary sacrifices. Society leads us to believe you need to invent something significant, earn large sums of money, or even cheat others to become wealthy.  It’s not true.

There is not one magic number to hit either.  We all have unique circumstances and each person has their own definition of what it takes to be financially independent.  For some, it’s liquid assets of $500K.  For others, it’s $5M.  It has a lot to do with the standard of living you choose and that is a personal choice. 

To achieve financial independence, you simply need to spend less than you earn, invest wisely, and let time take its course.  The earlier you start, the better.