What is financial independence? This is a question that many people ask, and there is no one simple answer. Financial independence can mean different things to different people. Generally, though, it refers to the state of being able to live comfortably without having to work for money. It’s a dream that many people have, and it’s achievable if you put your mind to it!
In this blog post, we will discuss what financial independence is, and we will also share some tips on how you can achieve it yourself!
Financial independence can be defined as the ability to live without relying on financial resources from employment, financial help from others, or financial aid from the government. It is a state of financial security and stability where one can meet their own financial needs without having to work for money or rely on financial help from others.
Financial independence involves having enough financial assets, investments, savings, and income derived from these to cover all essential expenses such as shelter, food, healthcare, and transportation with minimal effort.
This means that individuals who have achieved financial independence have a large amount of financial control over their lives.
Their [passive/ investment/ rental] income exceeds their expenses.
They are free to make decisions that are beneficial for themselves and their family without having to worry too much about the monetary component and implications.
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