What Does Financially Independent Mean?
Not relying on others for financial support. Being able to fully support yourself.
Having enough assets and passive income to cover your living expenses without having to work.
Building wealth through investments rather than only earning an active income. Using compound interest to grow money.
Having emergency savings and being prepared for unforeseen circumstances without going into debt.
Being free from the need to work for money. Having the freedom and flexibility to choose how to spend your time.
Having low debt levels and managing debt responsibly. Not being beholden to creditors.
Controlling your own financial destiny. Having financial security and peace of mind.
Having multiple streams of income from assets like real estate, stocks, and businesses to replace active earned income.
Achieving financial goals like saving for retirement or children's education without financial stress.
Leaving behind a financial legacy for the next generation and causes you care about.