Most people think they want more money but what they really want is more freedom. Freedom to say no to things they don’t want to do. Freedom to do the things they want to do when they want to do them.
Achieving financial independence in the traditional sense is a daunting task.
Financial independence (in the traditional sense) means that you’re able to replicate a level of spending throughout your lifetime without having to actively earn income and not run out of money.
“Retirement” is financial independence.
The harsh reality is that many people will never achieve financial independence. Or at least not at the level of spending where they have the freedom to do most of the things they want to do in life.
But what if we redefined what financial independence means? That instead of working towards an arbitrary mathematical number that we instead worked towards a sustainable lifestyle?
Define what financial independence means to you. To me it is about freedom. The freedom to explore passions and never be in a rush.
At this time in my life, I feel as though I’ve accomplished financial independence. Not because I have enough money to replicate my spending without actively earning any income for the rest of my life. Of course, I’m very far away from that ?.
I feel I’ve achieved my definition of financial independence for three reasons:
- I’m excited to get up for work.
- I can choose how my time is allocated.
- I can afford my basic living expenses and invest for my future.
Keep in mind, this is financial independence as I’ve defined it for me. Your definition may be different depending on your wants and needs.
The takeaway here is that you’re defining what financial independence means to you. That instead of working towards an arbitrary mathematical number, you’re working towards a sustainable lifestyle.
What does financial independence mean to you?