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What Financial Independence Is, and Why You Need It

Financial independence, also known as financial freedom, should be a massively important goal for anyone and everyone. As a matter of fact, I am of the camp that the quest for financial independence should be an essential part of one’s upbringing and education. However, society happens to disagree. So how are we supposed to know about it?

That’s the issue, nobody teaches us about it, we have to learn on our own. And that, dear reader, is why I’m here. My goal with The Novel Mindset is to help you set goals, achieve them, and become educated about financial independence and personal finance. So, let’s get into this expansive topic of financial independence.

What Is Financial Independence/Financial Freedom?

Maybe you’ve heard the term “FIRE” in the past, it stands for Financial Independence, Retire Early. In essence, financial independence is a financial position where you no longer rely on external sources of income, generally a job, and rely solely on your own investments. For instance, if you would need $3,000 per month in income to live comfortably, you would be financially independent upon reaching that monthly income from your investments or your own business(es).

Why Should I Aim For Financial Independence/Financial Freedom?

You don’t have to retire when you reach financial independence, but you can. Upon becoming financially free, you are no longer dependent on your employer, you gain the security to know that if you were fired tomorrow, you wouldn’t be in any major trouble. But that’s not all, imagine being able to travel as you wish, you are no longer constricted to a couple of weeks of vacation each year. Always wanted to travel to Thailand for three months? Go for it.

But… I can’t achieve that…

Don’t be dismissive to yourself, you don’t deserve it. I covered this in my last article: Just Do It, Don’t Wait.

So, dear reader, nothing’s stopping you. Achieve financial freedom.

If you’re interested in starting your journey to financial independence and success, I highly recommend picking up Rich Dad Poor Dad, here’s an affiliate link to purchase it on Amazon, you would be supporting me too!
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

If you’d want to learn more about achieving goals and fighting a lack of motivation, I highly recommend Grant Cardone’s The 10X rule, please feel free to purchase it using this Amazon affiliate link in order to support me as well!
The 10X Rule: The Only Difference Between Success and Failure

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