I define Financial Independence as having assets that generate passive income that is enough to cover my essential expenses. It is all about having the options to do what you want to do when you want to do it.
Gaining Financial Independence does not mean that you have to retire from your job. You can continue working if you enjoy it, but you will also have other options available. For example, taking a lower paying job that you actually enjoy or reducing your hours so that you can spend more time with family and friends.
Value your time
I often get the feeling that I am wasting a great deal of valuable time while commuting to and from work – nearly 2 hours a day. It involves getting up at an early hour and battling through heavy traffic almost every time while risking having an accident. Some people take it to the extreme by getting up at ridiculous hours and travelling great distances. This is just not worth it and things need to change.
Your Money or Your Life is a book I highly recommend on helping you value you time and empower your finances. To buy from Amazon click on the image or link.
See the World
Once financially free it is possible to travel more as more time is available and no need to turn up at work at a particular time. You could also take advantage of geographical arbitrage to make your money go further by spending it in a different location, either in your country or abroad.
Escape the corporate prison
It is easy to few trapped in the world of work when things are not going well for whatever reason. Financial Independence gives you power to escape the cubicle and take control of you time. A job may be enjoyable now but things change. It can take things like having a new boss, new colleagues you won’t get along with, diminished responsibility, the job nature might change or You might change in future. Some of these aspects have made more more eager to avoid this situation by spending less and invest more.
Be your own Boss
Starting a thriving business or becoming an entrepreneur will enable you to take control of you time and do what you want to do. You can do these before and or after you are financially free. All it takes is to find something that you are passionate about and enjoy doing. Work hard at making the idea a success and it will work out well.
Thanks for reading.