What is financial independence?

[Terell Kirby]

Some thoughts:

• no debt
• income exceeding your expenses
• Providing your own paycheck (though not limited to)
• Multiple streams of income / assets
• Robust savings account
• Robust 401k

Which leads me to think that you can be very stable as a wage slave. But…does being a wage slave automatically make you not financially independent? Even if you have all other points going for you?

Bullet #3 and #4 have been the toughest challenges for me…guessing because it requires exceptional creativity and hard work. I plan on using the next 10 years to obtain it.

Edited October 12, 2021 by Terell Kirby

[Consept]

Financial independence i believe is when you no longer trade your time for money and of course are still able to support yourself. You no longer work for people but with people in partnership. 

The points that you mentioned could be facets of this but theyre not necessarily limited to it, for example having debt is pretty normal for financially independent people its just how theyre leveraging that debt and using it to make money. 

[Terell Kirby]

@Consept thank you! This is helpful.

[HypnoticMagician]

@Terell Kirby

Depends on your ultimate goal. If you just wanna get by, wage slavery is for you. You are pretty financially independent. If you wanna have your own family, then becoming part of middle class is enough for you. If you wanna be a successful businessman, being innovative and decicated to working long hours is sufficient to have a fulfilling life. And finally, if you wanna conquer world, end wars, slavery, hunger, bring peace to the land like me, then you need to be as versatile as you can, become richest guy in the world, buy all territories, develop a better civilization, create an utopia not only for yourself or your nations but for all

[Terell Kirby]

3 hours ago, HypnoticMagician said:

@Terell Kirby

Depends on your ultimate goal. If you just wanna get by, wage slavery is for you. You are pretty financially independent. If you wanna have your own family, then becoming part of middle class is enough for you. If you wanna be a successful businessman, being innovative and decicated to working long hours is sufficient to have a fulfilling life. And finally, if you wanna conquer world, end wars, slavery, hunger, bring peace to the land like me, then you need to be as versatile as you can, become richest guy in the world, buy all territories, develop a better civilization, create an utopia not only for yourself or your nations but for all

Wise advice :-)