Financial independence is kind of the ultimate dream; having enough financial assets in your own name that you don’t need to spend any more of your life working.
Financial independence means owning your own time. It means being able to work for fun, on an issue that you care about without needing to worry about the salary.
How would you spend your time? Laying on a beach, hanging with your family, working on a passion project?
How to Build FInancial independence
How to build financial independence means following a simple formula over a period of years.
Earn as much money as early in your life as you can.
That is literally it! The formula itself isn’t complex, but following it consistently is.
Life happens! Maybe you want to spend $40,000 on your wedding; that will probably have an impact on your other financial goals like FI.
Maybe you have a medical emergency that costs $20,000. Your FI path may be impacted by that.
For most of us, it will take a bunch of years to save and invest enough money to leave work full time. Staying consistent over the course of years is something that all humans struggle with; it’s antithetical to our lizard brains that say “EAT THAT NOW. SPEND THAT NOW. NOW NOW NOW!
That’s why we all need a financial independence plan. You can get our free worksheet on investing for financial independence right here to start creating your own plan!
The first 4 steps to financial independence
After you’ve downloaded our worksheet, watch our video on how to build financial independence.
It covers the first 4 steps that anyone can take to start building financial independence.
If you’re reading this thinking “I’m just a normal person and there’s no way I’ll ever be able to leave work” PLEASE THINK AGAIN.
Remember what we like to say around here: you don’t have to follow anyone’s money path except for your own. Your financial independence doesn’t have to look like anyone else’s.
But getting started towards building financial stability, and then one day, financial independence, is a decision that I don’t think you will EVER regret. It’s a way to improve your life immediately, and a way to give your future self options.
Dig this? The party doesn’t have to stop! Become a Patron to keep us independent, or follow us on Facebook, Instagram, and Twitter for money tips, jokes, and inspiration, and join our email newsletter here.