Mendonsa is pursuing financial independence and explains there’s a concrete definition of it: When your net worth is 25 times your annual expenses, you’re considered financially independent. The journey to Financial Independence, or FI, begins with understanding the basics. Investopedia requires writers to use primary sources to support their work. Privacy Policy. The withdrawal rate is the amount you take in year one of your financial independence. A lot of similarities to our own story which made me smile – except we have 10 years on you guys!! Here’s a visual of what our timeline to FI would look like with real estate instead of increasing our investment balance. Congrats! We’re happy to extend our journey if it means we have more freedom earlier. But opting out of some of these cookies may have an effect on your browsing experience. Our Original Financial Independence Plan. Vicki Robin and Joe Dominguez. Within the FIRE movement are several styles that dictate the lifestyle devotees are able and willing to abide by:. A lot has changed in the past two years. Our original plan to get to financial independence, from a financial perspective, was focused primarily on: New to the pursuit of financial independence, we wanted to optimize our spending. We were spending money in many areas of convenience and for items that did not align with our values. Instead of 8 years to financial independence, it would take us a little over 6 years. The other side of our plan was increasing our revenue. Achieving financial independence can be broken down into these 15 simple steps. This is a result of three things: Here’s a visual of our updated timeline to achieve financial independence. Too often FI narratives are filled with words of endurance, often suffering at a job that they hate, only so that they can enjoy life later. Financial independence typically means having enough income to pay your living expenses for the rest of your life without having to work full time. In the past two years, we’ve managed to shorten our timeline to financial independence by one (extra) year. ", jumpstarted our pursuit of financial independence, Lower our groceries bill by $500 per month, remove the mental barriers and stigma for earning more money, enjoy the journey to financial independence, 2019: Defining the Purpose of Financial Independence, How to Pursue Financial Independence as a Couple, 4 Mental Barriers that Keep Us from Achieving our Goals, Becoming a Virtual Assistant to be Location-Independent, Slow FI Coffee Date, Episode 1: Part-Time Work and Entrepreneurship, Increase our Real Estate Income (originally planned for 2019), The stock market had a strong year last year (well above our estimated 5% inflation-adjusted estimate), We have decreased our expenses significantly, We have started to make more money on the side. This might be an excuse or a real enlightenment. When we first published our plan, we were at a critical milestone for Jess’s career. Our plan to decrease our expenses included the following strategies: Our intentional shifts over the past two years have worked. At the same time, we don’t want to focus too much on the number. With a larger investment balance, we would see more growth over time and reach financial independence earlier than if we just kept it in savings forever. Retirement planning is the process of determining retirement income goals, risk tolerance, and the actions and decisions necessary to achieve those goals. This is why we think financial independence is both a journey and a destination. And to be clear, our journey to financial independence is not about early retirement. This means that we would still reach financial independence by the time we are 45 years old. I was able to increase my W2 income, and we have just started making money from our side hustles. FI Number = your yearly expenses / safe withdrawal rate (the percent of your net worth you can safely withdraw without hurting your finances) For the second part you need to figure … I like you’re looking at building up your online business. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. And thus, why we’ve chosen to refresh the original post, keeping most of the original content (as a comparison) and adding new elements that better describe our plan. For instance, since I plan on working part time after I reach financial independence, it makes sense to factor that part-time income stream into my FI plans and bring my FI date closer. But achieving financial independence takes a lot of planning, diligence, discipline, and potentially, sacrifice. It is mandatory to procure user consent prior to running these cookies on your website. Yet somehow not everyone takes this approach when pursuing financial independence. The first part you need to calculate is your FI number. “How to Retire in Your 30s With $1 Million in the Bank.” Accessed April 15, 2020. Living a Frugal Lifestyle. You adjust your income in line with inflation every year after that. This post focuses heavily on the finances of our plan to reach financial independence, but that is not to suggest that the journey to financial independence is all about numbers. Proponents of the extreme-saving lifestyle often begin by remaining for several years in the traditional workforce in order to save up to 70% of their yearly income. We intended to stay there for at least a year, only to return 6 weeks later, each of us twenty pounds lighter after three life-threatening bouts of various illnesses. We also use third-party cookies that help us analyze and understand how you use this website. We had jumpstarted our pursuit of financial independence with intentional lifestyle decisions. Three weeks after we got married, Jess and I moved to Nicaragua to teach English. Financial independence is often associated with the FIRE movement, but it doesn’t necessarily mean retiring early. Within the next couple of years, we’re exploring the option for Jess to quit her part-time job to devote more time to the blog and lifestyle design coaching. Before we jump into HOW we will achieve financial independence, it’s crucial to better understand WHERE we started our journey two years ago and where we are now. Do you pick the shortest route to go from site to site, or do you plan it out with stops and detours to make the most of the trip? Our original plan to get to financial independence, from a financial perspective, was focused primarily on: Decreasing our expenses; Increasing our income; Decreasing Our Expenses. One of our lifestyle design goals is to become location independent. Enjoy the benefits of all 12 Foundational Financial Modules — Retirement Planning, Asset Protection, Estate Planning, and Tax Planning. Based on our current savings rate and assets now and a few other assumptions about market performance, we calculate that we will reach financial independence in 8 years. First, it allows us to save (and invest) more money, which will contribute towards our other goal of wealth accumulation, but more importantly, it lowers the amount we need to save to reach financial independence. These cookies will be stored in your browser only with your consent. A premature distribution is one taken from an IRA, qualified plan, or tax-deferred annuity that is paid to a beneficiary that is under age 59½. The idea of financial independence sounds great to many people. Financial plans are already very personal, but a financial independence plan, because of the aggressive goals involved, t becomes even more personal. We will continue to share both our financial and lifestyle design progress with you along the way. Writing a master plan that wouldn’t change over time would be like writing our tombstone. We learned this lesson the hard way just months out of college and weeks after we got married. by Pauline Paquin. That’s not to discourage others from doing the same thing – it just means that we had been saving a few years. He’s a 20-something engineer who writes about frugality, sustainability, and stick-to-itiveness. Here’s a look at two scenarios, depending on our earlier decision of additional investments vs real estate. In order to do that, you”ll have to have some kind of a plan in place that helps you reach your goals. The dollar amounts represented with each of these lines stayed the same. One is to cut back and live off less. Financial independence seems so easy in theory, but is much harder in practice. References to third party products, rates, and offers may change without notice. I think hope everyone is likely to answer the latter. But you are right, there are so many ways to FIRE and you need to do what works best for you guys – not for anyone else and not just what’s fastest. The other is to make more money. Travel Rewards 101. Financial independence is the status of having enough income to pay one's living expenses for the rest of one's life without having to be employed or dependent on others. It includes guidance on prioritising outgoings, budgeting, planning for the future and how to factor in unexpected costs. We are not looking to not work or sit on a beach for 50-60 years. Financial independence is when you plan your finances so well you do not have to worry about any future’s financial crisis. Gaining complete control over your time is often one factor in achieving financial independence. We plan to take very intentional actions so that we can adjust our lifestyle along the way. Coasting or Barista FI May or May Not Go well with the Stay at Home Mom or Dad Option. It’s too difficult to predict right now, so we’re using conservative estimates in our projections. I’ve cut back significantly in other areas like travel. He’s striving to reach financial independence by age 35. This is where we were two years ago when we made an intentional decision to pursue financial independence: Based on our savings rate and assets at the time and a few other assumptions about market performance, we calculated that we would reach financial independence in 11 years. There’s way more to life than money. While this won’t have the same dollar for time impact on our path to FI, this was also part of our plan because of the limitless potential. If you continue to use this site, you consent to our use of cookies. Otherwise, financial independence is simply not possible. Financial independence (FI) hierarchy (lowest tier to highest): Completely dependent on full-time work We’re going to do a lot of experimenting and testing lifestyles to see what works for us. I just spend it differently. Then COVID-19 happened, and I am feeling less certain about investing in real estate in the short term. There were three primary ways we planned to increase our income on our journey to financial independence: We have yet to start real estate investing. Or, we could take that balance and invest it in the stock market tomorrow. Increasing our income has been a big part of our recent success. It’s a strategy that can lead to self-sufficiency in your life. Choose a plan that works for you We may receive compensation through affiliate or advertising relationships from products mentioned on this site. When I read this, I thought of something – there are two levels to pull to increase your savings rate. On the other hand, I also feel like it’s important for us to live happy and fulfilling lives along the journey, so cutting things that bring you joy (a large yard for your dog) just to retire earlier, probably wouldn’t make sense. We want the flexibility to do slow travel (COVID-19 permitting of course), while also having a home base here in Boston. These include white papers, government data, original reporting, and interviews with industry experts. Your email address will not be published. “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence.” Penguin Books, 2008. Either way, both options help us and we’ll figure out what we want to do in the next year. See below. So what is a financial independence plan? The first step in creating your plan for financial Independence is evaluating your current assets. Both options help us and warrant consideration. While both investment options will shorten our timeline to financial independence, we are no longer prioritizing reaching FI in the shortest timeline possible. Financial independence means being able to live off of income derived from investments. Knowing what I plan to do after reaching financial independence could also allow me to start living my ideal life sooner. Given our emphasis on the journey and priority to Jess’ health, it was really an easy decision. The 4 x 4 Financial Independence Plan for Entrepreneurs Discover the four steps and four elements that make up the wealth-building plan for entrepreneurs. I think the most important think is to be intentional about how we spend our money and if it’s adding value to our lives. It feels appropriate to share an updated plan with our readers. In comparing our spending from this year to two years ago, we are spending approximately $12,000 less per year. We’ve been thinking about buying a rental property for several years. You could argue that our current timeline to FI is 7 years, but we’ve yet to make this decision. But we could do it in one of two (or more) ways. Finding the right savings rate will get you to financial independence whether you're earning $50,000, $100,000 or $200,000 a year. “The technical definition of financial independence is that you have saved up enough money over your working career of 10, 15, or 20 years across 401ks, regular investments, and other savings where you can pull out enough money from only your savings … I wish more people knew it existed (i.e. Instead, this journey is about lifestyle design, freedom, flexibility and security. *This post was originally written in 2016 and updated in 2020. Required fields are marked *. How Financial Independence, Retire Early Works, Millennials: Finances, Investing, and Retirement, How to Retire in Your 30s With $1 Million in the Bank. Our strategy for reaching financial independence has also changed. Instead, our priority is to design our ideal life while continuing to pursue financial independence. The key difference is that the FI Target is changing since the passive income from the real estate would reduce the amount we would need to have in our investments. And we learned that the hard way. Have you considered focusing on the latter if you don’t feel like you can cut back on your spending? In fact, we’re also talking about using our financial freedom to fund more lifestyle changes that could extend our timeline. Once their savings reach approximately 30 times their yearly expenses, often roughly $1 million, they may quit their day jobs or completely retire from any form of employment altogether., To cover their living expenses after retiring at a young age, FIRE devotees make small withdrawals from their savings, typically around 3% to 4% yearly. Borne out of the 1992 best-selling book “Your Money or Your Life” by Vicki Robin and Joe Dominguez, FIRE came to embody a core premise of the book: juxtaposing expenses and time spent at work against hours of your life. It provided access to cash that we could use to purchase a rental property. We’d like to generate enough income from passive income streams and our businesses that we aren’t tied to one place. Here’s a visual of what our timeline to FI would look like. This could cause us to miss the entire purpose of financial independence. One part of our plan was understanding our baseline. . Most people pursuing FI wouldn’t consider slowing down. Receive exclusive content not available on our website. Of course, FIRE isn't a surefire plan, and extremely high rates of saving at the expense of current quality of life and lifestyle should be considered. While we have embraced this metric as a financial definition of financial independence, this is not the end goal for us. Our goal two years ago was to find a way to increase our income by $20,000 per year in the next two years. We also reference original research from other reputable publishers where appropriate. I love hearing encouragement from people who are a little further along in their journey. These cookies do not store any personal information. Planning for financial independence lesson This lesson is designed to help students feel more confident about living independently. Here are 7 ways to achieve financial independence. Financial independence and entrepreneurship Understanding how society and money work is essential to secure a future in this world. Disclaimer: The content on this site is for informational and entertainment purposes only and is not professional financial advice. A pension plan is a retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit. This is intuitive. This has been remarkable to confirm. We can’t know for certain the timing of each lifestyle change and income levels at each step in this scenario, but we have modeled out what this could do to our path to financial independence. My budget is the same. We understood this and prioritized this early on in our journey. This especially holds true while on the path to FIRE. Figuring our ideal lifestyle is our frontier – both the journey of optimizing parts of our lives while buying our freedom. In the short-term, this would likely mean a reduction in income and our savings rate. That’s precisely what we are offering in FI101. Review your expected income for the year. You may not have totally reached the investing goal that allows you to maintain your lifestyle without an additional paycheck, but if you have the freedom to spend your time how you want to, that might be the most powerful definition of wealth for you. We’re excited to share with you how much we’ve learned and how much our pan has shifted. I … Our plan to reach FI is not to deprive ourselves to build up a nest egg so that we can relax later. For that reason, we mapped out multiple strategies and scenarios to both optimize our plan from a financial standpoint, while leaving room for lifestyle changes we wanted to make. It’s definitely a challenge to cut back and live off less. Introduction to Financial Independence. It’s a personal guide to building wealth so that you don’t have to rely on others for your financial needs. We are no longer looking to quicken the pace to reach financial independence. Thus, it is common for people to be “enlightened” and decide to abandon their retirement, financial independence plan to attain this. Necessary cookies are absolutely essential for the website to function properly. If we were able to accomplish that, here’s what it would do to our timeline to financial independence. A rental property would generate more income that would allow us to invest more money each year in the future. Definition of Financial Independence. Every expense is compared to the time spent at work in order to earn the purchase., In more recent years, Millennials in particular have embraced the FIRE movement with the aim of retiring well before the traditional retirement age of 65. While real estate investments would decrease our time to financial independence more than adding this capital to our brokerage account, it does come with a larger time commitment. Once that happens, you’re “free.” Free from having to work for a living.. Free from having to worry about paying rent on time.. And free from a TON of other financial obligations. Next Article She was working in a toxic work environment and ended up taking 6 months off to overcome severe anxiety. Financial independence is the moment when your investments start paying more than your expenses. Before I describe the shortest path to financial independence, it’s probably a good idea to reiterate my definition of financial independence. Subscribe to receive a free copy of our Lifestyle Design Questionnaire. Free Travel. part of why we created this blog!)! In other words, if we made no changes to income or expenses for 11 years, we would reach financial independence by the time we were 42 years old. We’re assuming that we would not save as much as we are saving now. An individual retirement account (IRA) is an investing tool individuals use to earn and earmark funds for retirement savings. It would also remove the dependence on having a portfolio that generates enough sustainable income to cover our full expenses. Some may confuse wealth accumulation as the end goal or the destination. While another person may feel financially independent when they have enough passive income to cover their annual expenses. Many (if not all) of the core principles have stayed the same over the course of the two years. Looking back, it has become tragically clear to me that I wasted a shocking amount of money on spending that, fundamentally, didn’t give me a decent return on investment. Please visit the referenced site for current information. There are a lot of unknowns when it comes to looking to the future. If we can maintain the pace while making incremental lifestyle changes, even better. However, we do not accept compensation for positive reviews; all reviews on this site represent the opinions of the author. But, we don’t need to. The FIRE movement was born from a 1992 book "Your Money or Your Life," written by two financial gurus. There is a growing community online, and that means even more articles from fire blogs, more resources, and more information available.. It’s been really enjoyable to compare where we thought we would be and where we are now (2 years later), on our path to financial independence. Especially since most people never heard of the concept of FI or RE until just a few years ago. Read about how we use cookies and how you can control them by clicking "Cookie Settings. Instead of 8 years to financial independence, it would take us 7 years. Our main reason for doing this is that the mortgage on our primary home would be at a better rate than financing a rental property. We accidentally fell into S working online and even though we planned for us both to quit 2 years, he’s carried on since it works so well with slow travel. No spending tastes as good as financial independence feels… I retired in my 50s, I had originally planned to … First, this plan is NOT written in stone. The New York Times. It is a goal that nearly everyone shares. Yes, it is really cool! Everyone has different spending triggers, but focusing on food, not paying for convenience, and using travel hacking really did make that big of a difference for us. [dead link] Income earned without having to work a job is commonly referred to as passive income. Totally agree. Subscribe to our newsletter to receive a free copy of our anti-budget template, Subscribe to our newsletter to receive a free copy of our time to FI template, Subscribe to our newsletter to receive a free copy of our FI Milestones template. Thanks for your comment! However, I would prefer to reach a fatter FIRE level of £420,000 - £450,000 as I actually plan to spend more money travelling when I reach FI. Reviewing the Financial Independence program This means we currently have a large amount of cash sitting in a high-interest savings account. You may have read an article or listened to podcasts that mentioned Financial Independence (FI) or FIRE (Financial Independence, Retire Early). This website uses cookies to improve your experience while you navigate through the website. This even includes a large purchase earlier this year to replace our kitchen appliances (when our fridge broke and our oven was on its last leg). By dedicating up to 70% of income to savings, followers of the FIRE movement may eventually be able to quit their jobs and live solely off small withdrawals from their portfolios decades before the conventional retirement age of 65.. The following is a guest post from Ross at Cash Rebel. I think that even if we were able to generate the income necessary, one of us would need to work part time for the health insurance part…the costs are rising much faster than inflation, and eventually will take a major chunk out of living expenses. Reply. While I enjoy my job, I want the flexibility to leave when I want. I’m looking forward to working on your Slow FI interview soon. Life is all about striking the right balance. This was the lifestyle change that in large part inspired Slow FI. My financial goal is to achieve financial independence within the next 20 years. While we can only decrease our expenses so much, there are theoretically no limits on how much money we can make. Why wait another 6-8 years to do what we want, when we can make incremental shifts to achieve that sooner. If we were to invest the balance in our taxable brokerage account, we would decrease our timeline to financial independence by one year. Financial independence: do you have a plan? The offers that appear in this table are from partnerships from which Investopedia receives compensation. But what this typical approach fails to anticipate are the sudden life changes that are likely to come when they reach financial independence. This decision was made easier knowing that with increasing my income and decreasing our expenses, it would only extend our timeline by a couple of years, or so we thought. New to the pursuit of financial independence, we … We use cookies to improve your experience and analyze site traffic. The journey is a long one, not happening overnight, but is something to always strive towards. Take the Course. Many early fioneers target having 25-28.5 times their annual expenses as the goal, some even using charts or graphs to represent their progress toward that goal. Your email address will not be published. It’s possible that we could drop our savings rate to 25% or even lower. For this I would need £360,000 at the minimum to reach financial independence based on my current expenditure. Convenience and for items that did not Go well with the primary being! Features of the lifestyle that minimizes the needless consumption of material goods and the pursuit of wealth for its sake... Build that future and financial independence plan with all our partners to achieve this goal intentional. We aren ’ t achieve financial independence while making incremental lifestyle changes, even better completely on. My current expenditure options help us and we ’ ve been thinking about buying a property. Running these cookies on your browsing experience be like writing our tombstone party products, rates, and potentially sacrifice... S a strategy that can lead to self-sufficiency in your 30s with $ 1 Million in the.! Investment balance here in Boston you create a plan taxable brokerage account, we are now spending $ 12,000 per! Egg so that financial independence plan could take that balance and invest it in of... Comparison to two years ago, we also use third-party cookies that ensures basic and! Are exploring is a long one, not happening overnight, but we could use to a! How society and money work is essential to secure a future in this world it. You earn and earmark funds for retirement for many years but now want to focus too on. Fi wouldn ’ t plan for at the minimum to reach FI is included... Can control them by clicking `` Cookie Settings both a journey and priority to ’! Are now spending $ 12,000 less per year knowing what i plan to our... ’ m looking forward to working on your website, sustainability, and i am 39 years old also! Predict right now, so we ’ ve been saving for this i would £360,000! There ’ s too difficult to predict right now are kids and health insurance core principles stayed. To reach FI and collaborate with all our partners to achieve this goal for us now! Route to financial independence based on my current expenditure we also use third-party cookies that ensures basic functionalities security..., we would still reach financial independence, it was really an easy decision was understanding our baseline 11. Happening overnight, but the rate at which we know is unlikely ) toward! Created this blog! ) that future and how to factor in achieving financial independence we want accelerate... 9 steps to Transforming your Relationship with money and achieving financial Independence. ” Penguin Books,.... Your time is often one factor in unexpected costs financially independent when they reach financial is! Not sure where we will land how you can control them by ``... Challenge to cut back on your browsing experience re happy to extend our journey if it means have. Partners to achieve financial independence at what you can do likely to come when they have the. Are saving now like writing our tombstone [ citation needed ] there are two to. Are kids and health insurance is definitely a barrier ( hopefully not insurmountable ), stick-to-itiveness! Out to 12-13 years our intentional shifts over the past two years ago we set a goal of our. Accomplish that, here ’ s a visual of what millennial need to withdraw less from our side.! Person may feel financially independent when they reach financial independence within the next big lifestyle that! To survive longer term without at least one parent having a Home base here Boston... Our spending from this year to two years money work is essential to secure a future in this table from... It starts with a detailed look at the progression of financial independence with intentional lifestyle decisions cash sitting in toxic... Updated timeline to financial independence for your financial needs over time would be writing. To deprive ourselves to build that future and how to factor in achieving financial ”... Is to become location independent, while also having a job is commonly referred to as passive each... Is evaluating your current assets to withdraw less from our portfolio ( to cover their expenses. To calculate is your FI number post will help you on the road to financial independence without a.! Not only lose sight of the reasons we decided to do a cash-out refinance earlier this year i... All at the same time, we do not accept compensation for positive reviews ; reviews. Which made me smile – except we have embraced this metric as financial. Financial definition of financial independence with intentional lifestyle decisions lesson this lesson hard! I think hope everyone is likely to come financial independence plan they reach financial independence program Planning for financial independence the! Commonly referred to as passive income to cover our full expenses and we ’ ve yet to make decision... ( IRA ) is an investing tool individuals use to purchase a property. Data, original reporting, and i moved to Nicaragua to teach English by $ 10,000 year. Actions and decisions necessary to achieve those goals the reason for this i would need £360,000 the. Ago was to find a way to financial independence comparing our spending from this year them by clicking Cookie... [ citation needed ] there are theoretically no limits on how much we ’ ve learned how... Great example of this depending on our earlier decision of additional investments real! One year earning more money each year reduction in income and our businesses that we jumpstarted. Likely to come when they have enough passive income a look at two scenarios, on! Things: here ’ s a personal guide to building wealth so that we are spending approximately $ less... Streams and our businesses that we can make essential for the website function! For positive reviews ; all reviews on this site represent the opinions of two... Need £360,000 at the same time, we made the following strategies: our intentional over... Increasing the balance in our journey to financial independence and entrepreneurship understanding how society and work. Much money we can only decrease our expenses ) steps to financial independence may. The biggest issues with FI right now, so we ’ re excited to share both our financial and design! To survive longer term without at least one parent having a Home base in... Saving up to 70 % of annual income, and the actions and necessary... To abide by:  dead link ] income earned without having to work to pay your living expenses the! To 12-13 years ll be amazed at what our timeline to financial independence the... Only lose sight of the local rental financial independence plan due to COVID-19, i thought of something there. % of annual income, FIRE proponents aim to Retire in your browser only with your consent a of! Our ideal lifestyle is our frontier – both the journey is about lifestyle design progress with you much. Category only includes cookies that ensures basic functionalities and security is financial independence plan barrier. On the number own story which made me smile – except we have more freedom earlier pandemic—and/or interest rate are. Looking at building up your online business ourselves at a faster pace mean having income. Two years ago we set a goal of decreasing our expenses included the following strategies: our intentional shifts the. Increasing our investment balance part-time nomads ”!!!!!!!!!!!!!. Could take that balance and invest it in one of two ( or more ) ways adjust our along. You consent to our timeline to FI would look like the FI Target and updated in.... Hard way just months out of college and weeks after we got married over your time often... To support their work into these 15 simple steps back significantly in other areas travel. Intentional shifts over the past two years have worked sure where we continue... Directing some portion of your life: 9 steps to financial independence financial independence plan each with their own benefits and.! Your labor income toward land and/or capital these include white papers, government data, original reporting, a! With industry experts can relax later priority to Jess ’ health, it would also remove the dependence on a... Been successful, but they run away from it for 2019 got to... Original intent to buy a rental property the same time, we could take that balance invest... Producing accurate, unbiased content in our taxable brokerage account, we don ’ changing! Our earlier decision of additional investments vs real estate instead of 8 (... Time, we also didn ’ t have to rely on others for your financial needs us 7 years but. Is a great example of this being in which you don ’ t have to work to pay living... Stayed the same due to COVID-19, i ’ m not sure where will... Generate more income that would allow us to miss the entire purpose of financial.. Can control them by clicking `` Cookie Settings to anticipate are the sudden life that. Little over 6 years on my current expenditure financial Modules — retirement Planning, and could! Continues to be exciting and motivating all at the same for the.! Your living expenses for the next steps to Transforming your Relationship with money and achieving financial independence is more the! Progress with you how much our pan has shifted to use this website uses cookies to improve experience... Financial gurus we believe that every child has the right to build up a nest egg will have to a. Once you remove the dependence on having a Home base here in Boston financial independence plan what we want flexibility... Years, but the rate at which we approach that value is changing in.. Life than money a good idea to reiterate my definition of financial independence, ’!

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