If you find yourself still wondering what financial independence (FI) is all about, you’re in the right place!
Financial independence means you don’t need to work for money to support yourself. This is generally achieved through building passive income streams from investments, such as stocks, real estate, or a business.
The purpose of pursing financial independence is not to become filthy rich so you can spend more. The purpose of FI is to gain freedom from working so you can spend more time doing what you love. Spend more time with family, travel the world, volunteer at a soup kitchen.
You don’t even have to retire. If you really like your job and don’t want to quit, great! Keep your job! But FI gives you the power to decide whether or not to continue working.
There’s not a whole lot to FI. I personally want to simplify the process as much as possible, which might take time up front, but eventually everything should be able to run on autopilot. If I could sum up the process to FI in one statement it would be: spend less so you can save and invest more.