Fiology Lesson1: What Does Financial Independence Mean to Me?

LESSON 1 : WHAT DOES FINANCIAL INDEPENDENCE MEAN TO ME?

Financial Independence generally means having a net worth providing an amount of passive or near passive income that allows a person to no longer actively work for money if he or she chooses. In future lessons, a foundation of knowledge will be offered that will provide the “how” to reach FI.  It is important to determine what FI means to you.  If we understand the objective, we will better maintain focus during our dynamic journey.

Read:  What does Financial Independence Really mean?  by Trent Hamm of thesimpledollar.com

Read:  3 Ways to Define Financial Independence  by Retire by 40 of retireby40.org

Watch:  Financial Independence  on wikipedia.org

Take Action:  Google the term “Financial Independence” and explore some sites that look appealing to you.  Note the many different definitions and explanations.

As this is the first Fiology lesson, we encourage you to join and interact with others who are on the Financial Independence journey or have achieved Financial Independence.  We believe you will find this a positive and generous community that provides motivation along our FI journey.

There are hundreds of Facebook forums regarding finances.  The most positive, relevant, and useful page we can recommend is the ChooseFI – Experiments in Financial Independence Facebook Group.  Request to join and I think you’ll find it extremely helpful.

Write the answer to “What does Financial Independence mean to me?” Keep it in a place where you will see it often – perhaps in your wallet or purse or on a dry erase board in your kitchen.  Your definition will change over time. This will serve as a reminder that there is an objective we are working towards.

Additional Resources:

Read:  What Early Retirement Means When You’re Too Young To Retire by Jacob of earlyretirementextreme.com

Quote:  “Education is the key to unlock the golden door of freedom.” – George Washington Carver

Fiology.com is an educational resource designed to teach you about Financial Independence (FI). We have scoured the internet to find content from the best and brightest of the FI community and have created lessons covering the critical concepts of FI.

Get free weekly Fiology lessons straight to your inbox!

Please enter your name.
Please enter a valid email address.
Something went wrong. Please check your entries and try again.

3 thoughts on “LESSON 1 : WHAT DOES FINANCIAL INDEPENDENCE MEAN TO ME?”

  1. Great choice to include Trent Hamm’s article. I really enjoy his writing; he goes into depth about concepts and teases them out in a calm, measured way that’s very easy to read.

  2. Thank you for this. I totally agree that the first step is to define what it means to you to be financially independent. If you don’t know the goal, how do you know if you’re getting closer? So many people just coast through life, doing what they think they’re “supposed to do” and living someone else’s program because they don’t have one of their own. Things improve when you measure them!

Leave a Comment