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.
Watch: Get Started by Brad Barrett and Jonathan Mendonsa of choosefi.com
Watch: Can You Really Retire in Your 30’s? by Two Cents of pbs.org
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.
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