As we approach our nation’s Independence Day, it is only fair to seek independence in one’s personal life too. Financial freedom comes from a sense of security, which we can achieve only through specific goals.
There has to be a milestone in your life by which you aim to be financially independent. And of course, there has to be a disciplined approach towards saving and spending. Your investments, too, must be meticulously planned. Financial freedom is a means in itself, the end being early retirement. Learn more about the planning and approach that can usher in financial freedom in your life, in this article.
The amount of money that can assure financial freedom is very relative. Some may need very little, while for others even too much may never be enough. The day you are financially free is the day when you are ready to retire. Financial freedom is driven by need and unless you don’t figure out your needs, there is no point aiming for it. And it is important to know when to start, and how much to save. On the occasion of Independence Day, clear out all your doubts and confusions about the benchmark of financial freedom, in this brilliantly illustrated infographic piece.
Financial freedom is the outcome that you pose to achieve, through years of calculated planning. The more financially disciplined you are, the sooner you are likely to achieve financial freedom. Financial discipline is a way of life which rests on certain key components of personal finance. Thus financial freedom is the state when all the aspects of financial planning are efficiently covered in your personal life. As we celebrate the spirit of freedom this Independence Day, explore the tenets of financial planning to understand the meaning of financial freedom.
The first step towards financial freedom has to be identifying your goal. Financial freedom can have a very personal meaning for everyone. When will you consider yourself financially independent? Is it the point when you stop(ped) taking money from your parents or when you set up a billion-dollar company? Finding out what you want is the first step towards financial freedom. But the fun begins thereafter, find out the path that people follow to achieve their financial goals, here. This Independence Day, leap towards your own financial freedom!
There are various approaches using which you can achieve financial independence, and it is not fair to say one is better than the other. But if we look at our previous generation, we see a hard-working group of people working their way out in a difficult pre-liberalisation Indian economy. So while we remember the father of the nation on Independence Day, while talking about financial independence, we have to look back at our own parent’s achievement. They were the first modern Indian generation who applied thought and planning into their personal finances. So when we look for key points to achieve financial independence, we don’t need to look beyond the achievements of our parents in this regard.