Financial Independence is a great thing. It means you are free to choose to do what you want and do not have to rely on your job to support your lifestyle.
However, the road to Financial Independence is paved with obstacles. To overcome these obstacles, you will need to use all the weapons that are available to you. Mastering these weapons will make your journey to Financial Independence faster and simpler.
This is not a mandatory requirement since you can reach Financial Independence with any level of expenses. However, the lower your yearly costs, the faster it will be to achieve Financial Independence.
Your Main Income
You need to save some money to increase your net worth and reach Financial Independence. Therefore, your Income is a potent weapon!
You need to fight inflation with your Investing! You will need to invest your earned money. Not only will this negate the results of inflation. But this will also make your money work for you.
The most used passive income stream is tied to the previous weapon, Investing. Most stocks will pay dividends. Dividends are an easy way to generate some passive income.
This means you will have to work more while you are accumulating your net worth. However, this can make it significantly faster. You need to make sure to keep a balance between your life and your jobs.
For most people, reaching Financial Independence will take anywhere from five to fifteen years. It is crucial to be patient during your journey.