The celebration of Independence Day both in the U.S. and Canada this week presents the perfect time to think about another type of independence; financial independence. Everyone has their own definition of financial independence. What’s your definition? Financial independence goes way beyond knowing how to create positive cash flow or even learning how to invest.
Here are a few ideas for defining financial independence:
- Having enough money to choose if, when, and how to work.
- Knowing you can maintain a standard of living you love throughout your lifetime.
- No alarm clock!
- Sustainable positive cash flow.
- Understanding where your money is and knowing how to invest or manage it.
- Knowing you have the skills and ability to generate income and accumulate wealth.
- Clarity about what you want your money to do in your lifetime, and the money to do it.
All of these definitions of financial independence have worthy consideration. I think my favorite is the last one. What’s yours? Which definition really excites you? Choose or create your own definition and decide to make it happen! Share it in the comment section below as a true commitment to your own financial independence.