Happy Independence Day to my American readers! I don’t know about you, but I have the day off today, so I am doing some family things and just enjoying the day. Considering that I have to go back into the office on Friday, I plan on enjoying myself. Here is to the day of our independence.
On the theme of independence, I want to talk a little about financial independence. My friend, Pauline, has created a financial independence carnival with links to some great articles about the topic. I don’t think it is necessary to define it because I believe this term is different for each person. Since getting out of credit card debt, this topic has been on my mind for quite some time. I am working hard to figure out how to reach my definition of financial independence.
What is Financial Independence to me?
Let me describe what I think financial independence is. There are some that feel it is all about being debt free and not being tied down by money or at least owing money. As I said, I don’t think the are wrong, but that is not what it means to me. To be financial independent, I want to not have my life dictated by money or lack thereof. I want to be able to make decisions based on how I am feeling and what makes me happy. I want money to be second and life to be first. I don’t mind if I have debt, but as long as that debt doesn’t hinder me from doing what I want. I would love to get to a point where I am making passive income that meets all of my needs, so that I don’t have to work, but if I wanted to, it wouldn’t matter.
On the Road Toward Financial Independence
Ever since paying off my last credit card a year ago, I have jumped onto the road toward my financial independence. Ever since I have been in college, I have been in debt. Not having to pay credit card payments is a different lifestyle for me, and one that I truly enjoy. I have been working hard to figure out how long I want to take to reach my goal of breaking free of money dictating my life. At this point, I think I want to reach this goal within 10 years. I do think it can be done, but I am sure that it will be difficult.
The road toward financial independence is going to be long and have many curves. I have to make sure that my money making vehicle is all tuned up and ready to go. I also don’t mind if I add some upgrades to my vehicle to make it a little faster and one that can handle the twists and turns of the financial road. Can you tell that I love working on cars ;).
While traveling down this financial road, I have to make sure that I create goals and milestones. You can easily get tired of driving down the same road without having a pit stop or rest stop. I created many different milestones when I was paying down my credit cards and that was the only thing that kept me going. Setting goals to reach financial independence is going to be the same thing. I need to stay motivated.
As I travel down this road, I hope to learn new things and expand my skill set. I do think that acquiring knowledge along any journey is a necessity in life. I don’t like being stagnant, so learning new and different things is always a big goal of mine. I plan on doing this same thing when on my path toward financial independence.
Have you ever thought about being financially independent? What does the term mean to you and how do you plan on getting there?
Image courtesy of WealthGathering.com