Before you can declare “Financial Independence” you must know what is your financial independence figure.
Your financial independence figure tells you when you’re free from the need to work. It’s basically a math equation. But calculating your personal financial independence figure is about much more than money or math. It’s about your life, lifestyle and what matters to you… it’s about whether money supports your ideal life or simply suppresses your potential.
While money isn’t the most important thing in life, it is reasonably close to oxygen on the “must have” scale in today’s materialistic-centered world. Your financial independence figure is useful because it tells you exactly how much money you really need.
You certainly need money to survive. But you also need money for opportunities to live a life that is more fulfilling, flexible, and fun. Money buys you food to nourish your body, but it also buys you the time and flexibility to feed your soul and to share your best self with the world.
Whatever your personal ideals are, they are probably bigger than money. Most people realised soon after entering the world of work that simply trading time for dollars wouldn’t lead to their ideal of becoming their best self and sharing their gifts with the world.
It’s not that working a job or running a business were bad things but serving others with your time, energy, and skills can be incredibly fulfilling as even a great job can become a drag when you know you must do it to earn money.
Instead of happiness and growth, a less than ideal job situation traps you like a rat running on a wheel. While most people call it making a living, you’re really on a long path that can be called “making a dying”.
Luckily, there is a different financial path you can take. Instead of trapping you, this path creates more freedom and independence. This brings us back to the financial independence figure, which we will calculate next week.
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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki