I’ve heard the phrase “financial freedom” several times in the previous 3-4 years from the investors community.
Every time I speak with a customer or an investor on various forums, it appears that “financial independence” has become the new catchphrase. So I decided to talk about it more today.
What is Financial Freedom?
Simply said, Financial Freedom is the accumulation of sufficient wealth to cover your living expenditures for the rest of your life. You’ve saved enough money to cover all of your bills for the rest of your life. After that, you won’t have to worry about money.
How much money makes a person financially free is a deep question and there can be debate on this topic alone, but in the most simplest form, once a person acquires 35-40 times their yearly expenses requirement, they are said to be financially free. You can read more on this 30X rule for retirement here
Let me get to the point of this article and discuss the top 5 reasons why…