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About this Book

Financial independence is a term which holds a lot of value when understood deeply. It might mean differently to different people, but ultimately there is one aim to have enough wealth to be able to spend life without working of scratching for a living. There are different financial goals for different people that they wish to achieve in the future. Simply having enough money is not sufficient. A person must have assets and wealth that could be used in the time of disparity and emergency. Financial Independence gives the freedom to people to live life as they want and also be free to do whatever they want. But one thing is for sure that financial Independence is much more than having money in the pocket. First and foremost thing that is important for financial Independence is stepping away from the unlikely jobs and making a fund available for the unexpected expenses that could arise in the future. Financial freedom gives options to people that are desired by many and even many people work for it.

There is no one specific definition or approach to financial freedom, but it has different definitions according to the desires and aspirations of people. Assets could be generated with the income only when it is saved and the expenses are minimized by continuous effort. If a person can generate enough income to cover expenses that too other than the primary occupation, then he could be described as financially independent. A financially independent person has a lot of assets that generate continuous cash flow without even working. This cash flow from assets is often known as passive income. There are two approaches to financial Independence or two directions that should be focused upon while looking at financial independence in the future. These are asset accumulation and expense reduction. Gathering asset is the sole feature of being financially independent as they are important to surpass the expenses or liabilities of the future. A person can have liquid assets, physical assets, or financial assets. But the main purpose of the Asset remains the same that is to sustain the living expenses. Another important approach is to reduce the expenses that are incurred on a day to day basis. A person has a lot of regular expenses and they should be cut down in order to achieve financial independence.

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