The Financial Independence Mindset is Critical

Financial independence is a journey that takes a lot of hard work and serious planning. There’s no quick fix to get there. But it does also require a financial independence mindset.

However, by creating the right plan, and committing to it, even “early” financial independence is attainable. Here is a guide to forming your own FI path.

What is financial independence?

In order to become financially independent, you first need to fully understand what that means. Financial Independence means that you are not reliant on trading your time for money (that you need to live your life).

Income is the amount of money you earn for a specific time period, while wealth is the total amount of money that you’re currently holding.

Thinking of wealth as independent of income is part of the financial independence mindset

Implementing a financial plan

Financial plan basically comes down to just two things: 1) How much wealth will you need to retire early, and 2) What financial plan will get you there.

Here are several steps that will bring you closer to financial independence: - Pay off all of your debts - Increase your savings - Earn extra money - Invest as much as you can

Smart habits for financial independence

The financial independence mindset is really a way of life

You have to be introspective and decide if you only like the idea of financial independence, or whether you’re actually committed to seeing it through.

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