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Financial Independence

What does it mean to have "financial independence"? The answer to this question is different for all of us. Some of us define this term as being free of debt. Others feel it's as simple as having an adequate emergency fund. Others think it's being able to enjoy an early retirement. Regardless of how you define financial independence, you'll need a plan to achieve your goals. Learn more about financial independence on this week's episode of Personal Finance 120 with Thom Fox from Cambridge Credit Counseling. Transcription: Hello, I'm Tom Fox and welcome to personal finance 120, information for managing your financial life in less than two minutes. What is financial independence? The answer may be different for each of us. According to a capital one survey, forty-four percent of adults said financial independence meant living debt-free, twenty-six percent said it meant having an adequate emergency fund, and ten percent defined it as being able to enjoy an early retirement. Surprisingly, many people are defining independence by working into retirement. Their logic is if you have a job you like, why leave? Retirement is expensive and having a revenue stream to count on is helpful, especially if you are unable to build up a comfortable nest egg. You may start having similar stories of folks working through their golden years due to the challenging economy. Sure things are getting better, but many Americans have lost a lot of their retirement funds due to financial losses over the last decade. The overarching logic of financial independence is preparedness. You don't have to struggle to save up hundreds of thousands of retirement dollars, but rather position yourself to deal with financial concerns as they arise. In order for this strategy to work, you have to create strategies for the various aspects of your financial life. For instance, author Jonathan Shivero coined the phrase and, literally, wrote the book “Fin-dependence”. Shivero’s “Fin-dependence” consists of five parts, some of which are easier said than done. First he recommends paying off your home, then finding multiple sources of retirement income, these could include interest and dividends from investments, real estate, consulting work, and so on. Finally, Shivero recommends creating the lazy exchange-traded fund portfolio. as with any investment strategy however, it's always best to consult with a financial planner to make sure your approach aligns with your long-term goals. Ultimately, your financial independence will be determined by how well you plan for essential expenses like your home and medical needs, lifestyle expenses related to your vision of Independence, and how to meet unexpected expenses until next time I'm Tom Fox for Cambridge Credit Counseling.