Prep for financial independence this Independence Day: COVID-19 Edition
Amidst the pandemic, something joyous finally arrives. You are correct, it’s the 4th of July, Independence Day in the U.S. Everybody is still excited and looking forward to it, despite the scenario being completely different from all the previous years. Years ago, in 1776, the Declaration of legal separation from Great Britain of 13 colonies was approved, and here we are today, living independently and on our own terms. Well, almost on our own terms. Even though we attained independence years back, can we really say that we are financially independent? A lot of us cannot! An article by Renegade Networks states that only 4% of the U.S citizens retire independently. Today, it is not only a desire but also a necessity to have robust financial investments that come from stronger financial planning. The COVID-19 pandemic is further straining the financial independence of people today.
“You become financially free when your passive income exceeds your expenses.” – T. Harv Eker, Author of #1 NY Times bestselling book Secrets of the Millionaire Mind.
But what exactly is financial independence? Think of it this way, you are at the stage of your life where you retire early, and still, have enough earnings and income that can afford your lifestyle and your expenses without having to work for that income or asking someone else for it. The present generation aspires to be retired by 45-50 and keep on living an uncompromised life. And that is one of their biggest motivations to invest. According to Investopedia, for 64% of affluent millennials, retirement is the main reason to invest. There are a number of financial services and practices that can be taken advantage of for being financially independent, even during the pandemic situation.
“Financial Independence is about having more choices” – Robert Kiyosaki, investor and author of The Rich Dad Company.
Let us look at some of the ways to achieve financial independence –
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