As I’m sure you already know, a person reaches financial independence (or FI, for short) when they no longer need to work for money. It takes dedication and sacrifice to become financially independent. So why would someone want to get to FI in the first place?
Technology and infinite information have changed the world we live in, and the American Dream has not evolved with those changes. And that is why you should tell it to take a hike.
First off, it’s not a race. Please don’t go to your parents and say, “I bet I can retire before you!” But if this idea sounds attractive or appealing to you, then make it your own secret goal.
Financial Independence = the point at which one’s passive income plus sustainable asset withdrawal is greater than their living expenses indicating that the individual no longer has to work for money.