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Understanding the Concept of Financial Independence

Financial independence is the ultimate goal of personal finance. it means having enough wealth and passive income to cover your living expenses without needing to work actively for money. Achieving financial independence allows you to have control over your time, make life choices based on personal fulfillment rather than financial necessity, and secure a comfortable future. In this article, we’ll explore what financial independence means, why it’s important, and the key steps to achieving it. Financial Independence Understanding. What is Financial Independence? Financial independence occurs when your passive income (such as investments, rental income, or dividends) is enough to cover all your living expenses without relying on a traditional job. At this stage, you can choose to work out of passion rather than necessity. Many people associate financial independence with retirement, but it’s not limited to old age. Some individuals achieve it in their 40s or even earlier by following ...

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