Financial Independence Through The Years – Part 1

June 23rd, 2008 | Stacey | Financial Freedom, Financial Independence

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Financial independence means different things to different people based on their age and circumstances. When you are young, your first goal toward financial independence is to become free from your parents or loved ones. You learn to pay bills on your own so you can achieve personal and financial independence.

When you are in your teens and late twenties, financial independence takes you away from being reliant on family members. You go to college, get your degree, find your first job and make the break from your parents. As you pay for more things, the support from your parents diminishes until they stop paying for everything. At this point, you become financially independent of parents.

Does achieving this goal really mean you are financially independent? To a young person, it does. Our first goal is to become self-sustaining so we have our own residence and transportation. Once a young person pays rent, car insurance and grocery expenses for several months consistently and without help from their family, they have reach the first step toward financial independence.

But who do you depend on when you fall short of money and you are no longer dependent on your family? Tomorrow’s entry about financial independence through the years discusses the next hurdle you face on your journey toward personal and monetary freedom.