The word “independence” means being free from the control, protection, or support of others. It is a term that has been around for centuries and one that people take pride in achieving. Financial independence might seem like an impossible goal at first glance, but there are many ways to get there if you’re willing to put in the work. In this blog post, we will discuss why being financially independent {Økonomisk uavhengig} is important and share some lessons learned on how to reach it!

Why is financial independence important?

Financial independence provides you with the freedom to do whatever you want in life. You can quit your job, change careers, or even take an extended vacation without feeling guilty because of how much money is coming in every month. It’s also great for helping build self-esteem and confidence, knowing that if you have a job or career you don’t enjoy, it’s not your financial situation holding you back.

What lessons did I learn from reaching FI?

The biggest lesson learned is that being frugal and living below your means will help tremendously save money on the road to early retirement! Another thing we realized after retiring early was how we didn’t need as much money to live on compared to what we thought. This is because your expenses should be closely tied towards the amount of income you generate during a given month. If this isn’t possible, try living even more frugally and save up for later!

What does it mean to reach financial independence?

It means that you have the financial assets required to cover your monthly expenses and provide a safety net if anything were to happen. Once this occurs and you retire early from work, it’s possible for savings rates to remain steady due to lower costs of living and how much money is needed during retirement years.

In conclusion, financial independence is a state of being free from control, protection, or support. The journey to FI can be long and arduous, but it’s possible if you’re willing to put in the work!