Financial Independence

The term financial independence indicates a state of finances in which an individual can fulfill primary needs without participating in employment. It is usually achieved when the difference between recurring revenue—corporate dividends, product sales, real‑estate rentals, etc.—and living expenses covers the basic quota for personal sustenance. The path to financial independence is usually undertaken by people with a strong desire for freedom, or by people with significant capital looking for smart ways to manage it. This goal is rarely achieved by luck—like a lottery win—but rather by a strong and disciplined management of personal finances, with a pinch of entrepreneurial skill. ...