2/14/2024 0 Comments Download financial independenceYou’ve crossed the line to deprivation if you’re miserable and stressed out every day, struggling against all sorts of material temptations while trying to pile up enough assets to stop working. You’re frugal if your values match your spending and you’re feeling good about your retirement goals. You have to find the right work/life balance that’s acceptable to you and your family. Every hopeful retiree is eventually forced to choose the values that are most important to them: either working for decades to afford an affluent lifestyle with high expenses, or reducing their lifestyle to minimize their working years. ![]() Notice that it’s “easier” to reduce expenses, not necessarily “painless”. It’s easier to focus on the second factor by reducing expenses. The harsh reality is that materialistic consumers will have to work for decades to gather enough assets to support their expenses. ![]() Unfortunately, it can be extraordinarily difficult to rapidly raise your income to build up enough assets to achieve financial independence in a short time. We’d like to get our assets by earning a high salary (ideally for very little work), being a brilliant investor, or inheriting a windfall. Most of us would prefer to focus on the first factor. Financial independence comes from two factors- having (1) enough assets to support (2) your expenses.
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