Financial independence can be thought of in two ways:
- You work for yourself, or own a small business, and therefore your income depends solely upon your efforts, not on the whims of corporations who decide who to hire and fire, promote and demote.
- You earn and invest until you have a nest egg in at least the middle six figures, at which point you can live on between five and ten percent of the fund’s annual growth and do whatever you want for the rest of your life.
Most Americans today believe that becoming financially independent before age sixty or seventy is a pipe dream, completely out of reach for them.
That is completely wrong.
And Barbara Sher, Barbara Winter, Ernie Zelinski and Brian Tracy would all agree with me.
Here are three reasons you should begin working toward financial independence today.
1. You were born to be free.
Working for someone else is a type of slavery. Think about it: an employee is told when to start work, when to stop it, when to eat lunch and how much vacation they can take. Many employees are forced to work after hours, and these days, not get financially compensated for it.
“But somebody has to check out groceries/wait tables/collect garbage/program computers, etc.”
Yes! So, let the youth do those jobs. In the ideal world, young people would start out as employees to get the real-life training they need and to begin building their nest egg. By the time they are between thirty and forty years old, they should be running their own business and/or have invested enough so that they can live on their nest egg for the rest of their life.
2. No job is secure.
I used to think that a bilingual teaching job in Dallas was the securest in the world. Until, a year or two after I had left the job, my former principal was forced to eliminate a couple of the bilingual teacher positions at my former school.
Don’t ever count on your job being there until retirement, or until you decide to look for another.
3. The world needs your gifts.
Whether you know it or not, you have gifts and talents that, if shut up for a lifetime due to lack of time and/or money, will deprive the world of something it needed but didn’t receive.
Begin writing out a plan for financial independence today. It will benefit not only yourself and your loved ones, but everyone else around you.