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Continuing yesterday’s thoughts on financial independence, I made a list of the whys – why should you be financially independent? What does being financially independent really translate to in your daily life?
Here’s what financial independence translates to me:
- Having no loans or debts means I don’t have to worry every second of the day about late fees and astronomical interest charges, repossession, foreclosure, mean letters and calls from lenders, debt recovery agents at my doorstep, et al.
- Having a sufficient emergency fund in place means I don’t have to come into work each day worrying about whether I will also come into work the next day. It lets me do my best on the job today. Our Information Technology (IT) jobs were pretty safe up to now; now, there’s no guarantee. Really.
- Having independent health and life insurance means I don’t have to worry in case something were to go wrong with me or with my dependents.
If you noticed, the recurring theme in all these statements is “I don’t have to worry” i.e. “freedom from worry.” That’s what I’d like to achieve through financial independence.
What do you think? Why do you want to be financially independent?
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.