09/15/2024
A sneak peek into my next book........
FINANCIAL INDEPENDENCE
What is it and how do you know when you’ve achieved it? Financial independence is being able to cover your monthly expenses on a regular basis from income other than your typical W-2 job. This income can be from interest on savings accounts, dividends on investment accounts, rental property income, royalties on books, records or other items you’ve produced, blogs, podcasts, side hustle income, and more. When the income total can cover your monthly expenses on a regular basis, then you can consider yourself financially independent.
Now before you go ahead and quit that W-2 employment because you’ve reached this status, keep in mind that your expenses may immediately increase because of things like health insurance. Typically, you may be receiving health insurance through your employer. If/when you leave that employer, you will now have to pay for your own health insurance. Also before you decide to leave that W-2 employment, make sure that you’ve got a fully funded emergency fund of 6-12 months….
