On 25 April the world celebrated Financial Independence Day. So, what is Financial Independence? Well, according to Wiki it’s “the status of having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others.”
Sound good? But how many of us actually know how to get there?
Our recent blog post talks about how important this is and provides some helpful tips:
Another good starting point might be to consider “The Rule of 25” If you need £50,000 every year to meet your expenses it suggests that you need 25 times £50,000 in an investment portfolio to draw from when you stop work without worrying about running out of money for the rest of your life.
Financial Independence Day is also about passing on information and sharing it with others, so why not have a conversation about these things with people close to you. They might not know about things like the rules we mention above, so share this with them. Doing so could lead you one step closer to the point at which you don’t have to work for pay day any longer!
If you need to have a conversation about getting started, get in touch.