Who is financially independent

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Start with envisioning what you would like your future to look like. You might need to consult a financial planner to discuss retirement goals or use a financial planning app or another resource with a basic formula that takes into account your current annual spending, income and year you want to retire.

Financial independence blogger Mr. Money Mustache recommends multiplying your annual spending figure by between 20 and 30 to figure out your retirement needs. You could also use an online retirement planning calculator to create a forecast.

Having a defined number in mind can help you visualize your goal and progress. The key to achieving retirement on your terms is managing your money. A budget is essential to control your finances. Make sure that your budget includes two important factors:. Spending less than you make is the first start toward reaching your financial goals. Unnecessary shopping habits based on convenience, comfort or just fun are widespread in U.

Do what you must to break habits that are costing you, and optimize your budget and spending to reduce living expenses. Whether your goal is to play the stock market or invest in a business venture, there are several ways to generate more income. You could take on a part-time job or do freelance or contract work.

There are always opportunities to tutor, mow lawns, sell crafts, and even rent out your car or home. You could also focus on building a side business that can provide income in retirement. But generating passive income requires patience as well as work. Read More: 50 Best and Worst Cities for an Early Retirement Discover: 30 Cities That Are Getting Too Expensive for Retirees Good To Know In addition to starting your own business, other passive income ideas to consider include investing in a lending club, earning cash back rewards on credit cards and getting paid for promoting digital products on sites like ClickBank.

Make room in your budget for retirement savings contributions so you can start earning compound interest sooner rather than later. Getting out of debt by paying off your mortgage, clearing credit card account balances and paying off loans can help increase your net worth. You should do whatever you can to reduce your debt load and avoid acquiring new debt to keep yourself on track.

You might want to consider using a tool like the Debt Payoff Planner app to organize your debt repayment plan. All you need is a long-term plan and the commitment to make it possible. Figure out how much you need for retirement, create a budget you can stick to, cut back on spending and save aggressively towards your future. You may need to adjust your lifestyle to support less spending and more savings, but you may look back one day and be thankful you did.