What Is Financial Independence?

Hello! David J here again bringing you more of the steps on my journey toward financial independence.

As I write this post today - Feb 11, 2010, I'm listening to Jim Fleck's webinar for his mentoring program.

As he was speaking, the thought flashed through my mind, "What Is Financial Independence?"

What does "Financial Independence" mean?

Well, it might mean different things to different people.

To some, Financial Independence might mean having all the money you'll ever need.

That might be someone who won a multi-state lottery of several hundred million dollars, netting them, say, $100+ Million after taxes. How often does that happen?

It might be someone who inherited a huge fortune like the "poor little rich girls", the Hilton sisters. How often does THAT happen?

It might be someone who develops a product that turns out to take over the consumer market. How often does THAT happen?

To others, Financial Independence might mean having the knowledge and systems in place to generate your own income and not be dependent on an employer, perhaps even being an employer.

When I say "Financial Independence", that's what I mean by it: being able to create one's own income without depending on someone else's company or someone else as your employer.

As I'm reading "The Four Hour Work Week" by Tim Ferris, I'm finding an amazing explanation of the difference between working people who don't want to be working people and financially independent people who already appear to have what the working people want.

I see myself as being in the transition from being a working person to a financially independent person. So, I reflect some of the working person's paradigms, and I already understand some of the financially independent person's paradigms.

For example, working people who want for more may say that they would like to be their own boss. The financially independent person, on the other hand, will say that they prefer to employ others as part of their team.

Yes, I want to have control of my own work time.

However, I also have a coach, and will probably seek out more coaches to help me reach my ultimate financial destinations. At times, the coach is the boss because they are directing me where I need direction. I know I need direction in many areas so I seek out coaches to help direct me and help me find what I need to learn and ways to learn it.

At the same time, there are those I will need to do things for me and who I will pay to do what they do. The team will include, among others, real estate sales agents, appraisers, contractors and handymen, title companies, and more.

In short, I just wanted to clarify what I'm talking about in this blog. When I say "Financial Independence", I mean the ability to provide my own income and lead my team to achieve my financial and personal goals.

Clarity, focus and being specific are always important. For example, a goal of "having more money" is too ambiguous. You need to specify a target amount and a time frame. For example, to have $10,000 within 90 days is a specific target and one can hit that easily.

Define your goals clearly and define your targets specifically. In order to reach the target, we need to see it clearly.

I hope this helps you in your goal setting and in preparing you to join me on the road ahead.

We'll talk again soon!

Take care - be well!

Much Success!