Why is Financial Independence Important? Here is All You Need to Know!

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Financial independence, or the state of being free from reliance on others for financial support, is one of the best goals to have. It will allow you to spend more time doing things that are important to you, instead of spending the majority of your time trying to pay bills.
You wouldn’t think that job stability could be the reason you feel stuck in life, but over time it can become a crutch that you rely on that can prevent you from moving forward. Here is why financial independence is important in your life.

Money Is a Terrible Master But An Excellent Servant

hand with chains

It’s a fact of life that we all need money to survive in the current world. Bills, food, clothing, taxes, all are required expenses. Having a job (or two), being responsible, and budgeting can allow you to to pay for these necessities. As a result, you may be fantasizing about what you could be doing, instead of what you should be doing.
On the other hand, by taking an active role in planning for your future, investing, and working towards financial independence, you can take control of your destiny.

You Are No Longer Trapped in a Rat Race

busy highway interchange

The goal of financial independence is to escape the rat race. The constant struggle to make ends meet, day in and day out, month after month.
You can achieve this goal by investing, saving, and being responsible.  In other words, by focusing on financial independence, you’ll be free to do what you want in life, not just what you’re forced to do. 

You Can Help Others in a Better Way

Person needing help

It’s simple: financial independence means that you are more likely to be in a better position to help others in need. Whether this is extra money that you can afford to donate, spending more time doing passion projects, or helping a friend in need. Financial independence allows you to be generous, and generosity is one of the most important factors for happiness.

Helping others in need is one of the most fulfilling experiences you can have in life. Money is a means to an end. By earning more money, you can give more, and that gives us great personal satisfaction.

Financial Independence Amplifies The Fun in Your Life

Swinging at sunset

Money problems are like that annoying coworker who keeps making more work for you without contributing. You have no choice but to put up with it, because rocking the boat makes it look like you’re not a team player.
Money problems rob you of your independence. It means waking up every morning to go to work just to pay your bills and put food on the table.  You come home every day, exhausted, to cook, clean, and get ready for the next day.
Achieving financial independence gives you the freedom to work where you want, when you want. You can take time to enjoy your hobbies, spend time with family, have fun with friends, without having to worry about your next paycheck.

There Are Many Roads To Financial Independence

large highway interchange

The road to financial independence is different for everyone.  For some, that may be investing in cryptocurrency, like Bitcoin or crypto mining, or the stock market.  For others, that may be real estate, or starting your own business.

There are two very important things that everyone needs to do in order to achieve true financial independence: Most important is to just do something.  Every journey starts with a single step, and if you don’t take it, you’ll never start down the path.  

Second, make sure you diversify.  That is to say, don’t put all your eggs in one basket.  Markets can and do change all the time, and you want to make sure that a crash in one doesn’t take away everything you’ve worked so hard for.

Conclusion

There are few things as liberating as financial independence. It means you truly have the freedom to do what you want when you want, where you want – it’s a life where you finally have control over your success and happiness.
What would YOU do if you were financially independent? If you didn’t have to work at a thankless job just for a meager paycheck? Let us know in the comments below!