I wrote in my previous post that I will be writing on financial independence. An individual or a family can boldly say they have gotten to a point of financial independence when they have enough financial resources to cater to their lifestyle without having to depend on ememployment.
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It is no longer news that so many people desire financial independence even if it isn't an easy fit to achieve. You may be in an uncomfortable financial situation right now, making you scared of how financial independence could be attained.
The truth, however, is that, through simple tricks and adjustments here and there, financial independence can be achieved by anyone.If you ask different people what financial independence means to them, they would come up with different definitions.
But generally speaking, we can just describe it as the state of having enough money and passive income to sponsor the type of lifestyle desired.That you attain financial independence doesn't mean you should stop working.
So many people who are financially independent still choose to work simply because they enjoy what they do and not necessarily for the money.
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Financial independence is on different levels; some people believe that they are financially secure when they have the ability to cover basic needs like housing, feeding, and clothing conveniently without stress.
As things change and you move up the ladder of real financial independence, you go from being able to just provide for your basic needs to being able to have funds prepared for emergencies, short-term goals, and simple luxuries as desired.
From this, you improve to the level of outright financial comfort, where your assets far outweigh your living expenses. At this point, you can live a good, enjoyable life without having to bother about money.
The journey to financial independence may not be a smooth one; it has its ups and downs and situations that may delay a normal person from achieving it easily.
Unstable income, high living costs, inflation, and unexpected personal life circumstances are situations that could cause delays in building financial independence for most people.
To achieve financial independence, you need to be intentional about everything you are doing, especially with your finances. Set goals that are realistic, attainable, and measurable; this will help you measure your progress as you move.
Debt is something to work on significantly; high-interest debt will drain you emotionally and financially. It is best to look for ways to sort them out first; with this off your back, you will be focused on building financial independence.
Saving as much as you can is very important too; build your mindset to save more as your income grows. Speaking of income, you must learn to grow your income paths to attain financial independence as well and as fast as you can.
Multiple streams of income will provide you with additional financial security and accelerate your journey towards financial independence.
Investment is a big way and fast move to attaining your financial independence goal. Proceeds from good investments can take you ten times faster than savings would. Invest in good deals and build financial independence even faster.