What does financial INDEPENDENCE mean to you?

[Danny Randazzo]

Happy (soon to be) Independence Day BP Community!

What does financial independence mean to you and how are you planning to achieve it?

[Greg Dickerson]

@Danny Randazzo happy 4th

AS a veteran independence means a number of different things to me but speaking strictly to your question it’s all about time and giving to and serving others . 

Financial freedom to me means having the ability to give, serve and spend my time and money where and how I choose without having to think about or worry about the cost.

[Frank Wong]

The freedom to wake up and do what you want, eat what you want, travel where you want, spend time with your family without worrying about the financial consequences. 

[Anthony Wick]

@Danny Randazzo

Freedom to do what I want without the thought of money getting in the way. (This freedom could include working, or not).

[Chinmay J.]

Originally posted by @Danny Randazzo:

Happy (soon to be) Independence Day BP Community!

What does financial independence mean to you and how are you planning to achieve it?

Personally, for me there is no such thing. We, as humans, are at best interdependent.  Even if you are multi millionaire through real estate, you still have contractors to pay, laws to obey, and obligations to meet.  Even being a millionaire comes with a risk of being sued, robbed and taken advantage of.. Why do some really rich (and smart) people are tight lipped about their personal finances...

To me Financially Independent is just a garbage term, that I wish would have never been coined, as it tries to portray those who have succeeded into some mythical superheroes from comic books. 

Either you are rich, you are broke or somewhere in the middle.  As a society most of us are somewhere in the middle 

[Greg Scully]

"Having enough money to make decisions and choices that you want to make"

- random Instagram

Grinding it out in a business that I enjoy!

[Account Closed]

Financial independence is like that last really good week of spending money on anything and everything you’ve ever wanted in life before the feds smash through your door to take down your Ponzi scheme. 

[Steve Vaughan]

Cool play on words! I think there's skinny FIRE, medium and fat.

Medium to me means I still am conscious of cost and value, but don't need to acquire cc cattle hacking travel miles, clip  coupons, shop at grocery outet or to be concerned about my theater, concert, sports games, restaurant or movie budget.  

No more nosebleed seats, but not in the box, either.  Eating at Olive Garden vs Denny's, but not Pierre's.  Still read the menu right to left but can.enjoy 'market rate' steak and seafood occasionally.

A few things I've noticed since being skinny FIRE the first 12 years, cutting coupons, cattle hacking and nosebleed seats but not 'working. 

[Ben Leybovich]

Good question. My definition matures as I mature. This is just something I noticed over time.

At the moment, financial or otherwise independence is a function of having a choice. There are many people in this world, in fact most, who do not have a choice.

I came from one of those places, Russia. In America, I have a choice. Importantly, the reason I have a choice is because someone made the decision to stand on that wall - to pay the ultimate sacrifice.

The ability to choose is all I hope for. The ability to choose is freedom. The financial success is peanuts, nothing really. As long as you have a choice you should be able to fugure out the rest!

Gratitude to all of the vets, and have a reflective 4th of July.

[Jim K.]

Financial independence means freedom from the fear of having to work for The Man, every again. I was born, it is very clear now, with a congenital case of stickittothemaneosis. There's no way around that understanding for me. It's like a cattle prod jammed in my butt every day. I don't want to live rich in the lap of luxury, understand. That's not even tempting for me. But to walk away, to know that the Man will never have a minute of my time again, an ounce of my attention for the rest of my life come what may...that's what I want, and I will work, lie, steal, cheat, and do murder with my bare hands in the dark to get it.

[Michael Lee]

Have my own choices to make decisions! 

[Heath M.]

I believe there are different levels of Financial Independence.  I hit my "number" last year but I'm still working.  I enjoy my W2 job and don't plan to quit but I could so that's basically level 1 of FI.  It has also made working way more enjoyable now that I don't need that day job.  

Now I'm working on next level FI.  And by next level, I mean transition to GIVE way more freely than ever before.  We set a goal a few years ago to pick up the tab for a stranger every time we go out and eat.  We don't do that every time yet but we do it more now than we ever have.  I've found that I enjoy a meal way better when we pick out another table to bless with a free meal from a stranger they'll never meet.  That's the level of FI that I'm working towards, that and towards other causes that we believe in.  I've always had a thing for local mission work, specifically the elderly.  

My giving has definitely increased and the more we give the more we enjoy doing it.  It has been the best "spent" money.  I splurged on a new M3 for my 40th and buyer's remorse hit pretty quick.  Money I blow on a good cause never has buyer's remorse associated with it.  I'm 7 months in and thinking of ditching the car already...

[Bruce Petersen]

Freedom to go wherever I want for as long as I want with whomever I want any time I want.

To know that any time I step away all is still good and running smoothly without me.

Freedom to take a damn nap anytime I want!!

It's not money it's what the money allows me to do and give and who and how many I can help (money is only a tool to be used, nothing more)
 

Also, as many have also said, the freedom of choice.

[Jill F.]

Never having to be a wage slave again AND when I am unable (or do not wish) to continue managing my own business, having sufficient resources so that my investments can be managed (either professionally or by my children) and still meet my needs without having to spend down the principle or cash in the assets.

[Danny Randazzo]

you rock @Greg Dickerson

Nice vision @Frank Wong

I love it @Anthony Wick

Thank you for sharing your opinion @Chinmay J.

go @Greg Scully go, keep grinding!

interesting way to put things @Account Closed

[Jim K.]

Originally posted by @Heath M.:

My giving has definitely increased and the more we give the more we enjoy doing it.  It has been the best "spent" money.  I splurged on a new M3 for my 40th and buyer's remorse hit pretty quick.  Money I blow on a good cause never has buyer's remorse associated with it.  I'm 7 months in and thinking of ditching the car already...

Thanks, Heath.  Isn't it weird how that goes?

[Jonathan W.]

@Danny Randazzo having zero taxes to pay. Keeping every dollar I earn!

[Danny Randazzo]

I think that's a goal a lot of people believe in @Jonathan W.. How are you going about accomplishing paying zero taxes?

[Jonathan W.]

@Danny Randazzo when the genie says there’s no rules to what I can wish for and then I wish for no taxes he says, well there is one rule and it’s you can’t wish for that. In my team I am the last guy to be able to figure that out but if giving to charity is the alternative to paying zero in taxes then that’s how I see it happening.

In short, hiring a smart accountant

[Danny Randazzo]

That's great @Jonathan W. are you using a depreciation strategy as well to reduce your taxable income?