The top and bottom here is that to get financial independence you don’t need to be a prince or princess. Harry and Meghan have put the financial independence idea to the for front of the media over the last few days but it can be an attainable dream for anyone.
What Are Harry and Meghan Talking About?
To make sense of this notion of financial independence we must first figure out what that phrase actually means.
Financial independence is the status of having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others. Income earned without having to work a job is commonly referred to as passive income.
But They’re Famous?
This is easier if you don’t require quite as much to life your day to day life. It’s been reported that Harry and Meghan will still receive payments from the British public even though they are stepping back from their royal duties. People seem to think their version of being financially independent is laughable. If you are a normal person though, average Joe on the street, you actually can strive to reach this goal.
Alien and Idealistic
The idea of not being employed is alien to some folk. Not having a structure in the daily life and receiving a monthly pay cheque for attending work is beyond some people’s mindsets. Being employed isn’t a necessity to earn money. You can make your own money in your own time and live off that. Really though, a great idea is to think of that idealistic view of financial independence and then break it down with a mallet. It’s probably not going to be how you think.
Steps Towards Financial Independence
There are many steps to take in order to reach financial independence and even though I’m typing this blog post and run a money blog, I’m nowhere near it. You must spend less than you earn and you must budget. Eliminating debt is a huge factor. As are emergency funds and safety nets. Investing, downsizing and having knowledge of your financial situation is key. A small fortune in the bank would make it easier to start your financially independent life. Not everyone has this though.
A Wing And A Prayer
Being wise with your money and living within your means is something we can all do. I am not employed. I earn my money in different business ways. I’ve also done a lot of research into this and that is one of the key points I can give you. Do your research. Look into it properly and don’t think you can survive on a wing and a prayer. It is possible to get yourself into a financially independent situation but if you don’t plan, it’s so easy to fall out of it.
Cash Conclusion
It’s not just Harry and Meghan’s dream to live a financially independent life and in reality, it could be yours. The best of luck to you if this is a path on your life journey you choose to walk. Let me know how it goes over on Twitter.
