Something has been on my mind this week. For years I've told people that The Dollar Stretcher was about helping people achieve financial independence. But, I've never defined what that means. And, in thinking about it, it occurs to me that it probably means different things to different people. So I'd like your help. Would you share what being financially independent means to you (or would mean when you get there)?

Thanks for sharing!

I agree that it will mean lots of different things to different folks.

My goal to being financially independent: not having a loan or not having to borrow money ever again. If I can purchase almost anything with cash, I am truly financially independent. This could include a home and most certainly a vehicle.

Right now, at age 33, not having to rely on credit cards is an early start to my financial independence. We still have a mortgage, though.

I hope Walt chimes in. He is a good example to me of financial independence.

Financial independence to me is the freedom (within limits) to do what you want when you want regardless of cost. Obviously within limits means I can't go out and buy the Taj Mahal (nor would I want to). But I can pretty much buy anything I want when I want it and pay cash.

The most important part of financial independence to me is the peace of mind that goes with it. There's nothing better.

Jill

Just the kind of thinking I was looking for. Thanks!

And, please everyone chime in! It'll be interesting to see how varied the ideas are and how many ideas are shared by lots of us.

Who knows, maybe we can even create our own Declation of Financial Independence! Wouldn't it be cool to start something like that near the 4th of July!

jillibean:

The most important part of financial independence to me is the peace of mind that goes with it. There's nothing better.

Right now it seems like a pipe dream for me...

To get off the full dependence of someone else (i.e. parents) to pay for things. Being comfortable with what you have and healthy. (So far I'm at the being comfortable with what you have). I am hoping for a gateway for me to open to get either start working (work on endurance to get to working full-time)... with or without school. I have massive school loans to pay back.

to me it means have the funds to pay you obiligations . So we have made it we are financially indenpendt.

as long as it does come unglued..

 I've always thought that "financially independent" meant to not need money coming in from a job and still having enough to meet obligations. In that sense, it could mean to have a lot of money or to have very few needs. In my case, having very few needs is a more practical goal.

Guess I must differ from the average. I think that you can still work to meet your obligations and be financially independent. If I had to have enough money to support me (and those I'm responsible to/for) for the rest of my/our lives, that isn't a realistic goal. Don't see how I could ever make that much. 

But, to be in control of my finances makes me feel independent. Sure, I have to work. But, if I miss a paycheck I can still live just like I'm living today. I'm not owned/controlled by the job. I have options available to me if I lose my job or don't like my job.

Same thing with other possessions. I'm not controlled by my house (and it's mortgage). What's owed (if anything) is easily handled within my income. i.e. I'm in control of the house, it's not in control of me.

Does that seem to make sense? 

Gary, I'm almost in a position to have enough to support myselffor the rest of my life - I could right now except that I have some goals I want to meet. I think there's a big difference in wants and needs when it comes to financial independence.We can continue to want, want, want and never become independent, or we can cut back on those wants and find that what we have is more then enough. 

Maybe "financial independence" all boils down to how much "stuff" one wants. I realize there are some who have situations where they seemingly have no choice, but I also know that there are always choices to be made.