Financial Independence Definition Essay

Decent Essays
Financial independence could mean different things for different people, but for me it means being in control of one’s money. In this respect, it means the ability to control a person’s own financial status and not the other way round. Financial independence must also have some sustainable angle on it. This means that the person should be in a position to cater for the current needs while also saving some for the future (Hirst 71). In this respect, it would be improper for a person to enjoy in the current times and suffer in future.
My definition of what constitutes financial independence stems from the various experiences I have had all through my life starting from my early days in school. My very first desire for any kind of freedom was
…show more content…
As I grew older, I realized that life calls for a lot of sacrifice and high level of discipline. Further growing up, the issue of managing finances became more and more apparent and that cemented my need for improved financial management. Life exuberances and the education have taught me that being financial independent, like any other good thing, is not easy to come by; it requires something extra. At some point, I wanted a smartphone. However, in order to get that I had to save some money as well as cut my expenditures on other things, so that I could save as much as I could. Through that experience and other like that, I learned the essence of financial independence.
In conclusion, it is evident that financial independence relates to the ability to effectively cater for one’s financial needs. To achieve that a person must make the right decisions with regard to what they send their money on as well as save as much portion of their money as possible. Once financial independence is attained a person will have freedom in present time and in the future to live a comfortable life (Navickas 36). I learned these virtues from my life experiences. I believe that the idea of financial independence should be encouraged from a young

Related Documents

  • Improved Essays

    Today independence is something we all take advantage of, everyday we use our independence to make decisions whether big or small. I am lucky enough that my parents give me a large amount of independence and let me make my own choices. They realize that soon enough I will be making most of them on my own. Last year around this time I choose to stop playing high school basketball. This was a choice that I made without the help of anyone else.…

    • 1173 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    It is often questioned what level of independence one should take in relation to society, government, and the influence or aid of others. Achieving a level of independence, the ability to stand on your own, is a key area of accepting responsibility for oneself. Individuals should have total free will if they are capable of taking care of themselves. Independence is for the ones who can depend on themselves to get by, but the actions of individuals should only be limited to prevent harm to others. In other words, a person should be able to do whatever they want as long as his or her actions do not harm others.…

    • 1770 Words
    • 8 Pages
    Superior Essays
  • Improved Essays

    Independence is fundamental for individual growth. McGinn describe it as “making up your own mind based off evidence and not being swayed by social conformity or threat.” The good of this basic virtue is that it creates opportunities for success, improves confidence, eliminates reliance on others, increases happiness and assist in self accomplishment. The advantage of following this maxim is the individuality and distinction that sets one apart from the uniform practice. Consequences for not following this maxim is the lack of original identity, the expansion of normality and if there is scarcity of independence, a possible hindering of…

    • 834 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    “Independence isn’t doing your own thing it's doing what you know is right” (Unknown). In The Book Thief By Markus Zusak this quote is especially true. The main character in The Book Thief, Liesel, is living with a her foster mother and father Hans and Rosa Hubermann in Nazi Germany. Once Leasil is settled with her foster family, Max, a jew in hiding, comes to live with them she can't tell anyone about max including her neighbor/best friend Rudy. In The Book Thief ,by Markus Zusak, independence and keeping an open mind is a strong influence on the charters in the story and shows readers to think for themselves.…

    • 395 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    My independence at school began when I learned that I needed some of the things my mom would purchase for me, like medication and school supplies. The independence of living on my own and being…

    • 515 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    I am a young African American women who will rise above society's standards through becoming educated,being informed and becoming more independent. Education is the key to many success if ‘’we don't learn than we don't grow’’ meaning you are not expanding your mind and learning ,maintaining information that we should. I will educate myself by learning and improving on my grammar. Expanding your grammar can help with communication skills. Communication is highly important if you want to become successful.…

    • 421 Words
    • 2 Pages
    Improved Essays
  • Decent Essays

    The reason people don't understand independence because they have the choice doesn't mean they're gonna use consequence. While having independence there are now responsibilities and challenges at time to face.you can choose right…

    • 397 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    After reading over all 12 assigned chapters and even some that were not assigned, I have come to the conclusion that I can make some changes to my own financial standards to improve. I truly feel and believe that everyone’s financial statuses can improve with direct leadership, guidance, and determination. It is obvious that we do not live in a perfect world, therefore, nobody in this world is perfect, neither is their budget, including those in better financial…

    • 789 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Freedom is a word that lots of people desire. Freedom is not only meant physically free, it also points to the freedom of the soul. It seems like we are always restricted by something: unlimited homework, family, even children in the future. As the result, we should be more independent. I cannot say that freedom has the necessary relationship with independent, but somehow, we can link them together.…

    • 1083 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    However, despite the name, there is more to take away from the book than financial literacy. Ramit Sethi conveys an invaluable theme, that you should quit complaining and take action to take control of your situation, which is applicable to every corner of life, from your career to family life and beyond, not just personal finance. Considering that, this book shows us that there is more to the subject of personal finance than mundane facts. There are life lessons to…

    • 1001 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    Robert T. Kiyosaki and best friend Mike, spent their late childhood into their teen years doing the opposite of what all other children were doing on the weekends, or during their free time. Robert and Mike spent their time furthering their education, but not about knowledge geared toward typical school learning. They chose to learn about financial literacy. These boys worked for a genius in the financial field, commencing their journey to being financially literate. Beginning to work at this void of knowledge for the greater majority of americans at such a young age, set them up for greatness.…

    • 1049 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Financial Education Essay

    • 1111 Words
    • 4 Pages

    Research on financial knowledge and behavior indicates individuals in both developed and developing countries lack adequate knowledge to make informed financial decisions, especially subgroups like the young, women, and the less educated. When resorting to financial education programs, we can’t clearly figure out their efficiency. To expand our knowledge on the topic, we propose a financial education program with the treatment effect to test out its impacts on financial behaviors of young people. With long-term implementation, we hope to largely increase financial knowledge of young people and to shed light onto the effect in the long run. Facts about Financial Literacy Financial knowledge is especially important in times where increasingly…

    • 1111 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Financial goals are targets and objectives that are usually motivated by a specific future financial need. Individuals typically set financial plans so that they are successful and not residing in poverty. If I were to be impoverished it would be very difficult to get out and be financially stable. Even though there are government programs to aid the poor, it’s very possible that I would be denied these programs. To not be in a situation in which I live in poverty and am dependent on government programs it is crucial for me to set financial goals and prepare for the future.…

    • 726 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    There are many reasons on why saving and budgeting is great to have. Knowing how to finance money is important and many people don 't know how to begin or when. In the book, Personal Finance for teenagers and college students By Tamsen Butler the author explains many ways to create a personal finance. This book is recommended for everyone but mostly concentrates in teenagers and college students. Throughout the book the reader can gain more knowledge on maintaining a budget they wish or a savings account to start and so much more.…

    • 798 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    However, going out every night, eating at fancy restaurants, and skipping class would not be a smart choice but is one that many college kids are making. Financial literacy is an important thing for our current generation to learn. The ability to use knowledge and skills to make effective and informed money management decisions is something every teen should learn before they live on their own. By becoming a better youth today we can build a better future for…

    • 762 Words
    • 4 Pages
    Improved Essays