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Personal Finance

What is Financial Independence?

By Ishita Vaisishth • 14 April 2021
Personal Finance
  • Personal Finance
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There are many reasons why being financially independent is important. In this article, we will be highlighting the main reasons (mental included) behind making your own money.

 

Financial Independence has got a lot to do with mental satisfaction and will help you believe a lot in yourself and your capabilities.

 

Unfortunately, some people have less knowledge about this concept and we will try our best to address it.

 

8 Major Reasons Why Financial Independence is Important,

 

 

#1 Better Decision Making:

 

If you are earning for yourself and your family - your power to make decisions, especially in money-related matters, becomes better. You spend according to the need and wants of the household and the expenditure is carried in an informed way. For example, if you are saving up for a car that you plan to buy in the next 5 months – then you will make sure the decisions that you make during these 5 months are well thought.

 

#2 To Compromise Lesser:

 

It goes without saying that when you earn you compromise less. Say, when you like a suit, you go and buy it without thinking twice. That is the kind of happiness that comes with being financially independent. You tend to think a lot less about the budget and more about enjoying the journey called life. Honestly, that is how it should be.

 

#3 To be Emotionally Stable:

 

This is also related to freedom of choice. If you have the money to take care of bills like Hospitals, Telephones, Electricity, etc. you automatically are at peace as you don’t have to worry about such things. Shopping is called a retail therapy as it automatically makes your mood brighter on a gloomy day. Hence, being independent also helps you to take care of your mental health and boost your mood.

 

#4 To Support your Parents:

 

We know in a country like India, parents are dependent on us after a certain age. If you are earning well you can help them create a comfortable life after their retirement. Parents feel a sense of safety when children help them with small gestures like ordering a Radio, a smartphone or even medicine for them that they could otherwise not afford.

 

#5 To Fulfil wants which took a backseat:

 

You can practically do anything and wish for anything if you are financially independent.  It gives you a sense of satisfaction and inner joy which is immeasurable. People say that money cannot buy happiness. But sometimes when money enables you to buy things which you long desired for and could not buy because of restraints, starts seeming possible. That makes you happy in the end, helping you realise that this cycle ends at a good spot. Hard work > Money > Happiness and Content.

 

#6 To attain Security:

 

One of the most important factors in financial independence is security. Financial Security enables you to be in the safest space. It also prepares you for the worst. Some people save a particular amount each month for any miss-happenings, some prefer to invest it. Whatever the case may be – money plays a very important role in all of this.

 

#7 Pursuing Passion:

 

Many youngsters these days have a 9 to 5 job along with a passion they want to pursue eventually. For example, you want to pursue Photography. Now, with being financially independent you can put aside the money you earned from the routine job to pursue that passion of yours and fulfill your dreams. People also earn extra as their final aim is to be able to reach and convert their passion into reality. That being said, if you are earning – you can set aside some money to cater to your passion.

 

So, these were some of the reasons that highlight the importance of financial independence.

 

We completely agree that being financially independent brings nothing but joy, happiness and most importantly security.

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