Celebrating Financial Independence on The Fourth of July
Happy Fourth of July week! July Fourth commemorates the declaration of independence of the United States; the day that the thirteen colonies claimed their independence from England.
The Fourth of July is celebrated many ways in the United States from fireworks to parades, concerts, cookouts, and family gatherings; it’s a perfect time to let loose and enjoy time with those around you.
It is also a great time to think about independence and what we are celebrating. During this time of year, we repeatedly hear this word: independence.
What does independence mean?
The dictionary definition of independence is the state or quality of being independent; having freedom from the control, influence, support, or aid of others.
Independence is being able to support yourself, without relying on others.
How is independence tied to money?
What we sometimes forget is how much our independence may be tied to our money.
Being able to support yourself monetarily and not having to rely on relatives, friends, or others for daily living expenses is a huge form of independence.
Having control of the money you are bringing in and spending feels good, right?
But, it’s not only about having control of how your money comes and goes, financial independence involves having ENOUGH money to fully support yourself.
Unfortunately, our current economic system here in the United States makes achieving financial independence more difficult for specific groups, but there are ways we can work past those barriers.
How can you work towards financial independence?
For a lot of us, working towards financial independence might mean something like:
getting off parent’s insurance plan
renting an apartment
opening a savings account
starting an emergency fund
creating a budget
For others, it might mean something like:
starting a company
buying a home
starting a retirement account
investing in stock
starting an estate plan
One step you can take is downloading the MoneyVerbs app, where you can practice getting rich and start your path toward financial independence, without the risk.
This holiday, spend some time thinking about what financial independence means to you and what small steps you can take to get there.
Happy Fourth of July!