Self-Coach Sunday 29: Play For Financial Independence

Once you have started setting aside enough savings for an eighth-month reserve and have gotten into the habit of saving 20 percent of your income, you may be ready to play for financial independence. Make this a game and see what happens. Financial independence means you have enough money or revenue streams that you never have to work again.

First, realize that anyone can play this game. Second, decide how much money you really need to be financially independent. Don’t overestimate. We are not talking in terms of millions, or a life of glamour. This is a figure that you could live off of. Example: interest off of $250,000 would generate about $25,000 a year. You would need to invest $2,083 a month at a 10 percent interest rate. Figure out how many years you need to save/invest in order to reach your mark. This will put you on the path towards financial freedom.

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