Everyone (including myself) stresses the importance of financial independence, but what does that really mean?
For some, it’s a feeling. For others, it’s concrete.
For me, it’s both.
I think I finally felt like I reached “financial independence” when I hit these major milestones:
- Getting out of $60,000 of tuition debt and being $0 in debt
- Amassing a net worth of over $100,000 (a great emergency net)
- Having a fairly low yearly living expenses and knowing where my money goes
- Not having to worry about spending money on traveling for a year (within reason)
- Knowing I have enough to tell any company that treats me like a slave: Bye bye!
I felt and still feel financially independent at all of these points.
Being 100% debt-free (and mortgage-less), I don’t have a single financial obligation to anyone but myself and it’s the #1 financial milestone in my life.
Granted, I can’t retire just yet and live the rest of my days hanging out in Portugal, but after I amass another $1 million or so in the bank, I’ll have hit my last milestone.
It’s just a matter of time, so I’m not worried.
Even if you aren’t debt-free or at all of the major points you hope to be at, you can still feel financially independent if:
- you are living below your means
- you understand where your money is going each month
- you are slowly and diligently amassing savings
- you are paying off your debt in a reasonable amount of time
- you feel financially independent
Just a girl trying to find a balance between being a Shopaholic and a Saver.
I cleared $60,000 in 18 months earning $65,000 gross/year.
Now I am self-employed, and you can read more about 
Being able to pay for expensive medical procedures for my father without worrying.
That is how financial independence feels for me.
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I definitely agree with that list of things to be financially independent, which is why I’m not quite there yet but definitely (hopefully) on the right track!
Even if you are still working, the feeling of being able to quit at any time and walk away from a job you don’t like is amazing. Other people chose to work longer in a lower paying job they are truly passionate about, and their financial independence is not having to rely on a huge paycheck every month.