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RE: Quello Question Thread #1

in #quello-threads4 years ago

This is always a tricky question because there is absolutely no one answer for this. As a general rule, you could say that if you know what your expenses will be including everything leisure, travel etc, and if you have enough to keep you going after the 4% rule, that should be the money you will need for financial independance. Read more about the 4% rule here https://www.investopedia.com/terms/f/four-percent-rule.asp

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Yes but coming up with a number is definitely possible. For example, I can keep going life long with the salary I'm getting today. It takes care of my basic expenses. If I can have a passive income ability to get today's income, then I'm financially independent. 😀

Yes I meant to say that no one else can give you that number. You will have to calculate it for yourself with the rules that you have for earning/spending etc. It is certainly possible.

Also generally people say that they're financially independent if they have income coming in without having to work a job, especially if they hate it. So, are you doing something that you really love and earning money from it? Or is that earning causing you stress?

Yes that's right. Everyone should calculate it by themselves. Most people think about financial independence only when they don't like doing a job but still they have to make money somehow.