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Achieve financial independence
What is most important to you? Impress other people with the latest Prada shoes? Or give something back to the LGBTQ community? We can all achieve financial independence, but there is an important first step. Achieve financial independence more easily with this free tool 7-Step Credit Card Debt Reduction Here.
Hear the first step to financial independence:
The first step to financial independence
The first step to financial independence is to be clear about your hopes and dreams so you can target spending on the things that matter most to you.
In today’s episode of Queer money® we share our definition of financial independence and explain how we determined and budgeted our personal priorities around retirement, travel and giving back.
We also offer insights into the reasons why many in the queer community struggle with financial independence and explore the difference between being rich and wealthy. Listen to understand how financial independence can help us live a life on your terms and how we can make decisions based on your values that lead to financial independence!
Topics covered for achieving financial independence
Why the queer community struggles to achieve financial independence
- Gay Men Are Distracted by 3 Ps (Penis, Politics + Pop Culture)
- Do not believe that it is possible to achieve something
Our definition of financial independence
- Autonomy to live life the way we want
- Live and work from anywhere, come and go as we please
How achieving financial independence is different from being rich
- Rich people can be made dependent on their profession or lifestyle
- Many in the FIRE community are reducing the cost of living
The difference between rich and being rich
- Being rich is related to appearance, you can’t see wealth
- Assets = sufficient income to cover the standard of living
The hopes and dreams we prioritized to achieve financial independence
- Financially Secure Retirement (Target: $2.5 million)
- Travel extensively without debt
- Give back to the LGBTQ community
A poignant example of the benefits of financial independence
- John’s energy and enthusiasm are affected by a difficult boss
- Savings and no debt made it possible to quit the job
