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I thought it meant having enough investments to live off dividends/interest/rent without having to touch your principle such that it continues growing on its ow
by shostack 10y ago
I thought it meant having enough investments to live off dividends/interest/rent without having to touch your principle such that it continues growing on its own?
- falsedan 10y agoI think 'independently wealthy' describes that situation more clearly/less confusingly.
- brokenmachine 10y agowealthy != independent. Financial independence to me is not needing to work ever again, even if I'm living quite frugally.
- falsedan 10y agoI don't understand the distinction; are there wealthy dependent people? I've run the numbers on what I'd need to not work and the total amount required would clearly put me in the 'wealthy' camp.
- brokenmachine 10y ago> are there wealthy dependent people? I would say yes. Well, maybe not dependent but not independent. Some people with large incomes are still up to their eyeballs in debt, or at least not living within their means. IMO financial independence requires living within your means until the point where you never need to work again to continue that lifestyle for the rest of your life.