Financial independence is something that almost every person strives towards. It can be attained by investing early, making smart savings, and more. On the other hand, impulsive spending on unnecessary things is among the biggest obstacles to pursuing and achieving financial independence. Kavan Choksi underlines that it takes good financial habits, healthy spending patterns, and proper planning to attain financial independence over time.
Kavan Choksi talks about why people should try to achieve financial independence
Financial independence is an immensely important aspect of the life of a person as it provides assurance that they are able to lead a comfortable and secure life without depending on someone else for money. While financial Independence is a subjective phenomenon and does not necessarily mean the same concept to each person, it usually refers to the state where people have enough financial resources to support themselves and their families. However, it is also important to understand that as the financial objectives and goals of every person would be unique, the implication of financial independence can differ for them. Nonetheless, people should always try to make smart financial decisions in life to become financially independent as early as possible. After all, financial independence offers individuals complete control over their lives.
A financially independent would be able to make decisions on the basis of their own preferences and likes, rather than always trying to make their ends meet. This can include pursuing a dream, taking up a new hobby, travelling to places abroad, and so on. When someone is financially independent, they would not have to worry about financial constraints that might limit their ability to achieve their dreams. Countless opportunities become accessible to people as they become financially independent. By gaining financial independence, people can essentially make their career choices on the basis of their interests and passion instead of simply going by the salary offered. This can ultimately lead to greater job satisfaction and a sense of fulfillment in life.
With financial independence comes a higher degree of security. If a person is financially independent, then they would have the financial resources needed to withstand any kind of unforeseen circumstances that may arise. These situations can range from a job loss to medical emergencies and other major life events that may require immediate financial assistance. Being financially independent assists individuals overcome such challenges without having to compromise their financial stability.
Kavan Choksi mentions that financial independence makes it easier for people to achieve their long-term goals. People who are financially independent can effectively save their money and invest smartly to plan for their future. They can choose to invest in property, retirement plans, or even establish an emergency fund that helps them to stay prepared for unforeseen expenses.
Financial independence also makes people capable enough to contribute to the society in a positive manner. With a greater degree of financial freedom, people would be in a better position to donate their time and money to charities and causes they care about. Giving back to the society provides people with a sense of fulfillment about the fact that they are making a positive impact on the world around them.