Financial Independence is the Key!

How Much Money Do You Need To Be Financially Independent?

This article (link to article ) gave me a different perspective on what it means to be wealthy. To be wealthy you must have a good net worth, like we have been studying. This rule of thumb created by Danko and Stanley can be helpful when finding your net worth:"Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by 10. This, less any inherited wealth, is what your net worth should be.".A lot of millionaires don't have fancy cars and expensive houses as some may just assume. These millionaires actually save their money and are very frugal. My mother told me how she learned how to be frugal through her family members, so it is always best to be surrounded by people who know how to save and have good financial habits. You can have a huge income and still be struggling to keep up with your finances if your wages worth is spent on expensive items. By looking at your financial statement this problem can be fixed if you take out the items in your statement that you do not need. I would say that this article was a perfect way to tie everything together. This article definitely gave me a good sense on what it actually means to be wealthy; I learned that people who look rich may not actually be rich. I don't aspire to be a millionaire I aspire to be financially independent. This article opened my eyes to the power of saving and keeping track of your savings.Lastly, I realized that being financially independent ultimately will bring happiness to one's life.