I feel fortunate at this juncture in my life. I’ve had financial pitfalls in the past but right now I’m doing well: manageable expenses which have decreased a bit over the past 2 years and a solid income. Not owning a car has been a nice way to free up cash for savings and monthly spending cash.When I think of “financial independence” I tend to think:
- own a house (no mortgage)
- 12 months expenses in the bank
- cashflow from conservative investments
- healthcare, taxes and recurring expenses planned for
Which means what? That I need $50,000/year post-taxes to live the good life? Or would I be happy with $2,000/mo in cashflow in addition to regular working income (as I never imagine myself not earning other income)?