9 Powerful Reasons For Financial Independence

Financial independence will change your life and here are nine powerful reasons why you should aim for it.

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Financial Independence Retire Early (FIRE) is an aspiration for many today and for good reasons.

Ultimately, it’s about being independent from needing a job to financially sustain your life.

This independence empowers you to then retire earlier than the norm and live differently than the rest.

This requires you to go against the wind and this can make it hard to keep the FIRE alive.

Take these reasons as your fuel for the journey.

Our 9 Powerful Reasons For Financial Independence

Financial independence (FI) will change your life and your family’s lives too.

Some aim for FI so they can quit the rat race of work as early as their twenties or thirties.

Others are happy to work but want options.

Whether you want to retire early or not, aiming for financial independence is a worthy goal.

We are aiming for financial independence so we can live a life on purpose.

If you’re unfamiliar or need a refresh of what FI is, read all about Financial Independence.

Here are the 9 powerful reasons for you to aim for financial independence, these are our reasons too!

Financial Joy Academy is a platform where you can build your plan to achieve financial independence. Lindie and I are part of this thriving community and we’re on our path towards financial independence. 
Check it out by clicking here (plus you’ll get a 15% discount if you join).

1. Family

Family over everything, right!?

Lindie and I had very similar experiences in our upbringing with our families.

We were born in Zimbabwe and we moved to the UK with our parents just before we were teenagers.

The main reason was to provide a better life for us. 

We live a better lifestyle than we would’ve had in a country with hyperinflation and political instability.

However, this also meant we our parents weren’t around as much as we would’ve loved them to. 

Because of their jobs it was the norm for them to work 6 days a week plus miss special occasions.

No fault on them, but we want a different lifestyle for our family. We want to be present.

We want to be financially independent so we can be in a position to put family above work.

A choice many don’t have.

2. Meaningful Work

The standard is to get a job and build a career and stay at it until you retire in your sixties or seventies.

The trouble is, very few people find meaning in their jobs or career.

It’s purely a means to an end, a way to get paid so you can live.

Financial independence is a great foundation to start looking for more meaningful work.

Remember, financial independence is when you no longer need to work to pay for your living expenses.

This enables you to choose to work a job that you love and find value in.

Salary becomes a perk rather than a driving force for your employment decisions.

We want to be financially independent so we can be free to choose to work in meaningful endeavours.

This is a great driver for those who align more with FIOR (Financial Independence Optional Retirement).

3. Employment Freedom

Escaping the 9-5 is the mantra for FIRE.

This is a strong motivator if you have no desire to have a job that dictates what you can and can’t do.

Despite my preference for FIOR, I totally agree with the reasons why employment freedom is the aim.

Your employer doesn’t really care about you or love you. 

With some employers you give more to them before being given a pay rise or a promotion.

Or if it’s decided your role is no longer needed they’ll let you go in a heartbeat.

If you’re lucky they may give you branded stationery for your years of service. Yup!

Imagine having the freedom from needing a job to live, that’s the beauty of this.

We want to be financially independent to be free from needing employment to live.

Again, a choice many don’t have.

4. Time For Passion Projects

Whether you decide to work less or to leave the employment wheel altogether, you’ll have time.

One of the amazing areas you can utilise this time for are passion projects.

Think of the things you wish you had more time to do, or put off doing because you have no time.

These are personal projects that you are passionate about bringing to life.

This can include starting a business, a charity or becoming a speaker in your field.

It can also include learning a new language, making music or reviving your love for painting.

I’d encourage you to undertake some passion projects today despite where you are financially.

With financial independence, the beauty is you can do multiple passion projects as you’ll have the time.

We want to achieve financial independence to pursue passion projects that are fresh, fun and fascinating.

5. Financial Peace

I see financial peace as not worrying about money.

This doesn’t mean you can’t have financial peace until after you’re financially independent.

Strive to have peace today!

Money only highlights and amplifies what you already are.

If you’re insecure with little you’ll be insecure with much. 

The act of budgeting and taking control of your money is an enabler for financial peace.

Being debt free increases this peace, as does having an emergency fund saved.

As you grow your financial independence you’re in effect growing your financial cushion.

You’ll have savings, investments and assets that would cover you should your world be disrupted.

I see the journey of building financial independence as the avenue where financial peace grows.

Primarily because your money mindset shifts on that journey.

We want to achieve financial independence to build and grow our financial peace.

6. Empowers You To Take Big Risks

There is no such thing as risk free, in my opinion.

There’s a risk you won’t make your destination or you’ll drop your phone.

Bigger risks like leaving your job today or moving countries can be harder to stomach.

We take some risks and avoid others, that’s life.

There are three reasons we fear taking risks: rejection, failure and change.

When you have a financial cushion you feel empowered to take on risks.

If most people are honest about what they really want in life, it’ll require taking big risks.

We want to be able to build a big business, tackle huge problems in Africa and be around for our children.

To attain these goals we’ll need to take big risks, and achieving financial independence empowers that.

7. Live On Purpose

Let’s be real, we find value in our jobs and other stuff which is great.

But finding purpose in our jobs or career? I don’t think so – I certainly don’t.

Our mantra for Skilled Finances is Learn the Money and Live on Purpose.

One of our top reasons to aim for financial independence is to live a life on purpose.

This doesn’t mean having a C-level exec, building a successful start-up or growing a community, although it can.

You can have a purposeful life as a parent, a volunteer or a musician.

The desire to unplug from the Matrix (employee mindset) enables you to realise how you can live on purpose.

With financial independence, you’ll have the freedom to be intentional with how you spend your time.

This intentionality is where value and purpose are released to you and those around you.

8. Accerelates Generational Wealth

I’m standing on amazing shoulders.

My journey didn’t start the day I was born, or the moment I took my first step.

It started the day my great-great-great-grandfather moved from a British protectorate known as Bechuanaland to Rhodesia for a better life for his family.

Carried on to those who were born and raised in apartheid Rhodesia through to the time we emigrated to the UK.

A lot of things were passed through these generations, but not wealth.

The odds were against them considering they lived in times of slavery and under Western rule in Africa,

I have the opportunity to pick up the mantle and pass on more to future generations, particularly wealth.

Generational wealth is passing to future generations money and assets that I won’t use in my retirement.

But above that, I want to teach them financial education more than just handing over keys to the castle.

I have crazy dreams of my children being wealth builders before they are technically independent from us as parents.

Of all the powerful reasons for financial independence, this one goes deep for us.

Financial independence is a driver for building generational wealth.

9. Build Legacy

Impact is legacy.

Making a difference in people’s lives builds legacy.

Being of service to others and elevating their lives is legacy.

Once we stop being so consumed with the rat race and stressing about paying for our lifestyles, we’ll think differently.

But having said that, legacy is not for after reaching financial independence.

I believe financial independence elevates it and hugely increases the level of legacy you can build.

I’m greatly inspired by Andrew Carnegie’s mindset and approach to wealth.

For instance, he spent over $300 BILLION on public causes such as libraries, Universities and Institutes.

You can dive into his mindset through the book – The Gospel of Wealth.

Be financially independent so you can build a legacy that impacts the masses.

Summary

In summary, our 9 powerful reasons for financial independence are:

1. Family
2. Meaningful Work
3. Employment Freedom
4. Time For Passion Projects
5. Financial Peace
6. Empowers You To Take Big Risks
7. Live On purpose
8. Accelerates Generational Wealth
9. Build Legacy

My hope is to encourage you to start your journey towards FI.

If you’re already on the journey I hope this has added more fuel to your FIRE!

More than that, I hope it rekindles your why for FI!

Financial Joy Academy is a platform where you can build your plan to achieve financial independence. Lindie and I are part of this thriving community and we’re on our path towards financial independence.
Check it out by clicking here (plus you’ll get a 15% discount if you join).

Take Action

If you’re aiming for financial independence, write down your powerful reasons for it.

Take time to think about what your life will look like once you’re financially independent.

Keep all your thoughts in your journal to keep your dream alive.

Share this to others if you found value in it and feel others should too.

Check out our Ultimate Money Plan to get in control of your money and smash your financial goals

Let us know how you’re getting along by getting in touch with us, we’d love to hear from you

Knowledge is powerless without action

So take action, and take care

Thando