The internet is ablaze with talk about financial freedom, or financial independence, or early retirement. These terms are synonymous, and represent the same idea – no longer needing labor income because you have enough passive income to cover all of your monthly expenses.
Achieving financial independence is a major goal for my wife, Vanessa, and I. It might even be our only financial goal, because it encompasses so many other aspects of personal finance. To get there, we have to continue growing our income, managing our expenses, and investing the surplus savings. Most small financial decisions move us closer or further away from that primary goal.