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Financial independence means having enough money saved and invested that you no longer need to work to cover your living expenses.
In Depth
It's a state where your passive income or savings generate enough to support your desired lifestyle, giving you freedom from employment. This often involves careful budgeting, saving a significant portion of your income, and investing wisely over many years. The goal is to have your money work for you, rather than you working for money, offering flexibility in how you spend your time.
Example
After years of saving and investing, Sarah achieved financial independence and decided to pursue her passion for painting full-time.