Let’s dive straight into the main topic of this blog: Achieving Financial Independence. But what exactly does Financial Independence mean?

Essentially, it’s the point where you don’t need to work because you’ve built up enough passive income to do what you enjoy in life while covering your living expenses.

Surprising, right? Yes, it means having enough money to live comfortably without punching the clock every day.

However, Financial Independence can look very different for everyone. It varies based on individual needs, whether you’re a highly-paid CEO or someone dealing with significant debt.

For me, I’m currently traveling, so I don’t have rent to worry about. The rent from my apartment covers my bills. But I do need to pay for hotel rooms when I’m not camping, food, gas for my motorcycle, and other expenses like visits, treats, and drinks. Altogether, my lifestyle costs me about $1400 a month right now, which is roughly what a small flat in Manhattan would cost.

If I lived in Manhattan, I’d need an additional $1000 or so for bills, food, and daily expenses, plus airfare for vacations. That’s a lot more income required and could put a dent in my plans to achieve Financial Independence.

Looking ahead to my Future Financial Freedom, I can’t be certain what my needs will be. If I need $1400 today, that amount could rise to $3500 or more in the future, especially if I start a family, which is quite costly. While I have some passive income already, it’s not enough for me to stop working entirely or to dedicate all my time to my passions.

Right now, I’m living my dream – traveling full-time, blogging, and writing for travel websites that pay me to do what I love. But I still need alternative income sources, whether through investments or starting a side business, to support my future lifestyle.

Is it impossible? Not at all. If you’re passionate about this goal, you can achieve it. It takes time; nobody gets rich overnight. But it’s doable.

Some people calculate the day they’ll be financially independent by measuring when their passive income (from real estate rentals, dividends, website earnings, etc.) equals a certain percentage of their current salary. For me, I don’t plan on doing nothing once I’m financially independent. I’ll probably keep working a bit, focusing on things I love. That day will come when my passions provide the income I need.

I love teaching and I’m good at it. Anyone is good at what they love. But I can’t see myself teaching the same class for 40 years and living off a teacher’s salary. Maybe I could start an e-course, deliver it whenever I want, and make it so exceptional that people would gladly pay to attend. And that could sustain me. That, to me, defines total independence – being my own boss and working on my terms. This is my goal, and I invite you to follow my journey!