“The Simple Path to Wealth” listed below, opened my eyes for the first time at 26 to the concept of financial independence. Quite simply, it’s the ability to live off of income sources outside of your day job (ie investments, rental income). It seems like a concept that is only available to the super-rich, but it actually takes less time and money than I initially thought.
Why is this so important???
If you can live off of income outside of your job, it doesn’t matter if you are laid off, fired, the company goes under, or you are asked to do something unethical…. You can leave your job and not worry about how to pay for your living expenses.
As a child that grew up under the constant threat of layoffs on our single-income family, a large safety net is something I desire more than anything.
Once I knew my reason why learning about personal finance became a fascinating journey instead of a slog. Starting and following a budget, avoiding consumer spending, pay off debts all became something that I WANTED to do instead of being forced to do so.