Financial independence is the concept of not needing to rely on a salary from a job to finance your lifestyle. It means that you are able to live comfortably without the need for a steady income.

There are many ways you can achieve financial independence, but the most common way is through passive income. Passive income is money earned from an investment that requires little or no work on your part after it has been set up. The most common type of passive income comes from rental properties, which require very little work once they are rented out and the tenant pays their rent automatically each month.

The following is a non-exhaustive list of sources of passive income that potentially yield financial independence.

Bank fixed deposits and monthly income schemes
Business ownership (if the business does not require active operation)
Dividends from stocks, bonds and income trusts
Interest earned from deposit accounts, money market accounts or loans
Life annuity
Notes, including stocks and bonds
Oil leases
Patent licensing
Pensions
Rental property
Royalty from creative works, e.g. photographs, books, patents, music, etc.
Trust deed (real estate)
(Source : Wikipedia)

Another approach towards Financial Independence is via saving and investing. You can save money by cutting down on expenses, like eating out and shopping. You can also invest money, which means you put it in stocks or bonds or other places where it will grow over time.

Simple Living contributes a lot towards gaining Financial Independence over a period of time. 

Here are some books which are good guides to work in this direction :


1.‘The Little Book of Common Sense Investing’ by John C. Bogle

2. ‘A Random Walk Down Wall Street’ by Burton Malkiel
3. ‘The Only Investment Guide You’ll Ever Need’ by Andrew Tobias
4. ‘I Will Teach You to Be Rich’ by Ramit Sethi
5. ‘The 4-Hour Workweek’ by Tim Ferriss
6. Rich Dad Poor Dad by Robert T Kiyosaki
7. Think and Grow Rich by Napolean Hill


Grow Money Not Worry!



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Financial independence is the concept of not needing to rely on a salary from a job to finance your lifestyle. It means that you are able to live comfortably without the need for a steady income.

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