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How to Achieve Financial Independence

Achieve financial independence

What’s most important to you? Impressing other people with the latest Prada shoes? Or giving back to the LGBTQ community? We can all achieve financial independence, but there’s one important first step.

Hear the first step to achieve financial independence:

The first step to achieving financial independence

The first step to achieving financial independence is getting clear on your hopes and dreams so that you can spend money in an intentional way on the things that matter most.

On today’s episode of Queer Money®, we’re sharing our definition of financial independence and explaining how we established our personal priorities around retirement, travel and giving back—and budgeted accordingly.

We also offer insight on why many in the queer community struggle with financial independence and explore the difference between being rich versus being wealthy. Listen in to understand how financial independence lets us live life on your terms and how to make choices based on your values that lead to financial independence!

Topics covered to achieve financial independence

Why the queer community struggles with achieving financial independence

  • Gay men distracted by 3 P’s (penis, politics + pop culture)
  • Don’t believe possible to achieve

Our definition of financial independence

  • Autonomy to live life on our terms
  • Live + work from anywhere, come + go as we please

How achieving financial independence differs from being rich

  • Rich can be enslaved to job or lifestyle
  • Many in the FIRE community reduce the cost of living

The distinction between being rich vs. wealthy

  • Being rich associated with appearance, can’t see wealth
  • Wealth = enough income to meet the standard of living

The hopes + dreams we prioritized to achieve financial independence

  1. Financially secure retirement ($2.5M goal)
  2. Travel extensively without debt
  3. Give back to LGBTQ community

A poignant example of the benefits of financial independence

  • John’s energy, enthusiasm impacted by a difficult boss
  • Having savings + no debt made possible to quit a job

Resources to achieve financial independence

 

Listen

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