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The Frugal Fren
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2024-04-28 15:47:48

The Frugal Fren on Nostr: Levels of financial independence: ⚠️ Dependence: You spend more than you earn. ...

Levels of financial independence:

⚠️ Dependence: You spend more than you earn. Your income is not enough to support your life and your debts.

0️⃣ Self-sufficient-ness: You spend less than you earn. Your salary is enough to finance your life and your debts.

1️⃣ Stability: You have no consumer debt, and you saved your monthly cost multiple times (emergency fund).

2️⃣ Debt Freedom: You paid off your high-interest debts.

3️⃣ Starter Saver: You saved 1 times your current annual expenses.

4️⃣ Medium Saver: You saved 5 times your current annual expenses.

5️⃣ Expert Saver: You saved 10 times your current annual expenses.

6️⃣ Financial Security: Your saving's cashflow pays your basic survival needs for the rest of your life. (Eating ramen and housing)

7️⃣ Financial Independence: Your saving's cashflow pays your current lifestyle for the rest of your life.

8️⃣ Financial Freedom: Your saving's cashflow pays your wanted lifestyle.

9️⃣ Financial Abundance: Your saving's cashflow provide you more money then you will ever need.

Use this as a guide to find your current level, and to set goals for yourself to reach the next step.

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