The 5 Levels of Financial Independence #shorts

Financial Independence is a goal that many of us share. In order to get there, there are a lot of things you need to do but it helps to know what the stages are in the process. So here are the 5 stages of Financial dependency.

Stage 1: Dependence, where you’re dependent on others financially, and your net worth or cash flow are negative.
Stage 2: Solvency, where all your financial commitments are covered by your income and you don’t require any external support.
Stage 3: Stability, where you have sufficient funds for all your expenses and emergencies. Plus your personal debts like credit cards and personal loans have been cleared.
Stage 4: Security, where you have sufficient savings and cleared all major debts like home loans. You can work and live how you please.
And Finally Stage 5: Independence, where you’ve reached your goals and have enough money for your lifestyle and long-term needs and expenses. All the best.

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