Financial Independence, Part 1: What Does It Really Mean—And What Does It Mean for You?

It’s July, which means it’s the season of fireworks, freedom, and talking about independence. But while many of us think of freedom in terms of our country, let’s take a minute to talk about a different kind of independence—financial independence.

Because while waving flags and grilling burgers is a great way to celebrate, real freedom shows up in your life when you’re no longer controlled by money—or the lack of it.

But what does financial independence actually mean? The truth is, it depends on who you ask—and where you are in your life.

In this first post of our 4-part July series on Financial Independence, we’re going to break down different definitions, help you explore what financial independence means to you, and explain how the process for reaching it is more accessible than you might think.

Spoiler: it’s not just for rich people or early retirees. It’s for any woman who wants to have more say in how she lives her life.

Financial Independence: So Many Definitions, One Core Idea

Wikipedia says:

Financial independence means you have enough wealth to live on, without working.

Financial Samurai says:

Financial independence means you don’t need to work for a living. Your net worth is equal to or greater than the number of years left in your life, multiplied by your annual living expenses.

Retire by 40 says:

Financial independence means you can do whatever you want without having to worry about money.

My Millennial Guide says:

Financially independent people control their time on their own terms. They feel passionate about how they spend each day.

NerdWallet adds:

The original meaning referred to being able to move out of your parents’ house and pay your own bills.

So which is it?

It’s all of them.

Financial independence might look like:

Paying your own rent without family support
Quitting a toxic job without panic
Covering emergencies from savings, not a credit card
Working part-time instead of full-time
Retiring early—or working forever, but by choice

What matters most is that you define it for yourself.

Why Is Financial Independence So Personal?

Because money touches every part of your life:

Where you live
What kind of care you give your kids
Whether you can leave a bad relationship
What kind of rest you get
The choices you make about health, education, and your future

And your personal version of financial independence is shaped by:

Your upbringing
Your career and income
Your dependents
Your health
Your dreams

This is why one-size-fits-all financial advice doesn’t always help.

Real talk:

You don’t need to retire at 35 or hit a $2 million net worth to be financially independent. Maybe your version of independence is having a 6-month emergency fund, no debt, and the ability to take unpaid time off when your kid gets sick.

That matters. That counts.

Financial Independence Isn’t Just for Later

A lot of people associate financial independence with retirement. And yes, that’s part of it. But waiting until you’re 65 to feel free? That’s too long.

Financial independence isn’t a moment—it’s a process. And the goal isn’t perfection. It’s progress.

Ask yourself:

What would make me feel more financially independent this year?
What kind of choices do I want to be able to make?
What would I do differently if money weren’t a concern?

This is your roadmap.

The Two-Part Formula for Financial Independence

No matter how you define financial independence, the steps to get there are the same:

1. Spend less than you earn

This means:

Knowing where your money is going
Reducing unnecessary expenses
Creating a spending plan that aligns with your values

2. Save and invest the difference

This is how you:

Build an emergency fund
Pay off debt
Save for future goals
Create passive income through investments

It’s simple. But not always easy.

And that’s why this series exists—to help you break it down, build your version of financial independence, and support your future self.

What Financial Independence Feels Like

Let’s go beyond numbers.

Here’s how financial independence might show up in real life:

You’re able to say no to things you don’t want to do.
You sleep better because you’re not dreading bills.
You have margin in your month.
You work because you want to—not because you’re trapped.
You walk into a store and don’t panic over every price tag.
You make decisions based on values, not fear.

This kind of freedom doesn’t require a seven-figure portfolio. It requires planning, consistency, and trust in yourself.

And yes, it takes time. But so does staying stuck.

Common Myths About Financial Independence

❌ “It’s only for rich people.”

False. It’s for anyone willing to be intentional, patient, and strategic.

❌ “You have to retire early.”

Nope. You can love your job and still be financially independent.

❌ “You need a high-paying career.”

Not necessarily. Many people build wealth through modest incomes and consistent savings.

❌ “It means you never have to worry about money.”

Financial independence doesn’t mean you’ll never have challenges. It means you’re better equipped to handle them.

Start Here: Define YOUR Financial Independence

You don’t need all the answers today. But it helps to start asking better questions.

Here are a few journaling prompts or conversation starters:

What does financial independence mean to me, in this season of life?
What do I want more of in my life?
What do I want less of?
How would my daily life change if I had financial freedom?
What’s one small thing I can do this month to move closer to that vision?

You’re not behind. You’re not off track. You’re just beginning.

Final Thoughts: Redefining Freedom on Your Own Terms

You don’t have to wait for retirement. You don’t have to follow someone else’s plan. You don’t have to be perfect to begin.

You just need:

A clear picture of what independence means to you
A willingness to take small, consistent steps
Support, tools, and a space to figure it out without judgment

Financial independence isn’t about escaping life.
It’s about designing one you love.

Want Help Defining (and Building) Your Financial Freedom?

I work with women who are ready to take control of their money—on their own terms.

Through 1:1 coaching, we explore what financial independence means for you, and build a simple, customized roadmap that helps you get there without the overwhelm.

📅Click here to book your coaching session and start building the life you want—one step at a time.

Next up in the series: Part 2 – The Power of Expense Awareness: Why Knowing Where Your Money Goes Is Step One