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The concept of financial independence is essential in all the
parlances of economic planning. The term financial
independence in itself connotes a meaning of saving for all the
future expenditure to support for the expenses. The concept of
financial independence is of interest mainly to people looking for
retirement and life after it. Saving for the same is necessary to
avoid dependency on anyone, and the methods are unique.
The two conventional methods of achieving financial
independence are bought asset accumulation and expenditure
reduction. Both methods have their way of methodologies and
difficulties. Financial independence is majorly linked with income
flow and the available surplus with the people to manage the
same and become financially independent. It is only the wealth
accumulation that helps a person to be financially independent
and in a world of heavy competition, being financially
independent is of utmost importance.
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