What is My Financial Independence Number?

in LeoFinance21 days ago (edited)

This initiative comes from @gungunkrishu. He has put up this question for the Hive Community What's your Financial Independence Number?

I remember some years back when I was working in a Corporate job, we had this discussion around the same topic. At that time, my number was much different then what I am thinking now. Because this conversation was almost some 8 to 9 years back. And since then so much has changed, that I had to sit and review if what I had in mind was just enough or not. As such if we think of it, never will it be enough. After another 10 years we will have different dynamics all together and our goal post may shift.

But still there is something that I have in my mind as a ball park figure to feel safe and live comfortably. Till the time we are working we have a running income, so we don't really worry much about finances, but then once we retire is something we need to consider and looking at how rapidly the world is changing and the high inflation rate it all the more becomes imperative to plan up our financial security.

Every Country has different Social Security systems, but in India we absolutely have nothing. We earn all our lives and pay taxes and once we retire we need to fend for our own selves and there is no Government support of whatsoever, not even covering the basic medicals, and you also need to continue paying taxes on whatever little you earn on your investments, so this makes all the more people in my Country to focus on their investments.

Thankfully I do not have any loans, we had a house loan but we are done with it now.

image.png
Source

So first of all my what are the goals where I have heavy financial dependability and my cost of living. Right now I am 47, so I need to keep in mind something till an age of 80 to 85.

My major Goals to looks at; to calculate my Financials are-

  • Set up a Children center. This is my life vision.
  • Set up a offgrid home - This was not on my list some years ago, but considering how things are progressing in the world, now I very much want this.
  • Sponsoring my Son's higher education and his marriage cost - He is studying MSC in Nutritional Science and then want to pursue with PHD, I want to be his backbone and support him financially till the time he sets up his own practice, so that he can focus and concentrate only on his studies and not be worried about how it will happen. Also taking up his marriage cost has always been my goal. As per our Indian culture it normally is that way.
  • Some important places that I want to travel - There are some places that are a must travel in my lifetime and all of these will need good amount of finance. Plus I have to always see that we are 4 people so the cost is also accordingly.
  • Cost of living for another 35 years - This is for me and my hubby both.

Now when I talk about my financial independence it is just not about me. It is including with my family. So the responsibility of achieving it is also in the family and not for me alone.

Together for me and my husband this Independence comes to an amount of approximately $ 2.5 million. And I can say that yes I will be completely free, considering even the high level of inflation.

image.png
Source

Will I be able to achieve this?
With our Crypto investments yes, we will be able to, if not in this cycle then may be the next one for sure. Both of us me and my hubby have been planning on this and dedicatedly committing on building it up. In the last few years, all of our efforts have been on building up our investments. Sadly we had one major loss last year, which brought us down, but then we did not give up our spirits and reworked on it again.

Life has many twist and turns, we really do not know what lies ahead, all we can do is, to prepare for it, and the reality of life is Money is very important. Being financially free gives us our power to be in control of our life. Last year when my hubby was hospitalized, in a span of 8 months his medical bills were almost close to $50000, it was an eye opener for us. Had it we been not able to manage this money I do not know where life would have taken us. Even though we have Mediclaim but the company refused to pay saying they do not cover Autoimmune, after a long back and forth communication and getting some legal help, we could get around half the amount. So you never know how sometimes unexpected events can hit us and drain us out completely.

I have been blogging now almost since 4 years and with good grace I am doing well. Though this is a little part of my total independence number, but still it is a big contribution and I will continue doing it till I feel good energy here.

My belief is "Where there is a will, there is always a way. All we need is to believe in our own self."

Posted using LeoFinance

Thank you for visiting my blog. 👼🏻👼🏻💖💖🌹🌺🌸

29074314-2B4D-4B6F-95BF-C36DA204CA63.gif


"Unlimited Abundance, Blissful Happiness and Unconditional Love"

image.png

Member of



MINDFUL LIFE is a Natural Medicine project which supports meditators on HIVE Join The Best Natural Health Community on Hive

Posted Using LeoFinance Beta

Sort:  

Really fun read and made me think, still not sure what my number is and we have social security but paying of the house would be a must first as you mentioned

Failure to pay a pension after retirement to the elderly is absolutely disastrous and inhumane
How will the elderly work for their medicines and expenses?

Posted Using LeoFinance Beta

Hey Nainaz, you seem like a beautiful person with big heart. I knew India is financially weaker than average, but I didn't know this one.

but in India we absolutely have nothing. We earn all our lives and pay taxes and once we retire we need to fend for our own selves and there is no Government support of whatsoever, not even covering the basic medicals

It's very sad to hear that, but on the other hand when I saw major goals of yours, I see big potential in you.
Wish you a lot of luck and health in your life and I want all your wishes to come true.
Take care. !LUV

Thank you very much @tonac for your kinds words, We all have our goals and our plans around it. I guess as we age we start putting our focus more around it and also somewhere feel some level of vulnerability.

I still find it unbelievable that a medical bill can have such impact on ones life, especially since you already had insurance. That just doesnt feel right.

I think the nuber you mention for that amount of years seems realistic and cool to hear your are actually working towards that, kudos!

Congratulations @nainaztengra! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 44000 HP as payout for your posts and comments.
Your next payout target is 45000 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Support the HiveBuzz project. Vote for our proposal!

Sorry, you're out of LUV tokens to be sent today. Try tomorrow. (Having at least 5 LUV in your wallet allows you to freely give 3 per day.)