Long-term fiscal goals can at times seem so large they feel nearly unattainable, particularly when we are just getting started on our road to financial freedom.
This makes it a lot easier for us to monitor our progress, which then helps us to remain motivated through the procedure, but also because it helps us get over that first hurdle of beginning to chip away in the mountain of a job. You can get advice on retirement planning via https://www.foxgroveassociates.co.uk/individual-clients/retirement
There are basically 10 degrees of fiscal independence which we will go through for this report. We can see each of the 10 with illustrations about the best way best to go from the very first level to the very best level in life.
- Fiscal Dependency
- Fiscal Solvency
- Financial Stability
- Debt Freedom
- Coasting FI
- Financial Security
- Fiscal Flexibility
- Fiscal Freedom
- Financial Freedom
- Financial Abundance
- Grade 1 – Financial Dependency
That can be when your debt obligations and other living expenses are higher than your income. Here you're in one way or another dependent upon somebody or something else to allow you to cover your bills or in case you chance to be a child and do not really have some invoices.
You will need somebody else, usually your parents, to pay to place meals on the table and keep the lights on and also have a roof over your mind.