If you're looking to be as financially independent as possible, a FIRE mindset might be a good idea for you. 'Establishing clear financial goals provides both direction and purpose, motivating you to work towards a more secure and satisfying financial future.' Taking it up a level 'Financial independence starts with clarity,' Keith Jones, senior financial professional with Empower said in the survey release. If you're interested in achieving financial independence, the first step is deciding what it looks like for you. Respondents were able to select up to three definitions. 'Reaching a certain net worth' (44%) and 'starting to contribute to a 401(k)' (42%) were also popular definitions, according to Empower. The most popular definition, chosen by 47% of survey respondents, is 'no longer needing to receive money from family and friends.'
Most people, however, define financial independence simply, Empower found.
A subscriber to the FIRE movement - which stands for financial independence, retire early - who is able to live off passive income, with the flexibility to work for a lower salary or not at all. A young adult who moves out of their parents' home. There are several ways people may consider themselves financially independent.
