- The first step to financial independence is to figure out how much money you need each year to support yourself or your family.
- Your next step is to decide what percentage of your nest egg you are comfortable spending each year.
- You can call yourself FI when your annual expenses are 4% (or 1/25th) of your nest egg.
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Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.