What Does it Mean to be Independently Wealthy? + 10 Tips to Get There — Money Saved Is Money Earned

What Does it Mean to Be Independently Wealthy?

How is it Different from Financial Independence?

What Independently Wealthy Looks Like

  • Luxury car
  • Mansion
  • Designer clothes
  • Private jet or yacht
  • Started or works at a successful large business
  • Born into a wealthy family
  • Celebrity
  • Ordinary car
  • Nice house in a nice neighborhood
  • Regular clothes
  • Fly like the rest of us maybe owns a boat
  • May own a small business or works a regular but good job
  • Born into a regular family and didn’t inherit wealth
  • Average person

10 Tips to Become Independently Wealthy

2. Calculate Your Net Worth and Track It

  • On depreciating assets such as cars
  • Credit cards
  • Student loans on degrees that won’t result in a job that will allow you to repay the loans
  • Payday loans
  • Going back to school
  • Learning new skills
  • Asking for a raise
  • Changing jobs
  • Hacking your 9–5
  • House hacking
  • Starting a business
  • Starting a side hustle
  • Get a second job
  • Invest in employer 401(k) at least to the company match
  • Traditional or Roth IRA
  • 403(b) or equivalent account for government/state employees
  • Taxable brokerage account
  • Real estate or other alternative investments

10. Take Care of Yourself

Moral of the Story

Tawnya Redding

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Money Saved is Money Earned

Money Saved is Money Earned

A frugal teacher and a financial analyst helping you unlock the secrets of the financial world!