Personal Finance
Where are you at in the 7 Stages of Financial Life Cycle?
By Live Rich Life Free  •  August 5, 2021
I feel lost as I reflect on the degree of financial freedom I want to achieve towards the next 5 years.   Should my passive income cover all my needs, wants and/or luxury in order to declare financial freedom or independence? Hence, I decided to review, recap and share on the varying levels of Financial Independence Retirement Early (FIRE) based on my own understanding and definitions. Generally, there are 7 stages in our financial life cycle.
  1. Financial Dependence
When we are born, schooling and yet to work, in our childhood and adolescence days, we rely on parents for allowances. We are financially dependent on our family when we have no income in younger days.
  1. Financial Solvency
Once we start work and start to have income, we are able to pay our bills and spend on things we need and want....
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By Live Rich Life Free
The purpose of this blog is for me to share my reinventions of how life should be lived and journal my journey towards financial independence. I believe that life is a story book. Each chapter contains 10 years of our lives. I am moving on towards mid 30s in 2021. As a nobody but somebody, I am in Chapter 4 of my story book. I hope to influence my philosophy of living a rich life freely and healthily with all of you. Embrace the future and empower freedom!
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