this post was submitted on 13 Oct 2024
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If you can set aside 50 % of your money, you are already independent.
No, independent would mean you could cease that source of income and maintain your lifestyle. If you save 50% of your first paycheck and then quit I doubt that would be the case.
Being able to set that much aside would definitely make one wealthy (or live a very austere lifestyle) and fast track them toward independence, but itβs not an automatic qualifier.
I was able to do that for a few years bit I was living with my parents and paying them a pittance for rent. Certainly not independent. All my expenses shot up when I left but I was able to pay a lot of my loans off before that.