What is Financial Independence?

What is Financial Independence? Many people go through life trying to achieve financial independence. Is that a specific dollar amount that you are trying to achieve? Is it reaching point that you don't have to work anymore? What is it?

There is no such thing as Financial Independence! I have worked with many wealthy families and individuals but their wealth is fully dependent on many factors.

• The value of the dollar
• The price of real estate
• The success of a business - the value can go to zero very quickly - Lehman Bros, Enron, Etc.
• A Law suit
• An economic crisis
• A divorce
• A medical crisis

The point is Do not strive for Financial Independence! It does not exist.

Many of us think "If I just had more money my problems would go away?" Problems and worries exist no matter how much money you have. I have spent grueling hours with estate planning attorneys, accountants and and other professionals working through the major issues and problems that comes with wealth. The rapper Notorious B.I.G. said it best in a song Mo Money Mo Problems. It may eliminate some problems but creates new ones.

Remember, don't put your faith in money and stuff.