How Much Money is Needed for Financial Freedom?
Securing Financial Autonomy and Independence: A Reddit Discussion
For many people, the concept of financial freedom is an elusive one. It involves having enough money to cover living expenses and not have to work for monetary compensation – ultimately, the ability to retire early. With high living costs and a volatile economic landscape, deciding on how much it costs to achieve financial freedom is an individual puzzle.
In order to get an insight into how much people think is enough to achieve financial independence, a poll was posted on Reddit, asking users to state what they believe is the ideal amount of money needed for financial freedom.
What Do Reddit Users Think About Financial Freedom?
The Reddit poll posed the question to social media users: “How much money do you think is enough for financial freedom?” It received an abundance of responses and comments from users regarding their views on financial freedom.
The results of the poll revealed that 171 people thought that it would take $1–$3 million; 281 said $2–$5 million; 170 said $5–$10 million; and 95 suggested that more than $10 million was needed for financial freedom.
It also sparked much discussion among users, with one commenting that “$2–$5 million is too broad a window. Compound gains on $5 million will outpace almost anyone’s current income, while $2 million may require many to draw down on the fact that it’s not infinite financial freedom.”
Another user added his testimony, writing, “It is interesting to see people’s expectations. Once I had my debts paid and could make mortgage payments, life changed drastically. Hitting net zero for me is financial independence.”
Ultimately, it appears there is no precise answer to this question of how much a person needs to achieve financial freedom, but it’s clear that having a solid financial plan in place can be the foundation for successful financial independence.