Establish Your Financial Independence

Depressingly enough, it takes Americans more than 6 months of working each year to hit their "Tax Independence Day". This is the day where they have worked long enough to pay their government tab and can finally start working for themselves. This year that day was July 3rd. It's not much better in other countries, proving that financial independence is a an elusive construct that can be difficult to establish.

It has been defined as having enough income for your basic needs and comforts without needing paid employment. You can achieve this income level in a number of ways. Of course, getting to that point can be a challenge for many, especially with governments' around the world taking half or more in taxes out of each hard-earned take home dollar. Yet there are ways to move beyond the greedy fingers of Big Brother and be free.

To establish your financial independence, you will need to first sit down and have an honest conversation with yourself about your spending. What money do you have coming in, and from what sources? Of your incoming cash, do you know where it goes to every month? Who decides what happens to your money--you or someone else?

Once you have answered these questions truthfully, you can begin to examine which aspects of your spending and financial life you can change for the better. After all, the faster you can be in control of your finances and living beneath your means, the faster you will achieve financial independence. This can be a powerful motivator in finally making some tough financial decisions.

It can also be a powerful motivator in letting you know if you need to free yourself from the clutches of a greedy government. If your tax burdern is preventing you from reaching financial independence, then there is a quick and easy solution to that problem. Find somewhere else to live or work that has a lower tax burden so that you can keep more of your money for yourself.

Offshoring your life may seem like a shocking solution, but the path to financial independence has been consistently found to be overseas in lower cost countries. More than a million Americans and Canadians move to Mexico each year, motivated in large part by the prospect of enjoying financial independence there. Yet Mexico is just one option. Consider what countries appeal to you, look at your budget objectively, and make your move accordingly.

By: Peter Treble

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