Financial Independence

Financial analysts stress the importance of gaining financial independence at an early age, especially among young 20-year-old industrial professionals. Financial independence is the key to early retirement and concepts are related. When a person does not achieve financial independence on time, it becomes difficult for him to retire early. To provide a comprehensive guide to understanding financial independence in early retirement, Chartered Accountant (CA) Rachana Ranade, recently spoke to a session on Thrive 2021 - a stock-based event and joint venture for Groww.   Financial independence means that instead of working for money, money should work for us. It explained as the organization known as 'FIRE' originated in the US, combining two basic concepts - financial independence and early retirement. FIRE is abbreviated, where 'F' stands for money, 'I' stands for independence, 'R' stands for retirement, and 'E' stands for early. There are two ty...