Master class Financial Independence(FI)

Financial independence gives you the freedom to not reliant on a paycheck to cover your expenses. True or false.

• True

• False

When someone else is paying your bills, that stage is known as?

• Financial stability

• Financial independence

• Financial dependence

• Financial solvency

_______ means your income equals your expenses.

• Financial stability

• Financial solvency

• Financial security

• Financial investing

In which stage we buy more assets with the intention of earning a return over time?

• Financial investing

• Financial independence

• Financial freedom

• Financial stability

The simple formula for financial independence is to multiply your annual expenses by ___.

• 15

• 45

• 35

• 25

Is it necessary to reduce debt to achieve financial independence?

• Yes

• No

• Maybe

To achieve financial independence, it is not necessary to have multiple income streams.

• True

• False

In which type of FIRE plan you can go back to full-time employment in case you exhaust your FIRE?

• FatFIRE

• LeanFIRE

• CoastFIRE

• BaristaFIRE

______FIRE plan prepares you for a very extravagant post-retirement lifestyle.

Financial independence and financial freedom are one and the same. True or False.

• True

• False