What is Financial Independence? According to Wikipedia, “Financial independence is a term generally used to describe the state of having sufficient personal wealth to live indefinitely without having to work actively for basic necessities”. Either we gather enough assets to sustain our expenses or generate a passive income that is able to support our chosen lifestyle.

The Envelope System: simple but very effective way to budget your money I remember my officemate and I were going to the ATM right after we received our pay. She saw me holding my whole month’s salary. She curiously asked me "Where will you spend your salary?" Upon seeing her curios reaction, I told her about the budgeting system that I have and how it helped me manage my finances.