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What is financial independence and why is it so important?

We bang on about financial independence a lot at Money School. It features heavily in our blogs, and it appears in our education for kids.

But what does it actually mean, and why should you care?

What does financial independence mean?

We define financial independence as being able to support your lifestyle without having to work.

In money terms: you don’t need a wage to meet your costs. You’ve got enough income (rent, dividends, interest etc) coming in from your assets (cash, shares, bonds, property etc) that you can feed, clothe and house yourself in the style to which you have become accustomed.

These are technical definitions and can seem a bit nebulous. Here’s what financial independence really means (in my personal experience): Read more

The Road to Struggle Street

By Lacey Filipich BEng(Hons) MAICD

Like nearly one million other Australians, I sat transfixed in front of the television on Wednesday 6 May watching the first episode of the three-part SBS documentary ‘Struggle Street’. Leaving aside claims that it was not a fair representation of life in Mt Druitt and was simply headline-grabbing ‘poverty porn’, it was a glimpse into the lives of some people doing it tough. Very tough.

Despite all the press to the contrary, this documentary can do good. It is very tangible reminder of the one in seven Australians living below the poverty line. Looking at the ACOSS report, they’re easy to write off as numbers. After watching this documentary, they have faces and stories. Are there really millions of Australians so consumed with the daily battle of survival? I wish it weren’t so, but perhaps it is.

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