Question-Week ending Sunday 06/13/04:
At what age have you achieved, or are planning to achieve the goal of Financial Independence as defined in our commentary? Please read our Pre-Poll Commentary before taking this poll.
Our twentieth keyword in our poll series on moods and emotions is INDEPENDENCE. For the purpose of this poll we will describe the meaning of INDEPENDENCE as "being exempt from reliance on, or the control by, others."
Independence is such a powerful word! To be exempt from relying on or being controlled by others - has been a dream of mankind throughout history. It is the most important of the three words in the title of the document that inspired this country (Declaration of Independence). There are 13 states in the U.S. (25%), that have a city named Independence. If you type the word INDEPENDENCE into the Google search engine, it will display 10,500,000 entries. We can write volumes about the struggles, causes, wars and casualties all in search for INDEPENDENCE.
So why is this word so powerful? Especially since in civilized societies we are all so inter-dependent on each other? Can it be because we all want to have an individual freedom of choice? We want to choose who we live with, work with and strive for. We want to be responsible for our future and not be restricted by someone else's choices. All without infringing on the rights and lives of others!
People of all ages strive to be independent. Small children can't wait to let go of Mommy's hand when crossing a street. They want to choose the food they eat and the beverages they drink. Teenagers want to choose what clothes they wear, music they listen to and friends they associate with. Young adults want to choose their own careers, spouses and where they want to reside. The feeling of wanting to be independent travels with us throughout our life.
It's most people's dream to someday be financially independent. We'll define that as being able to live comfortably, off the income produced by your assets that you have accumulated over the years. Financial Independence does not happen by accident. This dream can only be realized if you focus on obtaining the knowledge necessary to achieve this goal; plan well; and carry out your plan over time.
Let us know in this week's poll, the age you are planning to achieve or have achieved the goal of Financial Independence as described above. This poll will end on Sunday 06/13/04, when the results will be displayed.
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- 30% of voters chose they plan to achieve, or have already achieved the goal of Financial Independence as defined in our Commentary between the ages of "66-70 yrs old."
- 23% of voters chose they have "NO PLAN" presently, to achieve the goal of Financial Independence as defined in our Commentary.
- 15% of voters chose they plan to achieve, or have already achieved the goal of Financial Independence as defined in our Commentary after the age of "71 yrs old."
- 13% of voters chose they plan to achieve, or have already achieved the goal of Financial Independence as defined in our Commentary between the ages of "61-65 yrs old."
- 11% of voters chose they plan to achieve, or have already achieved the goal of Financial Independence as defined in our Commentary between the ages of "56-60 yrs old."
- 08% of voters chose they plan to achieve, or have already achieved the goal of Financial Independence as defined in our Commentary between the ages of "50-55 yrs old."
Financial Independence is a REAL and WORTHY goal to pursue. It's a goal that takes planning, focus and sacrifice. For these reasons, financial independence eludes many people during their lives. In our poll this week, we learned that 23% of our respondents had no plan for achieving this goal anytime soon. Some of these respondents could very well have been 25 year old's who just haven't thought about this concept yet. But it's never too early to begin planning for such a worthy goal.
As our population lives longer, it stands to reason that it's going to be more difficult to achieve financial independence earlier in life. The assets necessary to live for 30 years after retirement will be much more than what was necessary to live for 10 or 15 years after retirement. For that reason alone, it makes sense to get a jump on this goal as early as possible.
To achieve any goal, it takes a commitment of time. Independence in any form of the word never comes easy. Those who have dreamed of independence, have made their dreams come true through planning, guts, perseverance and sacrifice. There are no shortcuts to take.