Financial Independence
Having enough assets and passive income to cover your living costs without needing a paycheck.
Financial independence is the point where your money can support you without a required job — the goal behind the FIRE movement. It isn't about being rich so much as being free, and the single biggest lever is time, which is exactly what a child has the most of.
Explain it to your kid
"Having enough money working for you to cover your life."
Want to go deeper? What is the FIRE movement?.
Related words
🐷
Try MemoryBank free →A new money word every week
MemoryBank's Weekly Recap teaches your kid one money word at a time, tied to what their own account actually did that week.
MemoryBank is a display and education tool, not a financial advisor. Nothing here is investment, tax, or legal advice.