What is economic independence?

Economic independence refers to an individual or a country's ability to sustain themselves financially without being overly reliant on external sources for income or resources. It involves having control over one's financial decisions, resources, and assets.

When a person or a country is economically independent, they are more likely to have the freedom to make their own economic choices, pursue opportunities for growth and development, and weather economic uncertainties. This can lead to increased stability, security, and prosperity.

Achieving economic independence often requires sound financial management, investing in education and skills development, creating multiple streams of income, and building up savings and assets. It also involves reducing debt, living within one's means, and being able to adapt to changing economic conditions.

Overall, economic independence is important for individual and national well-being as it allows for greater self-sufficiency, resilience, and autonomy in navigating the complexities of the global economy.