Financial Independence In Early Adulthood

Abstract

Abstract Background: Financial stability and success all start with financial independence. By achieving such independence in one's early adult years, the opportunities for financial success are easier to reach. Objective: The aim of this research is to address how financial independence may be achieved by early adults looking to do so. Design and Method: This research paper is based on recently published qualitative research. The research spans from the discussion of economic upbringing, common associated factors, and advice on achieving independence financially. By carefully analyzing the research, results were drawn to support the objective of the study. The research question is; how does a young adult achieve financial independence? Results: The significance of this research is to provide common factors related to achieving financial independence as well as pointing out voluntary tasks one may take in order to do so. Conclusions: Financial independence has various different variables and factors weighing into the likelihood of its achievability. Financial independence is most impacted by economic rolemodeling, creation of good credit, and avoidance of unnecessary or frivolous spending. Key Words: financial independence, emerging adulthood, financial success, financial stability