The 5 Phases To Financial Independence

Wrapping up the 5 phases with a neat bow.

Matt McDonough
2 min readSep 14, 2023

Financial independence is a journey that everyone wants to complete. But be warned that the journey is a long process, not a quick-fix scheme. There is no hack to skip any of the 5 phases of this journey, but becoming financially independent is worth the hard work.

Image created by the Author via Canva

Quick Summary Of The 5 Phases

Please do not skip ahead on the 5 phases. These are meant to be followed in chronological order:

· Phase 1: Stop The Bleeding

· Phase 2: Give Yourself Some Wiggle Room

· Phase 3: Set Yourself Up For Success

· Phase 4: Grow Into Your New Self

· Phase 5: Check-In Every Once In A While

Start off by stopping the bleeding, aka do whatever you can to figure out what your problems are. If you are spending too much money, where is it going?

Once you have this information you need to act and give yourself some wiggle room. We all want to make more money to solve our problems, but that takes some time. Get started by limiting your spending, at least temporarily until you bring in more money.

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Matt McDonough

Hello! I am a CPA by day, writer by night, and adventurer on the weekends. I’m on the lookout for fun ideas to read, please send anything interesting my way!