How much Income do I need to have in order for me to be considered a financially independent person?
How much Income do I need to have in order for me to be considered a financially independent person?
I am over 18, and I need to be financially independent, how much income do I need to earn?
One dollar more then you can spend.
1However much it takes for you to live each month. Some people can live off of $600 per month, and some live off of $2,500 per month. If no one helps you with your money than you're independent.
However, if this question is about being able to state that you're independent for financial aid purposes… the answer changes. For fafsa purposes, you must be married, age 24 or older, an active member of the military, providing more than 50% support to a dependent, both parents incarcerated, or both parents deceased. If none of these criteria apply to you, than you will not be able to claim independence until one of the criteria is met.
2Are you talking about college financial aid, by any chance?
If so, in order to be considered an independent student, you must be age 24 or over. It doesn't have anything to do with your income. If you're under 24, and a full-time student, you are expected to include your parents' income on your FAFSA. If you believe there are exceptional circumstances, then you need to explain those circumstances to your school's financial aid office. You will be asked to provide proof (copies of your tax returns, etc.)
Here's the exact guidelines, as laid out by the FAFSA people:
http://www.fafsaonline.com/fafsa-blog/20…
3You need to add up the amount of your housing, utilities, car payments (if applicable), insurance, gas, cable/internet, phone/cellphone, credit card payments, student loans (if applicable). Once you have this number, add at 15-30% to cover incidentals.
4if you are considering emancipation that will mean you have to prove you can pay for yourself, without any help from anyone
5you need to know what your lodging will cost, utilities, and costs of maintaining a home, your food, your clothes, insurance, transportation, the really bare essentials
if you can make that in a months' time, you should be able to do it
enough to pay all your own bills and live on your own, obviously
6