What does true financial freedom mean to you? Maybe it’s being able to afford the lifestyle you want without debt or financial stress, or saying goodbye to your 9-to-5 and retiring early.

Getting your finances to this point is no easy feat. In fact, many people spend their entire lives working toward financial independence. That said, it’s certainly possible with the right strategy.

Read on to learn what financial independence really means, why it matters, and how you can start working toward it today.

“Financial independence means having the freedom to make life decisions without being driven by financial pressure,” explained Stephan Shipe, CFA, CFP, and founder and CEO of Scholar Financial Advising. “For others, it’s about flexibility — having enough saved or invested to choose how and when to work, give, or spend.”

In general, this means you earn enough passive income to cover all your living expenses, and then some.

Financial independence is often associated with the FIRE movement, which stands for “Financially Independent, Retire Early.” It’s a lifestyle that encourages aggressive saving and investing — often 50% or more of your income — with the goal of retiring well before the traditional retirement age and living off passive income.

That doesn’t necessarily mean that you have to stop working, however. When you’re financially independent, you can choose to work, pursue hobbies, travel, or volunteer — not because you have to, but because you want to.

Financial independence isn’t accomplished overnight. It can take years or even decades of smart financial planning to achieve true financial independence. And there are common obstacles that can make it more difficult to get to the finish line.

A few reasons you may not be financially independent yet:

• You have debt: Carrying significant debt balances, especially high-interest debt such as credit cards or payday loans, reduces your monthly cash flow. In turn, you have less money available to put into savings and investments.

• You struggle with money management: Impulsive spending or poor budgeting habits can lead you to miss out on opportunities to save or invest.

• You give in to lifestyle inflation: As your income increases over time, it can be tempting to increase your spending, too. However, the key to achieving financial independence is living on less now so you can enjoy your ideal lifestyle later.

Read more: 7 ways to save money on a tight budget

Achieving financial independence requires you to adjust the way you save, spend, and invest. Here are a few expert-backed tips for reaching this goal.

This is your first step, according to Shipe. If you haven’t already, create a budget that allows you to track your income, expenses, debts, and investments. This ensures you always have a clear picture of your financial situation and can identify the areas where you may need to adjust your strategy.

“Then build a system that runs in the background,” Shipe said. “The more you can automate smart financial decisions, the more freedom you create over time.”

Read more: Should you automate your savings? Pros and cons to consider first.

“Those looking to achieve financial independence should focus on two areas: building financial resources and reducing debt,” said Nate Hanft, senior vice president and financial advisor at Wealth Enhancement.

In other words, you need to grow your assets while reducing your liabilities, which helps increase your net worth.

According to Hanft, financial resources can include money in bank accounts, retirement savings, and physical assets, like rental properties, that can potentially generate passive income. “Your financial resources will generate the cash flow needed to replace your income from working.”

When it comes to getting rid of debt, start by making a list of all your outstanding balances, along with the interest rates and monthly payment amounts, so you know where you stand. Then choose a debt payoff strategy that works for you.

Once you’ve set financial independence as your goal, stick with the habits that support it. “Everyone wants the shortcut, but building wealth is less about hitting a home run and more about staying the course,” Shipe said. “Automating savings, avoiding lifestyle creep, and increasing contributions gradually as income grows are simple but powerful habits.”

Making some reasonable sacrifices today can add up to long-term wealth and financial independence later. Whether it’s downsizing your home to reduce living costs or taking a second job to pay off debt, remember that temporary discomfort now can lead to lasting benefits.