Prince Harry and Meghan Markle set things in motion this week when they announced their decision to step down from their roles as active royalty.

This means many changes for the Sussex family (open in new tab). In a statement announcing the move, Harry and Meghan explained that they and their son Archie Harrison (open in new tab) will be splitting their time between the UK and North America. They also said that they will also aim to become financially independent.

If that last part has you scratching your head, you're not alone. That's why Harry and Meghan have posted a detailed explanation (opens in new tab) on this subject on their new website.

Now that they are stepping down from their roles as senior royals, Harry and Meghan (open in new tab) will not receive money from the Sovereign Grant ("the monarchy's annual funding mechanism that covers royal work in support of Her Majesty the Queen, including the costs of maintaining official residence and workplaces," the Sussexes explain on their website. The Sussexes no longer receive any money from the "Royal Government's annual funding mechanism", as they explain on their website.

So how will these two former royals achieve financial independence? According to financial expert Trish Regan, host of Fox Business' Trish Regan Primetime (opens in new tab), they have several options and can make "hundreds of millions of dollars" as private citizens.

In an interview with People, Regan explained everything you need to know about Harry and Meghan's financial situation (opens in new tab), from next steps to upcoming income opportunities. Here are some highlights of what she said:

"There are endless possibilities for both of them right now. You need to think about what you like, what you can relate to, and if there is a market for it. If you can really get an insight into what life as royalty is like, it might include a book deal. I think many Americans, and people around the world, would be very interested in that. Another obvious one might be something like a talk show."

"They have a solid brand. It's important for them to maintain their brand. I think a more lasting opportunity for them would be to create a brand, endorse a particular product, or license their name to a particular product. For example, one only has to look at the success of the Kardashian family, which is a different kind of brand, and the success of Jessica Alba and The Honest Company.

"I think it makes sense. Just off the top of my head, I think it's going to be millions of dollars. They have a lifestyle they want to emulate. They would want to replicate it. Considering that a lot of that money goes to taxes, they would need to have an annual income of about $10 million."

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