Independence Day

On July 4th we celebrate our nation’s independence from British rule with fireworks, BBQs, family gatherings and vacations. Much of that independence we take for granted as we have become accustomed to going where we please, living where we want to live and working at a career of our own choosing. These freedoms have led to much of our country’s economic success. With success comes responsibility, including personal responsibility for our own financial independence.

While the months ahead may hold much uncertainty and volatility, you can still take action to protect and build your financial independence. It should start with a written plan that gives you control over your financial destiny. You will need to know what you earn, what you own, how much you owe, and how much you spend as well as where it goes. Next you need to determine your destination based on your values and goals. This creates the foundation for your financial independence roadmap. This is Your Lifestyle Plan.

Achieving financial independence requires self-control and discipline. This includes delaying instant gratification urges. You need the funds and time to build an emergency account, pay off debt and build a diversified portfolio of assets. One goal should be to build passive sources of income through investments to take pressure off your dependence on your paycheck.

One of the biggest challenges I see individuals and couple face is their relationship with wealth and money.  If you think wealthy people are snobs and take advantage of people, you will subconsciously repeal money away from yourself. Learn to understand your feelings about money, success, and wealth. Sounds hokey, but the rich and wealthy embrace money as an important tool to do good things. Consider your possibilities!

As you build your financial independence, be certain not to cut corners on estate planning or protecting your assets. Remember you will be making sacrifices to build your financial freedom and independence. You will want to protect your assets and those important to you, otherwise the government (and others) will gladly become your default beneficiaries.

If you are not certain if you are on the right path to financial independence or not certain where to begin, feel free to give me a call at (920) 944-6020 or (678) 491-9477.