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WE HELP YOU ACHIEVE FINANCIAL FREEDOM
FIND YOUR "WHY"
Most people know what it’s like to start a goal and fail to finish it. Whether it’s New Year resolutions that only last a month or never quite finding a more fulfilling job, we’ve all learned firsthand that our deep human need for certainty has the power to keep us right where we are. Yet as much as we crave certainty, we also crave growth. A lack of willpower isn’t holding us back – we’ve created impotent goals that do not inspire us. Real inspiration must connect to our purpose in life. Connecting what you have to do now to feeling good later is one of the best tips for financial freedom. You’ll need to make sacrifices, but it’ll all be worth it when you can retire early and make your dreams a reality.
ADDRESS LIMITING BELIEFS ABOUT MONEY
Our limiting beliefs restrict us from achieving our goals. If we don’t believe we’re worthy of being healthy, having an extraordinary relationship or becoming financially free, we’ll never achieve it. Financial limiting beliefs can affect anyone – even those with plenty of money in the bank. To live the life of your dreams, address financial fear and the limiting beliefs behind it. For example, do you believe wealth is impossible because no family member has ever experienced financial freedom? Do you think you’re not talented or smart enough to earn enough money to be financially free? Once you identify these beliefs, replace them with empowering beliefs like “I am an abundance maker” or “I am worthy of experiencing financial freedom.
DETERMINE YOUR NUMBER
What is financial freedom to you and your family? An important step is thinking about how much money you need to become financially free. There’s no magic number for everyone, but there is a certain amount of money that will allow you to live freely and pursue your passions. How much money is that? Consider everyday living expenses, a cushion for unanticipated expenses and enough surplus to live without financial anxiety. Write down a number that makes sense to you, even if it seems large. Now, do some analysis: how much are you currently earning, and what do you need to do differently to make this amount of money?
PAY OFF YOUR DEBT
The first concrete step toward financial freedom is to examine your finances and identify any issues that need to be resolved. Do you have lots of unsecured debt? Balances on high-interest credit cards? Accounts in collections? If you owe money to others, a good chunk of your monthly income will go to someone else. To pay off your debt, you need to prioritize it. If you get a bonus or a raise, use those funds to pay off your debt. Use the snowball method to pay off your smallest debt first, then start paying down the next debt with the money saved on the smallest debt’s monthly payments.
START SAVING
Once you’re out of debt, it’s time to set a monthly budget and start putting money into savings. Everyone needs a six-month emergency fund capable of covering everything from a sudden income loss to major medical issues. Achieving financial freedom will take time, and you need a buffer to pay for life’s expensive surprises. An emergency fund is a practical and necessary boost to your mental well-being. When you have a financial cushion, you can take more risks at work and say yes to experiences that bring you true happiness without fear or guilt. Once you’ve saved up your emergency fund, you can put those extra dollars into your money-making machine.
LEVERAGE COMPOUND INTEREST
Compound interest is the foundation of how to achieve financial freedom. Compound interest is enticing because you don’t need to make much money to leverage it. Need proof? Read the story of Ronald Read, an unassuming Vermont janitor who amassed almost $8 million by the time of his death through the power of compounding and investing. Compound interest is how anyone can save enough money to live their dreams. It’s also one of the lowest-risk ways to start investing and saving. Open a retirement to leverage compound interest. Put at least 10% of your paycheck into this account and the power of compounding will put you on the road to a comfortable retirement.
INVEST
As you build your savings and retirement accounts, start thinking about other ways to invest. You have many options, and it’s helpful to think of asset allocation as three imaginary buckets: security, risk/growth and dreams. Your security bucket is where you put money for bills — you need this money to make your life function. Then, your risk/growth bucket is for things like high-yield bonds and stocks. Lastly, your dream bucket is money that you can have fun with. When you receive a bonus or win a sum of money, it goes into the dream bucket. Many people taking steps to financial freedom find it helpful to work with a fiduciary who offers information about investment options and helps to develop the best strategies for their unique needs.
ADAPT
You’re never done learning new tips for financial freedom. Watch your portfolio for red flags affecting returns, put more money into your buckets when you or your partner receives a raise, and diversify your investments if the market dictates. If you’re working with a fiduciary, evaluate the relationship: are they putting your interests first? Are you comfortable with the relationship? You’re under no obligation to stay if your broker is a bully or you don’t trust their advice. A new financial advisor can open your eyes to new options, or you may find that you’re at the point where you can handle investing on your own. Remember, the question “What is financial freedom?” has different answers depending on your unique goals, values and living standards. Knowing what financial freedom means to you will help your financial dreams become a reality. By actively managing your finances and using the power of compound interest, you can achieve financial freedom one day. A true guide to financial freedom is not about being rich or having power and prestige – it’s about having the flexibility to make the most of your life without relying on a job or paycheck. Financial freedom is attainable so start working towards it now.
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