Do not leave yourself or your family unprotected against financial storms. Build up savings.
~Ezra Taft Benson
I know many of us have already begun thinking about what we’re throwing on the grill or maybe what barbeque we’ll be attending. Before you fire up the grill it might be a good time to think about what financial independence means to you and how you plan on obtaining it…unless your goal is to be depend on someone to take care of you. I’m here to tell you unless you find a rich sponsor, hit the lottery or receive an inheritance from a rich aunt that past away, you need to be thinking about being financially independent.
Financial Independence starts with a solid foundation and due to the fact that the majority of us didn’t start life with a wealthy foundation, therefore we’re building something from very little. Your ability to retire well depends not on how much you save but on how much you spend.
The truth is it’s not about how much you make, but more about how much you spend and how much you plan to spend going forward. A simple formula can tell you not only how much you cost of living increase is constantly increasing, for example gasoline has increase 158% in the last 10 years, At this rate if you aren’t financially free you may not be driving an automobile.
There are some basic questions you must ask yourself like, How much do you spend every month? How much do you desire to have on top of that and are you willing to make the sacrifices to live the life you envision. In order to do this you must understand their is no such thing as extra money if you plan correctly. If you don’t name all of your dollars they will tell you where their going instead of you directing them
So, here are the steps you should follow to reach Financial Independence: Set Financial Goals, Track every penny you spend, Create a Financial Success Plan, Identify ways to earn additional income, Get Out of Debt, Create a Stuff Happens Fund, Automate as much as possible, Prepare for retirement and Identify Methods to Earn More Money.
Taking control of your finances can be intimidating, but when you get organized, take one step at a time and see the big picture, it gets much easier to see and reach.
Remember the goal financial independence, but don’t obsess on it. Don’t miss the ultimate being to focused on the immediate. This is a marathon, not a sprint. Make time for your loved ones and the things that mean the most as time waits for no one.
Good luck on your journey!
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