With Fourth of July just a week away, it’s a great time to think about financial independence. And dealing with the financial impact of the Coronavirus has caused many of us to stop and think about how financially dependent we are – on our jobs, on our government, etc.
The more financially independent we become, the more choices we’ll have about how we live our lives! So how can we become financially independent…regardless of our income level?
Here are 5 ways to help you get started now!
1. Pay off debt – getting rid of debt is the quickest way to give yourself a raise, because it puts the money you’re paying out each month back into your pocket! Check out my blog post Six Steps To Slay Your Debt for ideas on creating a successful plan to become debt free!
2. Build an “emergency fund” – there are many different terms used for this, but in its simplest form, you want a cushion that will bring comfort against the surprises life can throw your way – job loss, medical bills, major car repairs, etc. Check out my blog post Emergency Savings for more on why this is important and how to do it.
3. Build your financial foundation – What is a financial foundation? It’s built from pockets of money earmarked for things that, if left unplanned, could cause you to “shake” or “crumble.” Think of your home, if it were on a weak foundation. Check out my blog post Building Your Financial Foundation for more details.
4. Invest for retirement – There may come a day when you can no longer work – or just don’t want to! What will you do for income? If you invest now and plan for later, you’ll not only be able to live comfortably, but if you do it right, you’ll be able to live the life of your dreams! If you’re looking for the right person to help you with a solid investment plan, why not try a matchmaking site? Myperfectfinancialadvisor.com is a great place to start! Here’s a quote from their website: “The mission of My Perfect Financial Advisor is to help families improve their lives by matching them to their ideal financial advisor.”
5. Create an effective budget – it’s listed last, but is really the first step in accomplishing all of the above! Creating and executing your budget will go a long way in helping you strategize, plan and achieve debt payoff, saving and investing because budgeting is about using your money in the most effective way, in order to achieve your financial goals and live the life you really want. If you need help getting started, schedule your free consultation with me or check out the 10-day budget challenge!