Get a BANG out of Life!! Tips on Achieving Your Financial Independence Day

Summer is here and with it comes things like warm weather, barbeques, family vacations and of course, the Fourth of July! A day we observe each year to celebrate our country and take pride in our freedom and independence as Americans. Unfortunately, while all of us are able to celebrate our country’s Independence Day together, many of us are not prepared to celebrate a great personal life achievement, obtaining our FINANCIAL Independence Day!

Financial Independence is achieved when one has the confidence and ability to do what he/she truly values most in life without having to worry about the financial constraints that would otherwise hinder him/her from living their best life. While financial independence can be generally be thought of as the point one can retire comfortably and live comfortably in retirement, what this concept practically looks like to every person can be uniquely different and may not include retirement in a traditional sense at all. No matter what financial independence may look like for an individual, however, it is always an important goal to plan for and something to genuinely celebrate when reached.

So for those like myself that have not yet achieved our Financial Independence Day, but would like to appropriately prepare for obtaining it in the future, here are a few tips to keep in mind.

Live for Today. Plan for Tomorrow.

The first thing to remember in preparing for financial independence is that it is a goal that normally isn’t achieved quickly. It is a process that comes through years of making wise and informed decisions at many points along life’s journey. As just a few examples, understanding when to save, how much to save, in what ways to save and how best to invest savings for the future are all important topics to address. Furthermore, because financial independence can often be a long ways away for many people, it is important to make decisions on how to best live life today while also providing for a healthy financial future. Detailed financial planning can help a person understand the dynamics of these competing goals and develop a plan to live a life of balance between the present and the future.

Be Flexible and Ready to Adjust to Life

While developing a plan for present and future financial success is important, it is also important to keep in mind that our lives and the world around us is constantly changing. As such, one should be prepared for what can and will happen in life and be ready to make appropriate adjustments along the way. A true ongoing financial planning process can help a person prepare for financial independence today while also proactively reevaluating regularly in order to make any needed changes in the future.

Knowledge and Trust is Important

In order to feel comfortable that one is on the right path to achieving financial independence, a significant degree of confidence is needed. In order to achieve this level of confidence and peace of mind, it is important for a person to either have the knowledge and resources needed on an ongoing basis to adequately prepare for financial independence on one’s own, or to have trust in working with someone who not only has the knowledge and skills needed to help others live their best lives but is also closely aligned with putting another’s best interests first. Working with a fee-only fiduciary adviser who is a trained CFP® practitioner can be one way to help build the trust necessary to achieve this level of confidence. This kind of adviser is legally obligated to serve their clients’ best interests at all times and has demonstrated successful accomplishment of the CFP Board’s rigorous initial and ongoing certification requirements.

Do you have a plan to live your best life today and achieve your financial independence day in the future? Is your current financial planning helping you preparing you for the reality of today but flexible enough to deal with life’s changes in the future? Do you have confidence that your knowledge and resources or that of your current adviser are sufficient to prepare you for your financial independence day on an ongoing basis? Our Evansville financial planning firm is dedicated to such and has financial planning resources to do so. I would be happy to learn more about what you value most in life to determine whether our team can help on your life journey.

To speak about your personal situation you may contact me directly at (812) 602-6319 or via email at jrwichman@paynewealthpartners.com. Alternatively you can also reach us at our website at www.paynewealthpartners.com.

Date Published: July 5, 2017

Authored By: Joshua R Wichman, CFP®, MBA

 

812-477-6221 office812-602-6319 direct
812-477-0417 fax

Email: jrwichman@paynewealthpartners.com

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The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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Payne Wealth Partners, Inc.
Keystone Financial Consulting
601 N Cross Pointe Blvd
Evansville, IN 47715
Phone: 812-477-6221
Toll Free: 888-477-6221
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