Financial independence comes from being able to financially support yourself for the rest of your life without being dependent on someone else. The concept may sound too good to be true, but the good news is you’re not alone. You can achieve greater financial independence with the right team and proper planning.
The first step to gaining greater financial independence is getting the right financial professional on your team. You should find someone who offers all the financial services to help meet your financial needs such as investment management, tax planning, estate planning, etc. Find a fiduciary who is obligated to act in your best interest and takes the time to understand your goals. They should help take some of the burden of you so you can focus on what matters most. The process of finding a financial professional could take some time but will be worth it in the end.
You should think of your financial plan as a blueprint of your financial future. It should include each stage of life from before to after retirement. You can start by evaluating your retirement accounts including 401(k)s, IRAs, Roth IRAs, etc. and determine which accounts would work best for you. Next, determine your retirement goals including necessary income, lifestyle, priorities, etc. Once you have that squared away, you should focus on your estate and legacy plan and decide how you want your assets to be handled. This is very important to ensuring your wishes are met.
Now is the time to put your plan in place. Hopefully, you will experience success and your work and planning will pay off. But we’re not done yet! The stock market is constantly changing and so are your circumstances, which is why your plan will need maintenance. Your financial professional should monitor your financial plan in its entirety to help best set you up for success and avoid roadblocks. It’s your job to alert them of any changes in your financial circumstances so they can adjust accordingly. By working together, you can be better prepared for whatever your financial future may hold.
Nobody wants to worry about money in retirement, but sadly it’s a consistent fear for so many people. The financial future of your dreams is within reach! You can achieve greater financial independence by finding the right financial professional for your needs, creating a plan, and letting your money work for you.