Finding Financial Independence
There is no one-size-fits-all definition for the term “financial independence”. In fact, you won’t even find the term in the Merriam-Webster Dictionary. This ambiguity allows for individuals to define the term for themselves. Some may associate financial independence with goals like being on track for retirement or having a sufficient emergency fund while others may see independence as being debt-free, earning enough money to pay your bills and support a loved one, or leaving a financial legacy that is reflective of your values.TEX
As is the case for independence from government or other entities, achieving financial independence requires commitment and sacrifice and each individual’s journey to financial freedom will be different. So where do you start? Exploring how you define financial independence and reflecting on personal goals is a productive first step as this process may help you identify a destination for your journey. At Yeske Buie, we have a variety of tools* and resources that you may find useful in your exploration and reflection. If any of the following titles interest you, we encourage you to review the tool and consider how the questions may help you define financial independence:
- Defining True Wealth: Helps you clarify what is most important to you to provide an effective framework for creating plans and making important life decisions.
- Designing Your Financial Legacy: Helps you consider what is most important to you and how these values can be reflected in your financial legacy.
- Financial Satisfaction Survey: Helps you think about and assess how satisfied you are with many aspects of your financial life.
- My Ideal Week in Retirement: Helps you visualize how you will invest your time in retirement in a way that is meaningful and purposeful to you.
- Visualize Your Future: Helps you clarify your values and priorities and begin to identify your life goals.
If you’d like to discuss your answers to these questions or your thoughts on your journey to financial independence, please don’t hesitate to contact us. We’re happy to help you talk through this reflective step, how to convert your thoughts to actions, how to implement the actions, and anywhere in between.
*courtesy of Money Quotient