What is your financial independence plan?
In order to achieve financial independence and wealth, much like anything else, we must have a plan to get there. In my younger years (teens and 20’s), I did not see the value in saving or starting a retirement account. I wish I had. Starting your retirement account 5-10 years sooner can result in a significant amount of money when you retire. Below are some other financial tips for you to include in your financial plan. Enjoy.
- Set a financial goal. What do you wish to earn? What do you wish to have when you retire? What percentage should you invest? All of this is specific to you and your life, so make sure you set your goals sooner rather than later.
- Pay down your debt. Student loans, car loans, and even your mortgage can burden you for a long time. Make sure when you come into some extra cash, you pay down these debts as it will save you much more in the long run.
- Seek ways to increase income. Whether it’s at your current job or your dream job, find ways to increase your value and ultimately, increase your pay. Don’t settle for your current situation. Maybe start a side job to earn extra income. Live the lifestyle you can afford. How can you increase your income?
- Seek advice. Your parents, coworkers, or even other friends can be a great resource of information and advice for you. Make sure you utilize their knowledge to create your own plan.
Did You Know? Coach Jim Johnson was a late bloomer when it comes to investing and saving. He didn’t start a retirement account until he was 33 years old. It’s never too late to start!
Life Tip #4: Pay yourself first, make it a high priority to start a retirement account