We all love a good vacation.
When planning our vacations, we set expectations of the fun and relaxation that awaits us. But not all vacations end up that way.
The key to a good vacation is being prepared and knowing what to expect along the way.
This is similar to the plan for your road to financial independence.
1. What to Pack
The most efficient way to reach financial independence smoothly is to be prepared. In order to make sure you are adequately prepared, it helps to pack the following items for your journey to financial independence: a budget, a financial advisor and a financial plan. Having these items along the way will lead you to accumulated savings and financial security.
2. The Destination
Know where you’re going. Set specific goals, like a timeline for when you hope to achieve financial independence, and find ways to make those goals a reality. This brings me back to having a financial plan. Its purpose is to help you set realistic goals and then achieve them in the most efficient way.
3. The Journey
The two major factors on which financial independence relies are these: money in (income) and money out (expenses). They are both factors over which individuals have a great deal of control. Make sure that your money coming in exceeds your money going out. This accumulates savings and builds wealth. Individuals of any income level can reach financial independence if they save aggressively and work tirelessly towards their goal. Many also find income increases as their passion grows for the work they are doing.
4. The Road bumps
Expect the unexpected. It sounds cliché, but when it comes to your finances, unexpected hurdles can set you back if you aren’t adequately prepared. If you packed your budget, your financial advisor and your financial plan, you will be prepared when roadbumps, flat tires, and the like occur, making your journey less stressful.
Just like a family vacation, the road to financial independence takes a lot of work, but the destination is well worth the effort.
Let us know if Financial Symmetry can assist you along your road to financial independence.
