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Happy July 4th! Today is our nation's independence day, the day we proclaimed ourselves free as a country. I love this day. It's always full of celebration. Whether it be hot dogs and hamburgers or wine and cheese, we always finish with fireworks. When I watch those fireworks, I think of our national anthem, especially the part where we sing, "bombs bursting in air." I'm always so grateful for the men and women who sacrificed themselves so that I could have the power of vote. To me, the vote signifies freedom.
As a Personal Financial Planning Examiner, I suppose I should somehow bring us to the subject of financial planning. It won't be painful. I promise. Let's just take a moment to think about independence and freedom and how they relate to our personal financial situation. Do you know your financial independence date -- the date when you no longer have to work? Have you actually thought about what it would feel like to be financially free? I encourage you to think about this seriously.
In order to achieve financial freedom, the equation is quite simple. You simply need to make more money than your expenses. For some people they limit their income solely to their job. However others try and find several revenue streams, including passive income. For the latter group, their goal is to have their passive income eclipse their expenses so they are financially free to spend their time doing what they love as opposed to working.
If financial freedom is something that you crave and are willing to make sacrifices for, I encourage you to find a mentor or advisor to guide you in this endeavor. It is completely and totally possible for you to achieve especially with guidance. Remember advice is cheap, mistakes are costly. The choice is yours!
Source: examiner.com
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