Independence Day means different things to different people. To some it means the Declaration of Independence for our country. To others it’s a favorite movie or even the day they finally retire. I love to read books, blogs, or articles. I recently came across the concept of financial independence defined by the acronym F.I.R.E.
This simply means the ability to have and to make choices. So to each person this is going to mean something different.
What does Financial Independence mean to you?
First it could mean you’re living within your means or you’re debt free now. Secondly, to others it may mean having enough in savings whether in investments or cash.
Retire early means something different to everyone as well. It may mean you’re retired. It may mean you’re still working but working less. Maybe you’re able to do your hobbies and earn money from them. Possibly you’re able to just do what you love which could be a form of working too. However, it could also be that you’re able to set your own schedule or volunteer more. Finally it could also be questioning if 65 is even the age you want to retire.
One blog I like to follow, Mr. Money Mustache, says it this way: “Work is more enjoyable when I don’t need the money.” Therefore, as much as this is about financial concepts it’s also a philosophy of life. Think about it for yourself. Why do you work? What do you spend? What does retirement look like?
Lastly, my encouragement to you is: You have one chance at this. Are you living on purpose with purpose? If not, what needs to change? If you ever want to discuss financial independence and what this means for your plan please reach out we would love to help you with your financial plan!
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The IRS announced it would be increasing contribution limits on retirement savings accounts. Read here about 2023 retirement savings update!
Steve enjoys getting to know clients and hear their unique stories and the lessons learned which has brought them where they are today. One of the reasons he enjoys what he does is the ability to show the outcome that can be achieved with different choices. He also enjoys continually learning.