How Will Your Decisions Affect Your Financial Freedom?

How Will Your Decisions Affect Your Financial Freedom?

Ways You Can Hit Your Financial Freedom Goals

Ideally, you have a job that is both fulfilling and enjoyable. Although, no matter what your career is, many people work for decades with the goal that they’ll reach financial freedom to do and live as they desire. But financial freedom requires careful planning, years of hard work, and a solid sense of what financial freedom means to you.

All of the financial decisions that you make today will directly affect your future financial freedom. So, as you look to the future and start to plan out your goals, there are certain habits and strategies you should keep in mind.

Benchmark your financial well-being today and periodically

Financial freedom takes careful planning, deliberate, and thoughtful action. Before figuring out how to achieve this, a critical first step is to determine what your financial well-being is today. Establish the benchmark for how much money you are earning, how much you own in assets, what your current and future debts are, and what the monetary costs would be to live the life you see for yourself in the future. By comparing your current state to your hopeful future, you can plan ahead and monitor your finances in the meantime.

Keep a budget

You’ll likely want to set aside a certain amount each month to pay off debts, save for the future, and to achieve your long-term goals. However, this race towards financial freedom is a marathon and not a sprint. So, each month, you should be looking at what it takes for you to live and compare that to your current earnings.

Invest today, no matter the amount

One of the main benefits of long-term financial planning is that investments over many, many years have a fun way of multiplying. If you’re young, you should start investing in your retirement accounts as soon as you can, even if you don’t think it’s enough. Over the years, these contributions will add up.

Retain a qualified and trusted financial advisor

All of the above steps are critical in starting your financial freedom journey on the right path. Consulting with a financial advisor, such as Tobin & Collins, who knows the ins and outs of the markets, the tax code, and what it takes to win your financial freedom is a wise decision. Contact us today!