Your Financial Freedom Number
Saving for the day you no longer have to answer to your boss or commit yourself to someone else's agenda? Here is a list to outline Why you need to know the Exact $ amount you will need to make this happen:
Time-If you do not plan now, you will have a lot of catching up work to do later on. The longer you wait to start investing, then there will be a greater required dollar amount that you will have to put into your investment account each month to compound and grow to hit your target. Time Time Time Maters!
Peace of mind- Your health and serenity depend on a strong financial plan. Lack of understanding, fear, stress, worry, anger, and much more can lead to your subconscious trying to protect you. It will tell you that you are better off being comfortable and living in the moment vs. saving for the future. When you know your target and you have the right tools to get there, you will stay moving onward and will not derail your train from the tracks.
Habit creation- The sooner you start making investing and saving a natural part of your daily life, the easier it will be for you to maintain your positive actions when the storms come. I promise they will come and when they do you want it to be second nature to invest and save first and spend second. You cannot rely on will power and motivation alone to achieve consistent results. It will only be a matter of time until you crash and burn and give up!
Nobody is going to care for you- We all rely too heavily on social security and the government to pay us when we are older and done with our working days. However, This money most likely will not be enough to give you the life that you dreamed of. You must be self reliant and self sufficient. You will feel ecstatic knowing that you put the hard work in and you paved the way for more than just a simple retirement. You will be overjoyed when you get to do the things that you only dreamed of.
Taxes- That is right! I said the word. You are probably cringing right now thinking about good old Uncle Sam. Well, He is always standing ready to dig into your pockets and take his share. Knowing your number will allow you to speak with your tax advisor and certified financial planner to create a diversified bucket of investments for your unique goals. Once you know what you need to be investing in, you will need to determine together what the most tax efficient way to get there might be. There are many different ways to invest and it can get complicated.
***If you start planning now with your number in mind you can figure out a way to keep more money and give less to Uncle Sam!***
6. Your kids, friends, and family members- My favorite! Being a responsible person
and planning for your future means that you will not be a burden to those you love
so dearly. You will not have to rely on your friends, family, or children to help you
when you get older. If you have proper health insurance and supplemental
insurances along with your big nest egg, then you will be able to hopefully afford
those expensive nursing home yearly dues. If you aren't in a nursing home, you
may need a home health care worker to help you or need to pay contractors to
help you maintain your home. remember you won't be in the same health now as
you were when you were younger.
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CEO Elevation Solace LLC
Neuro-Transformational Financial Coach