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We all want to get there – A stage in life where you have sufficient investments, savings, and liquid cash to fund the lifestyle you desire. Set your family up in that dream home. Take that random trip without worrying about missing a day at the office. Spend more time with your spouse and kids without the restriction of a fixed 9-to-5 job. A point where your daily pursuits will be based on what you really want to do, not the need to meet the next paycheck. Here is how you get there.
1. Set your goals Financial freedom means different things to different people, so you need to define your own goals. For some, it’s to clear their debt. Perhaps it's getting your own home. Others target income that can cover their debt and living expenses. Many want enough cashflow to travel around the world and give back to their communities. The goals should be specific, measurable, and realistic – both short-term and long-term. How much money will you need to get there, and how many months will you want it to take? 2. Plan for emergencies You need a safety net. Illnesses, accidents, job loss, death of a loved one – these can wipe you out unless properly prepared for. The general rule of the thumb is to have enough savings to cover 3 months of expenses. Also look into getting insurance covers, especially medical insurance as well as income protection. A financial advisor comes in handy here to assist you in assessing your risk level and finding the insurance packages that suit you. 3. Clear bad debt and pay down your credit card Your lenders are making money off of you with the interest they charge. Minimal monthly payments simply stick the debt on your for longer, and cost you more in the process. Increase your monthly payments, starting with the credit card that has the highest interest. You can then use the extra money you won’t have spent on the interest to pay off other debt. 4. Make your money work for you Two words: Passive income. There are different asset classes that can be included in your investment strategy - fixed interest deposits, money market funds, shares, property, commodities, futures, and other financial derivatives. They have varying risk levels, income potential, liquidity limitations, and tax requirements. Talking to a financial advisor will help you navigate these waters and set up a portfolio that is in line with your risk appetite and investment timeframe. 5. Manage your wealth You've worked hard to get here, and don’t want to blow it all up on an extravagant trip to the Maldives or rush to go all-in on the next meme stock. Be modest when handling your wealth. Avoid overspending and impulse buying. Monitor your investment portfolio, to ensure that it reflects your current position as you go through the different phases of life – which is also why Quigley Financial Brokers are big on long-term relationships.