By Edward Jones
Once again, it’s time for fireworks, pic-nics and parades as the nation celebrates Independence Day. Collectively, we enjoy many liberties, but some freedoms can be elusive – and financial freedom is one of them. What actions can you take to help yourself eventually declare your own financial independence?
For starters, you’ll want to determine what financial independence means to you. Is it the liberty to meet all your cash flow needs? The freedom to retire comfortably, at the age you choose? The ability to set up the kind of legacy you’d like to leave? If any or all of these things are important to you, consider the following suggestions:
• Liberate yourself from oppressive debts. The cost of living is certainly not cheap, so it’s hardly surprising that so many people incur significant debt. Yet, the higher your debt load, the less you’ll have available to invest for the future. Debt might be one of the biggest barriers you face on the road to your financial independence. To avoid piling on too much debt, live within your means. Take steps such as saving for a vacation, rather than putting it all on your credit card, and getting just one more year out of that old car. Look for bargains everywhere – and find out what you can live without. And if you have sizable debts, see if you can consolidate them and lower your interest payments.
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