DO YOU HAVE WHAT IT TAKES TOREACH FINANCIAL FREEDOM? What exactly is financial freedom? Financial freedomis a buzz term, or rather a buzz achievement, that many Americans refer to as a milestone in their financial life. With a simple search of the internet, you can instantly find over 250 articles all with varying definitions of financial freedom. Some see it as quitting a job to travel the world or reaching early retirement to spend more time with family, while others see it as generating passive income through entrepreneurship or having a lot of money to buy whatever they want.
According to The Transamerica Center for Retirement Studies, most people believe they need $1million in order to retire comfortably but with the average fortysomething only having $63,000 saved, that goal can feel unachievable. So what will it take for you to reach financial freedom? The principles of reaching financial freedomare quite simple. It relies on your ability to prioritize your spending and save a lot of money. In order to reach this milestone, you will have to make it an absolute goal and do the following:
As you can see, it can be a bit difficult to define this coveted goal, but there?s a simple way to look at it. At its core, financial freedomis reaching a point in your finances where you have ?enough?in order to have the option to live more and work less.
Phylecia Jones, Budgetologist & Solopreneur Money Management Expert www.keepupwithmrsjones.com 12 thewomenofdenver.com
