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Financial Freedom – What does it mean to you?
What does being financially free mean to you? Would it mean leaving your job after saving all your life or selling your business, giving you more time to spend with family? Whatever it might be, the options might seem exciting, but to be financially free, you have to get there.
In order to identify what financial freedom means, you will need to think about what you will do when you leave your job, sell your business or make any other decision that requires financing.
Would you plan to retire and live an easy life or do you want to travel or buy that expensive car you have always wanted? These lifestyle choices come in many forms and they cost, so the more expensive they are, the longer you are going to have to work.
There is one factor that plays into all of this and that is your life expectancy. This is not an easy topic for people to talk about but in order to achieve your desired lifestyle, you will have to work out how much money you need.
You might plan to retire at 65 and that means you will need a minimum of at least 20-25 years worth of finance to help you live comfortably. However when it comes to planning you should assume you will live longer than this.
Whatever your plans are and whatever age you are right now, you have to come up with a financial plan for the money that you have. This will mean that you need to make the most of the advice and guidance that is available as well as the financial vehicles that you can make use of. This could include the likes of savings, annuities and investments but all can help you to to reach your goals in an intelligent way.
Life is short and for living but you need to make sure you put your financial plans in place. Financial planning is aimed at giving you the chance to do what you want to do. Whether you are in your 30’s and looking to invest in property or in your late 50’s with one eye on retirement, make sure you plan well and you will find your financial freedom. However, always make sure you obtain the right advice because you need to make sure that you make the right decision along the way.