There are many kinds of financial advisors. For the sake of this article, I will speak not only from my position as an advisor but also as a quasi-life coach.
There is one thing everyone has in common—one goal everyone would love to reach. It’s what we call “financial independence.”
Most people think that financial independence comes from earning a paycheck and making financial decisions. For most, this happens in their late teens or early twenties. But the way we see it, even if someone lives paycheck to paycheck, they are still not free to do what they want whenever they want. The “financial independence” I am talking about is the ability to choose not to work at all, at any point. This means having the ability to take a permanent vacation if they want to and starting it right this second. That is true financial independence. A place where your net worth can produce the income you need (and want) so that your lifestyle is paid for without ever needing to return to work.
Most people call this “retirement.” To most, it seems unrealistic and impossible. It seems like an eternity away for people starting their careers since it’s decades in the future. For most people in their 60s, time flew by so fast that they never got around to proactively focusing on building their net worth for the time they would no longer be able to work. So, they continue to work as long as possible. Some even work into their 80s because they have no other option.
No matter what end of the spectrum you are on, I’d like to give you some thoughts on what you can do right now to at least make progress toward becoming financially independent.
First, if you don’t have any time, force it on your calendar. Schedule the time and make it a priority to write down your goals and start considering how you will accomplish them. Second, if you don’t know your net worth, calculate it. Third, if you don’t have a habit of saving, create it.
Calendar time. Calculate your net worth. Create great savings habits.
And, of course, if you’d like someone to help you through the steps, we are always here to help.
This material is intended for general public use. By providing this content, Park Avenue Securities LLC is not undertaking to provide investment advice or a recommendation for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial representative for guidance and information that is specific to your individual situation. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. This material contains the opinions of the author but not necessarily those of PAS or Guardian. registered representative and financial advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial representative of The Guardian Life Insurance Company of America (Guardian), New York, N.Y. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. CA Insurance License #0K80141. 2023-151148 exp 01-2027