Celebrating Your Financial Freedom

Independence Day or “the Fourth of July” is a federal holiday in the United States commemorating the adoption of the Declaration of Independence in 1776, which declared freedom from what is now known as the United Kingdom.  This day is commonly full of celebrations including fireworks, parades, barbecues, carnivals, fairs, picnics, concerts, baseball games, family reunions, and more.

 

In honor of Independence Day and our logo, “Money is freedom. Freedom is fun,” we would like to recognize a few of the many characteristics of being financially free.  If you find that you meet these characteristics or are continuously striving toward them, then you should have even more reason to celebrate this year!

• You are happy with what you have and you are grateful for your blessings.
• You have financial goals and you are continuously moving forward toward them.
• You are patient and work for what you want.
• You are prepared with an emergency fund and an extra savings fund for life's little "what if's".
• You understand that financial wealth takes time and effort.
• You are responsible with your money and properly handle your debts.
• You manage your spending and always have money left after your paycheck.
• You invest in a long term strategy that builds wealth surely and steadily over time.

On this year's holiday, we wish you lots of love and laughter, and as always we hope you have happy and safe celebrations!  Happy Independence Day from the entire FIC family!

Build Weath and Discover Financial Freedom

FinancialMentor.com

 

1) Spend Less: Align your values and goals, and track your spending so you can focus on being accountable and staying disciplined.  Consider eliminating wasteful expenditures, repairing instead of replacing, and selling unused items.  Also, avoid using credit cards for bills or to extend purchasing power.

 

2) Earn More: Increase your working value by personal and professional development through education and training.  Seek higher paying jobs or additional income through part-time or freelance work. Consider turning your hobby into an income stream or even starting a side business.

 

3) Invest Wisely: Connect with a credible and knowledgeable investment advisory firm to wisely invest your funds.  Re-evaluate your investments every so often to make sure you are on track.

 

4) Financial Freedom: Enjoy living the life you want and deserve!

Are You Making Smart Money Moves?

A recent post under Personal Finance on the U.S. News & World Report website listed 50 Smart Money Moves. We have taken our top 30 from this list and created a "Financial Check-Up" for our blog readers. Check each smart money move you believe you follow on a regular basis, and see where your money-moves rank with our results below.

 

( ) Decide on financial goals.
( ) Create a spending plan.
( ) Resist retailers' enticements.
( ) Track your own spending.
( ) Don't accept posted prices (i.e. price-matching).
( ) Research products online before visiting stores.
( ) Earn money from more than one source.
( ) Negotiate your salary.
( ) Don't shy away from all debt and make sure to choose the best credit card or loan for you.
( ) Pay off high-interest-rate debt quickly.
( ) Check your credit report and build a solid credit history.
( ) Track and review account statements.
( ) Take advantage of rewards cards.
( ) Adopt a hands-off approach to investing (consider a professional).
( ) Remember the risk-versus-reward rule.
( ) Start early, invest often.
( ) Don't try to time the market, and don't follow the market every day.
( ) Check your Social Security statement online and calculate your own retirement number.
( ) Take baby steps.
( ) Save even when you're not earning.
( ) Live with family members.
( ) Look for non-financial ways to help family members.
( ) Prepare to help aging parents.
( ) Avoid sharing credit accounts.
( ) Live more simply, use fewer products, and find cheaper hobbies.
( ) Plan weekly meals.
( ) Insure yourself.
( ) Make sure you're ready for X (house, baby, retirement, etc.).
( ) Cancel/avoid catalog subscriptions.
( ) Find ways to lower your utility bills.
 
If you checked 0 to 10 Smart Money Moves, you are:
Moving at the Speed of Slow.  Though you may not be where you should be now, there’s still hope!  Which of the above are you doing regularly and which areas do you need to work on?  Consider the ways you can start to implement these things into your life, put them into practice, and monitor as you go.  You’ll be glad you did.  If you need help getting started, don’t be afraid to ask for it!
 
If you checked 11 to 20 Smart Money Moves, you are:
Moving in the Right Direction.  So you’re not quite there, but don’t give up.  Be sure to track your progress and make adjustments when necessary.  If you need advice to reach your goals, contact a professional.
 
If you checked 21 to 30 Smart Money Moves, you are:
Moving toward Financial Freedom...and freedom is fun!  Way to go!  You’ve worked very hard and it’s paying off.  Slip-ups and setbacks can (and likely WILL) happen, so be careful not to regress backward.  Keep up the good work and you can enjoy the fruits of financial freedom!