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💰 Let’s talk: Financial Independence 💰

March 04, 2024

What does Financial Independence mean to you? Most of the answers that I get are "becoming debt free, having enough money to travel, or buying that nicer car/bigger house". The fact is that question could be answered many different ways by lots of different people. In most cases, those answers could be boiled down to one word - income. Whether you are still working or already retired, having more income is always desirable. True financial independence is residual income (money that pays you when you're not working). The reality is that most people don't realize that residual income exists. I call it your Financial Independence Number, or FIN for short. Your FIN number is the amount of money needed to generate your future income in today’s dollars. So how much money should you have saved to replace your income in retirement? What are the different sources for retirement income? If you don't have the answer to these questions, book a time to meet with a professional. You will be glad you did. 

If you're intimidated about talking about money, just remember that having a professional help you in these different areas isn't a bad thing. If you have ever wanted to accomplish any large goal in life, doing so with an accountability partner helps to ensure your outcome will be much more successful i.e.: losing weight, gaining muscle, getting better at a sport, etc. 

Questions to ponder:

What does financial independence mean to you and your family?

What is going to be the money machine for your family when you stop working?

•In our next post, we are going to be discussing the concept of the income stool and the parts that comprise it. The income stool is essentially the various types of income that will support you in retirement.

Visit our website for FREE resources we offer to help you make the right steps towards securing your financial future: WWW.IWS.ONE

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