08 Jul 2016 Enjoy Financial Freedom Before You Are Financially Independent

Posted at 12:43h in The Friday Brief by

sunset-summer-golden-hour-paul-filitchkinOne of the major goals we often help clients plan for is financial independence.  Imagine the freedom of knowing you do not have to work.  You would be free to start the company you have always dreamed of, serve an organization you are passionate about regardless of pay or take an extended trip with your family or friends.  Maybe you would worry less about money and the minutia of your daily finances.

What if I told you that it is possible to experience some of that same freedom before you are financially independent?  Or if you already are financially independent, that you could experience even more freedom than you already enjoy?

A common misconception about financial planning is that its sole purpose is for you to sacrifice today for a goal that may seem like it is years off in the future. In reality, good financial planning involves taking steps that allow you to worry less about your finances today with more free time and confidence that you are moving in the direction of achieving your long term life goals.

You’ll be amazed at the sense of freedom you experience as you begin accomplishing the following financial planning items.

  • Create or update your will and estate plan
  • Organize all your important documents in one place
  • Review the types and amounts of your insurance coverage
  • Set all your bills for automatic payment
  • Consolidate your old IRAs and 401(k)s as much as possible
  • Update the beneficiary information on your life insurance and IRA accounts
  • Delegate the things that can be delegated to a professional

A few years ago, as a new husband and dad, I can remember the low grade stress associated with the long list of financial items on our to-do list.  As we near the end of our list I am reminded of the sense of freedom that comes from no longer having that nagging feeling that we’ve missed something, that we need to update our estate plan or that we forgot to pay one of our bills.

I think about our finances less, have more time to spend with my family and feel confident knowing that we are working towards accomplishing the things that are important to us.  And if life throws something unexpected our way we have done the proper planning to ensure that we will be OK.

This being the week that we celebrate our nation’s independence, check something off your to-do list and take a step towards financial freedom.

Send me an email if you’d like to see the whole checklist.

 

 

Tags:
, ,
Geoff Hall, CFP®, RICP®
[email protected]

For nearly three decades, I’ve had the privilege of guiding families with what we at Beacon call real planning, sensible investing, and meaningful advice—so that money can truly be a blessing, not a burden. I consider it an honor to walk alongside my clients through both the ups and downs of the markets and the seasons of life. At home, I’m grateful for a life full of love and adventure. My wife, Crystal, and I have been married for 13 years, and together we’re raising our two kids, Cooper (11) and Rhodes (9). When I’m not with them, you might find me serving downtown at our church, pushing my limits on a mountain bike, or catching up with a friend over coffee in Raleigh’s Five Points area. Both personally and professionally, I’ve found that the best journeys are built on trust, relationships, and perspective. That’s why I’m passionate about helping families plan wisely and invest intentionally—so they can live generously and focus on what matters most.