It’s time for the baby boomers to declare financial freedom.
Hold Your Breath and Concentrate on Your Core Values
Money is a tool that can be used creatively and constructively to help families and communities grow. Your self-worth is not your net-worth, and expanding your definition of success beyond your bank account will provide you with true liberty.
Break free from the cultural and media lies that “more is better” or “a little more will satisfy me.”
Accept Giving as a Crucial Component of Financial Freedom
I’m still fighting the demons of “not having enough,” and I’m sure I always will. Material pleasures tempt us on a daily basis, but research continues to show that more stuff does not equal happiness.
Giving my time, talent, and treasure creatively, graciously, and extravagantly frees me from the clutches of materialism.
I encourage you to research important causes and devise a strategy for giving intentionally. Make room in your budget to give when an unexpected need arises in our families or communities.
Find Freedom By Purchasing Soul Needs Rather Than Consumptive Ego Desires
Make a spending plan that reflects the reason for your decisions. Communicate with your spouse, partner, or friends to generate resourceful and creative ideas and to hold each other accountable. Insatiable overspending is caused by ego desires. Enjoy your freedom within the safe spending boundaries you’ve established.
Use Your Home As a Savings Account Rather Than an ATM
If you want to buy a house, save or consider what you can liquidate tax-free in order to have a large down payment. Determine how much house is enough by looking at a mortgage that, when combined with taxes and insurance, is less than 25% of your disposable income.
Get out of over-leveraged situations that cause havoc when the economic season changes. Determine how you intend to use the equity in your home during distribution season.
Are you looking to downsize and cash out? Is a reverse mortgage right for you? Do you want to rent out rooms as a creative source of income?
Reconnect with Your Financial Tools
What have you got? What is its location? How is it working for you, and can you make changes to its structure to make it work better? Understand the costs associated with your assets and ensure they are properly titled.
Examine beneficiary designations on contractual products such as life insurance, annuities, and IRAs, and make changes as needed.
Actively Manage and Move to Reduce Debt
We can’t spend our way to prosperity. We must devise a strategy to pay off any consumer debt that is holding us hostage.
You don’t want to be paying interest on consumer debt during the fall season of life. Do you want to pay off your “forever home” if you’re already in it? What actions do you intend to take?
Communicate with the Parties Involved
I understand how intimidating it can feel, but you should actively communicate with those who are involved in, or may be affected by, your financial decisions. Asking questions or seeking clarification entails some risk.
Make sure you feel heard, seek to understand, and are understood when speaking with family members or trusted advisors. Facing your fears, embracing them, and obtaining the necessary support will assist you in developing into your full potential.
We know that, like other liberties, it takes sacrifice, discipline, and a lot of effort to keep. What are you willing to do to take the next step toward financial independence?
How frequently do you worry about your financial security? Are you financially independent? How do you keep it going? What kind of sacrifices do you make? Please share with our community and join us in a discussion!