Let (Financial) Freedom Ring

For many people, the term financial independence brings to mind things like early retirement, living debt-free, or having a set amount of money in the bank.

While those may be outcomes for some, financial independence is less defined by a specific number or age, and focuses more on having the resources and flexibility to make life decisions without being driven by financial stress or limitations.

What is Financial Independence?

Financial independence is generally considered to be the ability to meet your needs and pursue your goals without relying on debt, living paycheck to paycheck, or being bound to a particular job solely for income. It's about having options and the freedom to spend your time in ways that batter most to you, whether that's working, traveling, volunteering, or simply enjoying peace of mind.

If we look at the very definition of the word independence, it would suggest that financial independence simply means not being dependent on anything financially, whether that be a job, debt, or a strictly constrained lifestyle.

What financial independence looks like for one person might be very different for the next. Michael's idea of financial independence might be working a few hours per week at Publix bagging groceries in retirement because he enjoys interacting with the community. Angela's dream of financial independence could look like being unreachable by phone on a beach somewhere. Though they may have very different ideas of financial independence, the common thread between Michael and Angela is that they have the freedom to enjoy life how they like to - they aren't tied to a job they don't enjoy, they aren't racking up credit card debt to enjoy a life they can't actually afford.

Why Pursue It?

Reaching financial independence doesn't happen overnight, but the journey is certainly worth it. Here are a few reason we have heard that explain why clients pursue financial independence:

• Greater peace of mind - When you are financially independent, unexpected expenses or changes in income are less likely to cause panic or disrupt your plan.
• More flexibility and choice - Whether it's switching careers, starting a business, or taking time off for family, financial independence allows you to make decisions based on what's best for your life - not just your bank account.
• Freedom to focus on what matters most - When money isn't a daily worry, you can be more present in your relationships, health, and passions.
• Opportunities to give generously - Financial freedom can create space for you to give your time, energy, and resources to causes and people you care about in ways you previously weren't able to.

How to Start Working Toward Financial Independence

Everyone's path is different, but here are some general, rule-of-thumb steps you can take to begin moving in the right direction:

• Clarify your goals - If you have done a financial plan with us, you know we spend a lot of time talking about your goals. We want to do what we can to help your money last through retirement, and still accomplish all the things you want to in that season of life. So what does financial independence allow you to do? Paint a picture of what freedom looks like in your life. This clarity will guide your decision-making and keep you motivated.
• Spend with purpose - Building a budget isn't about restriction - it's about intention. Know where your money goes and make sure it reflects your values, priorities, and goals.
• Avoid lifestyle creep - We spent an entire month talking about it for a reason. Lifestyle creep is a serious threat to your long-term goal of living a financially independent life. Increases in your income can be a powerful tool to create a snowball effect of savings. If your income grows, but your expenses remain unchanged, you create room to save more or pay down your debt faster.
• Work with a plan - We have all experienced first-hand what can happen when we dive into things without a plan. Walk into the grocery store without a list? You're leaving with a pineapple, four kinds of shredded cheese, 6 frozen pizzas, and an issue of People magazine from 2021. Having a plan that is personalized to you, your goals, and your needs is crucial to your journey towards financial freedom. Never made a financial plan before? We would love to help! Let us know next time you're in the office and we would be happy to begin working on a plan with you.

Financial independence isn’t about being wealthy—it’s about being well-positioned. It’s about creating a financial life that supports your values, goals, and peace of mind.

If you're curious about where you stand or how to move forward, we’d love to have a conversation. Helping clients pursue greater independence and confidence is at the heart of what we do.