How to Live a Life of Financial Independence

As the old saying goes, planning is everything. Without a plan, you’re just flailing around, trying to grab hold of the stars. But with a plan, you can make sure that you’re working toward the same destination.

With this in mind, we’re going to take a look at how to live a life of financial independence. This is a great goal to have, and there are plenty of benefits that come with achieving it. Below, Financial Advisor Genai Walker Macklin will take a look at how to plan for a life of financial independence.

Figure out your goals and values

It’s important to figure out what your goals and values are before you can start planning. For example, some of your goals might include buying a home, having kids, and retiring by the time you’re 60. Your values may be more traditional or they may be specific to your personal situation. It’s important that you take the time to figure out what these are so that you can plan for the future.

Keep your expenses in check

When you’re trying to make your way toward financial independence, the first step is to keep your expenses in check, explains Genai Walker Macklin. This sounds simple in theory, but it can be a lot harder if you have habits that help you spend more money than you should. For example, if you buy lunch out every day at work, that small expense could add up over time. Or maybe your gym membership is costing more than it should because you’re not going often enough.

The key here is being conscious of how much money you spend and where you spend it every day. That way, you can make a plan to adjust some wasteful spending habits and get closer to living a life of financial independence.

Saving is key

The first step in living a life of financial independence is saving. If you have no savings, then you have no chance to not live paycheck to paycheck. Even if you make $100,000 a year, that income can be gone in a matter of months if you don’t implement an emergency fund and budget for your monthly expenses.

Some people are wary about saving too much because they want to spend money on things that they enjoy, like vacations or new clothes. But the goal isn’t to deprive yourself; it’s to reach financial goals that will make you happy later on down the road. What makes us happy today might not make us happy in the future when we have more responsibilities and obligations. So here are some ways to save:

* Automate your finances

* Create a budget

* Spend less than you earn

* Invest your money wisely

* Save some of your income (at least 10%)

A plan for investing

If you want to reach financial independence, you have to think about an investment plan. You’ll want to make sure that you are investing in something that will grow over time, rather than investing in something like a savings account, which will return you less and less as interest rates drop.

If you’re looking at stocks, Genai Walker Macklin recommend going with the S&P 500 index. This is a great option because it has the highest potential for growth. Plus, it’s very diversified, making it less risky than other options like individual stocks. Plus, it also has low management fees and no commissions when buying and selling shares.

You can also invest in other assets like real estate and gold. Gold is a great option because it usually goes up when the economy is doing well, meaning it’s not just dependent on specific factors within the U.S. economy alone (which makes it more stable). And real estate investments are valuable because they provide a steady return on your money—meaning your money can keep growing steadily as you buy more properties over time and rent then out to tenants.

No matter what kind of investment strategy you go with, make sure that you are investing in something that will grow over time!

Conclusion

It’s never too late to take control of your financial future. Being financially independent is about more than just making money. It’s about doing the hard work and putting a plan in place to ensure that your money is working for you and not the other way around.