How to Achieve Financial Freedom Epstein & White

The difficult thing about “financial freedom” as a concept is that many people define it in a vague way. Most people think of it as not having to worry about money and being able to have the things they want without having to scrimp and save for them. But there are all sorts of things that cause worry in regard to our money: mortgage payments, credit card debt, or how much money is in our retirement account. You might even be asking yourself a specific question like, “What if 1 million dollars isn’t even enough to retire on?”

The things that people want to buy without worrying about cost vary too. Some people just want to go for long walks in the woods, while others would prefer to travel and see the world. So, as you can see, financial freedom is something that is different for everyone, but it is often the goal of people as they move into retirement. They want to be able to stop working and stop worrying about money. So how do you do that?

Step 1: What do I want?

The first step is to define exactly what your financial goals are for retirement. How much do you want to spend on living expenses? How much do you want to spend on extra things like vacations and hobbies? Create a reasonably realistic budget for a sample month in your retirement, and that will help you to nail down how much money you will need for financial freedom.[1]

Step 2: Live below your means

If possible, consider reducing your costs for some things that you don’t need. People will sometimes spend every dollar that comes to them without saving enough for the future or for unexpected expenses. Try to cut back on expenses that aren’t completely necessary, and you’ll likely start to feel like you have a little more leeway when it comes to money.[2]

Step 3: Consider talking with a financial professional

Financial professionals are knowledgeable when it comes to financial planning. They talk with their clients daily about financial freedom, and they give their clients strategies and advice that may help them achieve that freedom. If you are curious about how to achieve your own version of financial freedom, Click HERE to reach out to our advisors at Mercer Advisors, Formerly Epstein & White today for a personalized review of your finances.

 

Epstein & White is a tradename. All services provided by Epstein & White investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Epstein & White. Information contained herein is for informational and illustrative purposes only and general in nature. It should not be considered investment advice or a recommendation to buy or sell any type of securities or insurance products and no investment decision should be made based solely on any information provided herein. Investing involves risk, including the possible loss of principal. Diversification and asset allocation does not ensure a profit or guarantee against loss. We provide this information with the understanding that we are not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas.