Financial Independence is not just for the rich

I’ve dreamt of winning the lottery, quitting my job and taking the family around the world first class.

But the chances of that actually happening are statistically around 1 in 14 million.

So how can you have a life of financial independence without being mega rich?

The long and the short of it – planning.

Financial independence looks different to a lot of people. Some people still want to work but hope to have their debts and mortgage paid off. Others want to save for retirement so that when they do stop working, they have enough to enjoy a modest life.

So how do you plan for it?

1. Living sensible is a great place to start.

Say you got a nice pay rise. Instead of spending it on a new car, investing this money or saving it is a surefire way to get your financial independence moving along.

2. Save any lump sums

Same with work bonuses or financial windfalls. Lock it up and don’t touch it

3. Do a financial health check

At 7 Wealth the cornerstone to financial independence is knowing where your money is, where it goes and what you want to do with it moving forward. We call our plan the 7 Steps. Revisiting them often is the tune up you need to get you where you want to be.

4. Be honest with yourself

Making changes to your spending and savings is not easy. But being honest and upfront with yourself will set you up for financial independence and success when you want it the most. No pain, no gain right?

5. Stop procrastinating

You won’t be financially free by just reading this article, nodding sagely and continuing as normal. Do something about it.

Your Turn…

So now what? I’d love to hear from you on the changes you will make on your road to financial independence, get in touch.

7Wealth Pty Ltd ABN 44 609 210 246, is an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/ or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.