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Financial Planning for a Financially Independent Future

| July 02, 2019

It’s safe to say that most people desire to be financially independent. Why is this? Is it the freedom… the opportunity… the control? Check yes to all of the above. 

But, it’s important to note that financial independence doesn’t happen overnight. We believe it takes the right kind of financial planning, solutions, and support to fully set you up for success. 

At Be Wealth, we have financial planners ready and equipped to help get you where you want to go in the future. 

Below, we’ve listed a few tips to help get you closer to achieving and experiencing financial independence. 

What does financial independence look like? 

When you think about independence, especially during this time of year, it’s highly unlikely you’re thinking about finances. 

Here’s a quick history lesson you should be familiar with. July 4th, 1776 marks the day we stepped into freedom as independent states, yet were united as one nation (cue the fireworks).

Independence is something our country not only acknowledges, but celebrates. 

The same thing goes for financial independence. 

When your investments begin to outweigh your expenses, this is something to celebrate. You now have the choice to continue working (which some may opt for). You don’t have to worry about how you’re going to pay the next bill, or whether or not you’ll get rent in on time. 

To make this a reality, we have to tell our money where to go, before asking where it all went. 

How to become financially independent:

Financial planning isn’t meant to make you feel strapped or deprive you from enjoying life in the “here and now.” It’s meant to set the foundation so you can have more freedom in the future. 

And, while money can’t buy you happiness, it can free you up for the life you want to live.

Becoming financially independent starts with: 

  • Setting short-term and long-term goals 
  • Sound financial planning

When you set goals, plan, and invest appropriately — we believe the return can be well worth the necessary investment. 

Setting short-term and long-term goals 

We want more freedom, more control, and the ability to freely make decisions… right? 

Like with anything else, we can’t expect to be successful without having a few goals to work towards. Goal-setting establishes the lanes we travel that get us where we want to go. It helps keep us on the right trajectory — focused, aligned, and determined to reach our financial destination.

When it comes to setting goals, you want to focus on both the short-term and long-term. 

Short-term goals may be as simple as creating a monthly budget, saving up 3-6 months worth of expenses in an emergency fund, or having a plan to pay off student loans. Whereas long term goals could be saving money for your child’s education, paying off a mortgage, or having a retirement fund in place. 

Are you on a forward-thinking track financially? Check out our "BINGO" chart for a fun and interactive way to measure your progress. College kids, we have one for you too! 



Sound financial planning

We’ve all heard it time and time again — “when you fail to plan, you plan to fail.” And, this couldn’t be more true. Sound financial planning is essential to your potential to achieve financial independence. 

Once you have your goals in view, the next step is to make them actionable with a comprehensive plan. At Be Wealth, we’ll work through your personalized plan and priorities, while considering the four phases of financial planning

  1. Accumulation: the saving and investing period from your early working years to late 40s.
  2. Pre-retirement: transition to conservative investing, starting in your late 50s & early 60s. 
  3. Retirement: post-work life when you start living off of your investment income. 
  4. Legacy: passing down what you’ve acquired to the next generation. 

Entrusting your money in the hands of someone else is a decision that should never feel rushed. You don't take it lightly, and neither should your financial advisor.

Plan for your future with Be Wealth

Not sure where to get started, or feel like you’re falling behind? It may be the perfect time to talk with a financial advisor at Be Wealth. We’d love to chat about your short and long-term savings objectives, and identify practical ways to help get you on track to becoming financially independent.  

Don’t let money be a setback to the life you want to have in the future. Wherever you want to go, we'll be there to help every step of the way. Get in touch with Be Wealth today! 

This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions.