Financial independence is reaching a point in your life where your passive income outweighs your expenses. Money is no longer a problem or a stress. Most people believe financial independence is for when you retire and no longer work, but it can happen at any point in your life.
In order to reach financial independence, there are six steps to follow:
1. Cash Flow- Earn more than one source of income and manage your expenses
2. Emergency Fund- Save 3-6+ months' income and prepare for unexpected expenses
3. Debt Management- Consolidate debt and eliminate debt!
4. Proper Protection- Protect against loss of income and protect family assets from risk of loss
5. Build Wealth- Strive to outpace inflation and reduce taxes with tax-advantaged investments
6. Preserve Wealth- Build a family legacy!
Everyone wants to be financially independent, but sometimes it is hard to start planning for it. If you want to learn more on how Alchanati & Associates can help you or if you are interested and need help with starting now, contact us now!
My name is Camden Alchanati and my goal is to teach you how to create a future of financial stability and growth!