There might not be fireworks, but any day is a good one to celebrate financial independence even if you’re not quite there yet.
What is financial independence for you? For many people, it’s being able to live a good lifestyle without having to work for money. For those folks, they might still have a career because they love what they do and have control over how much they work. But their work is no longer about the money it’s about interesting activities and a sense of purpose.
There are several methods of assessing financial life cycles. The Alliance of Comprehensive Planners (www.acplanners.org) has one metric. This assessment says that when household net worth that’s assets minus debts is three to seven times the annual household income, the household is in rapid accumulation mode. This is generally a time when the individuals’ careers are at their peak. This financial stage is the precursor to financial independence. Generally, folks in the rapid accumulation
People who are in the financial independence stage of their financial lives — able to cover their expenses without income from a job — have some charitable options available in
Mother’s Day is when kids of all ages honor their mothers often with gifts. Mothers can give the gift of financial responsibility to their children, and those gifts are priceless.
As parents, we’re teaching our children all the time, whether we intend to or not. While we attempt to teach through discussion, our example and experiencing the consequences of actions are often more effective.
A lot of us moms would rather endure the worst pain and sorrow imaginable rather than having our children be unhappy. But sometimes a negative experience is the most effective learning moment. For instance, if your child makes a poor financial decision, it’s tempting to give them money to solve the problem. Doing that is teaching a lesson, but perhaps not the right one. You might feel that the implicit lesson is that people take care of those they love. In fact, the lesson is probably that when your children make a mistake, you’ll bail them out. That is an expensive lesson for you and th
Financial resources are the source of the standard of living you want. For many, these resources are also a means to build the world in which they want to live. If this is one of the ways you view your money, finding an adviser who shares your values is important.
Whether a financial adviser shares your values, you need someone who is capable and ethical, and someone with whom you’re comfortable. If you can’t ask an adviser questions or feel like you’re not getting good answers, it doesn’t matter what that adviser says about being a good fit or what their capabilities are.