Next week, we observe Independence Day, an opportunity to celebrate all the liberties we enjoy in this country. Of course, there are different types of freedoms – such as financial freedom, which can open the doors to many other opportunities. What steps can you take to gain your financial independence?
Here are a few suggestions:
• Save, invest … and repeat. There’s really no shortcut to achieving financial freedom – you do have to save and invest for many years. And that means you should take full advantage of the opportunities available to you. If you have a 401(k) or similar retirement plan at work, try to put in as much as you can afford each year, and when your salary goes up, increase your contributions. Even if you have a 401(k), you may also be eligible to fund an IRA. Both a 401(k) and an IRA offer tax benefits and an array of investment options, so they are powerful retirement savings vehicles.
