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Five Steps to Greater Financial Freedom this Independence Day

Discover five steps to achieve greater financial freedom this Independence Day. Learn about strategic planning, investing, and more.
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Beau Bryant

As we celebrate America’s Independence Day on July 4th, it’s a perfect time to reflect on the freedoms we cherish and consider our own journey towards financial independence. For high-net-worth individuals, achieving financial freedom means more than just having money—it’s about having control over your finances, reducing stress, and enhancing your quality of life. Here are five steps to help you move closer to greater financial freedom this Independence Day.

1. Create a Comprehensive Financial Plan

Achieving financial freedom starts with a clear vision and a well-thought-out financial plan, but we often see people practicing “reactive” financial planning based on assumptions. What do we recommend? Start thinking proactively instead! Begin by assessing your current financial situation, including your income, expenses, debts, and assets. Set clear, achievable goals for both the short-term and long-term. These might include diversifying investments, planning for generational wealth, or optimizing tax strategies.

In Ohio, we tend to celebrate Midwestern values like prudence and hard work, and creating a financial plan that emphasizes disciplined saving and thoughtful spending can set you on the right path. At Resolute, we offer a MINDSET Roadmap to help you think proactively and retire on your own terms.

2. Optimize Debt Management

Debt can be a significant barrier to financial freedom for us and for future generations of our families, and many people don’t like to talk about it. Even for high-net-worth individuals, managing and optimizing debt is crucial. That’s why we recommend facing your debt head-on. List all your debts, including mortgages, business loans, and any other liabilities. Focus on restructuring high-interest debt and leveraging low-interest debt for strategic investments.

Consider using sophisticated debt management strategies, such as refinancing or debt consolidation, to reduce your interest payments. An experienced financial advisor can help you utilize straightforward and practical approaches and find methods that can provide a clear path to optimizing debt.

SEE ALSO: Six Strategies to Improve Your Retirement Readiness

3. Build and Maintain an Emergency Fund

An emergency fund acts as a financial buffer in uncertain times – and it’s important for everyone to have one. If you have a high net worth, ask yourself whether you have enough liquid assets to draw from without financial penalty in an emergent circumstance. If not, aim to save six to twelve months’ worth of living expenses in a readily accessible account. This fund can help you manage unexpected expenses like medical bills, property repairs, or business setbacks without derailing your financial plan.

Living in Ohio, where the cost of living is relatively affordable, can make it easier to build an emergency fund. Start with a goal and gradually increase your savings until you reach it. Having this safety net can give you the confidence to pursue other financial goals more aggressively.

4. Invest Strategically for the Future

Just as the Declaration of Independence was a forward-thinking document, investing is about preparing for your financial future. Diversify your investments across different asset classes, such as stocks, bonds, and real estate. If you’re interested in alternative investments, you may consider private equity or hedge funds, though these investments are not right for everyone. The goal of diversification is to spread risk and increase potential returns, and working alongside a financial advisor can help you build the best strategic portfolio for gaining the greater financial freedom you desire.

Consider opening or optimizing existing retirement accounts, like a 401(k) or IRA, and contribute regularly. Take advantage of employer matching programs, which are common in many Ohio-based companies. For high-net-worth individuals, strategic investments can help your wealth grow over time, providing financial security for your later years.

SEE ALSO: Sudden Wealth: What to Do if You Strike It Rich

5. Enhance Financial Literacy and Networking

Knowledge is power when it comes to achieving greater financial freedom. Increasing your financial literacy can empower you to make better financial decisions. Read books, attend workshops, or take online courses to learn about advanced investing, tax planning, estate planning, and more.

Ohio has a wealth of resources available, including this one from the Office of the Ohio Treasurer. High-net-worth individuals can also benefit from networking with other successful professionals. The more you know, the better equipped you’ll be to achieve and maintain greater financial freedom.

6. Embrace Midwestern Values

We Ohioans often pride ourselves on the values of hard work, honesty, and community support. These values can be instrumental in achieving greater financial freedom. Hard work can lead to better job opportunities and higher income, honesty helps in making ethical financial decisions, and community support can provide networking opportunities and shared financial wisdom across generations.

Consider participating in local financial planning groups or community initiatives that promote financial literacy and support. The sense of community and shared purpose can make the journey to financial independence more achievable – and more rewarding, too.

Achieving Greater Financial Freedom Now and Into the Future

This Independence Day, as you celebrate the freedoms we enjoy as Americans, take a moment to consider your financial independence. By creating a solid financial plan, optimizing debt management, building and maintaining an emergency fund, investing strategically for the future, and enhancing your financial literacy and networking, you can take significant steps toward greater financial freedom.

Would you like a professional assist as you work to build your wealth and gain greater control over your financial future? At Resolute Wealth Advisor, we offer deep expertise and a commitment to client engagement that we take a great deal of pride in. We understand that our clients’ needs and aspirations evolve, and we help you build a financial plan that evolves with you. If you’d like to learn more about our services and our process, please schedule a conversation with us today.

The views expressed represent the opinion of Resolute Wealth Advisor, Inc. (RWA). The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While RWA believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and the RWA’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Past performance is not indicative of future results.

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