Financially Free at 40

Financially Free at 40

“Less than 1% of the population retires before 50.”

“75% of us can expect to see our assets disappear before we die.”

When I read stats like that, it just makes me think, what are people not getting?

I think it has to do with not knowing what they really want.

Or if they do know what they want, then not knowing why they want it and not setting up a plan to get it.

After reading about so many people becoming financially free at an early age, I decided that’s what I really want.

I’ve read a lot from Mr. Money Mustache, Paula Pant, Chris Reining and A LOT of others.  Every time I read their stories I feel inspired. We should be living happier, more fulfilling lives and attaining financial freedom at a younger age really does help with that.

It’s not that you can’t have a happy, fulfilling life right now because I actually do and it’s so important to be happy with where you are now because if you think, oh, when I get married I’ll be happy or when I have kids then I’ll be happy, or when I get my dream house…on and on and on, then cycle will only continue.

You’ll never be happy with anything because you’ll always be looking for the next thing to make you happy.

I am totally happy. I enjoy time with my family and friends. I take vacations, I’m able to build up my business. I’m able to spend time doing things I enjoy.

I also want the option of not having to work, to have the ability to live the lifestyle I would like without relying on working or relying on someone else to pay my expenses.

It just makes things simpler if you don’t have to worry about money.

I used to wonder how much I would need  to retire at 65. I wondered if I was saving enough or investing enough. but I didn’t really have a clear picture of what I would need in order to retire.

The financial world can be confusing and overwhelming. There’s so much information that we don’t know what to believe. We don’t know what our next step should be.

After doing a ton of research and studying those that are financially free, I was so inspired and excited that I’ve been able to map out my own Financial Freedom plan. My goal is to be financially free at 40, Dec 2020, in about three years.

It wasn’t as easy to figure out as I thought it would be. Mapping out a Financial Freedom plan takes time and effort, but it is SO SO SO worth it.

I now have a clear picture on what I am working toward, which helps me know my next steps to take.

My Financial Freedom plan includes stocks, retirement accounts with index funds,  rental properties and my own business.

At first when I was mapping out my Financial Freedom plan I thought I would just need to work toward a certain amount of money I’d need to have  invested. That was my original plan, to work towards getting that certain amount of money in my retirement/stock accounts.

But I realized I already have rental properties and I want to create more cash flow by investing in more rental properties. So working towards a total lump sum of money invested isn’t going to work for me.

I had to determine how much cash flow I would want from my rental properties and then I could deduct that from the lump sum of money I would have invested.

It’s not as easy as just subtracting the rental cash flow from the lump sum invested because if I’m investing money in the stock market that is going to be getting a certain return every year so my money would continue to increase without me putting extra in. It’s a little thing called compound interest.

After doing some math and reworking my plan, I was able to come up with what I would need in order to become financially free at 40.

It’s a little more complicated than I thought it would be, but definitely doable and definitely important!

Now I have an exact plan on what I am working toward. I know my actions steps to take. And I can alter my plan as I go along depending on when I get another rental property or how much my stocks go up in price (or down in price)  or other factors that will affect my plan.

Here’s what I know.  I figured out what I wanted. I figured out why I wanted it. And I created an action plan to get me there. Now I just need to follow the steps and listen for guidance along my path to make necessary adjustments.

I am super excited to achieve Financial Freedom at such a young age. Of course I could have done this earlier if I would have figured out what I wanted earlier, but at least I know now and I am on the path!

I can’t wait to be able to spend more time with my family, go to my niece’s tumbling events or my nephew’s school plays, to be able to travel to Thailand, to buy my dream house, to not have to work if I don’t want to, to volunteer at the elementary school, to do free in-person finance workshops for those in need, increase my charitable donations and whatever else I want to spend my time doing or spend my money on.

When you achieve financial freedom, not only do you have money to live the lifestyle you want, but you also get your time back – you get time freedom. You get more choices to do the things that really matter most to you.

Here’s some action steps for you:

If you don’t know what you want, figure it out.  Know what you want specifically (like put a date to it) and why you want it and create a plan to get there.

If you want Financial Freedom just like I do, I can help you create a plan to get there. It first starts with your mindset, so get my free email course, Wire Your Brain for Financial Freedom in 5 Days, and let me help you get started on your path to financial freedom!!

Share in the comments below what it is you truly want!

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