Fathers love financial freedom. (So do moms!)

Here are a few ways to give your father a lifetime of bragging rights.

Your first hero as a child is your dad! You try to emulate his qualities in your life. You follow his advice, and you strive to be the best version of him that you can be. His experiences greatly influence how you live your life, consciously or unconsciously. Why don’t you show him the financial planning and management skills you’ve inculcated by watching him closely on this Father’s Day? 

You’ve seen how beneficial Financial Freedom has been for your parents’ retirement. 

Do you wish to become financially independent and retire early? 

Listed below are a few things you can start practicing if you haven’t started already. 

1. Investing

The value of money is unique, especially unspent money. It has the value of freedom. Invest any surplus cash judiciously to earn money while you sleep. It will power you with the freedom to live your life the way you wish. It is your choice whether or not to work, what you work on, and whether to take two half-yearly vacations.

2. Claiming Financial Freedom

 Why wait until retirement to claim financial freedom? Many people think that savings & financial freedom lead only to retirement. It is not one-dimensional for those of us of the current generation. Retiring, especially early, is no doubt liberating. You have the freedom to follow your passion without fear of financial consequences. You are still welcome to work the job to fulfil your passion and purpose. The benefit of financial freedom is that you can do so without worrying about money. Start retirement planning as soon as you start your career. You will not have to think about financial freedom until retirement. If you plan and invest wisely, you’ll reach your goal sooner than you expected. 

3. Tracking your money

Financial planning and analysis require tracking and knowing what to track and how to track it. Make sure to compare your expenses with your savings rather than saving simply for its sake. If your goal is your monthly expenses, you will automatically spend less and start saving more. Isn’t that great?

1. Level of Financial Journey

Instead of aiming for the highest peak, start by achieving small milestones. 

1. Getting started. 

Set aside a month’s worth of expenses. It will give you a month’s cushion when faced with an unexpected expense as a starting point. 

1. Financial Safety 

As a next step, save three to six months’ salary. By doing so, you’ll build a safety net. Thus, you’ll be ready for unforeseen expenses. 

1. Financial Security

Aim to have one to five years’ salary saved up as you save. It will prepare you to deal with any unexpected financial hardship and allow you to experience the magic of compounding. Your money will start to grow and multiply over time.

1. On your way to Independence and Freedom

Your biggest challenge is saving and investing ten to fifteen years of expenses. Investing in this way will yield a respectable return when compounded. If you reach this stage, take pride in knowing you are closer to Financial Freedom. 

To achieve complete financial freedom, you need to discover your financial freedom number. To do that you need to tailor your financial goals by planning and tying macro goals into microscopic details of your financial journey. This includes deciding what you want and when you want it, your risk capacity, time horizon, earning and investment potential as well as how your plans will change as you grow your family. You should consult a fee-only financial advisor to map out your personalized financial roadmap.

Once you have your plan in place, you can start your retirement planning early, pursue passions you’ve left alone, continue working, support your favorite charity, and travel to your dream destination without worrying about finances and your future. Just as your father is there for you, you can be a responsible and present dad for your kids. 

Nothing makes a father prouder than a child who followed his example and achieved much more than he did. It’s Father’s Day every day, and he should feel the same pride every day. Let him brag with excitement about your growth and achievements to his peers and friends. This kind of happiness and joy is priceless!

Whether your dreams are big or small, it is never too late to start planning for your finances and building your wealth. We will help build the financial plan and investment strategy you need based on your goals.