Richard Horowitz: Achieving Financial Independence

Richard Horowitz Life Insurance explains how to achieve financial independence

1. Achieving Financial Independence
RICHARD HOROWITZ

2. In a difficult economy, achieving financial independence can
seem like a far off dream that will never be attained.
But with careful planning, self-discipline, and commitment
achieving financial independence can be within your grasp!

3. Goals and Commitment

4. What does financial independence look like to you?
Does that mean having zero credit card debt?
Having all your vehicles paid off? Paying off your mortgage?
What do you want to achieve with financial independence?
It’s time to set your financial goals.
These are all questions you need to ask yourself and, if you are married, your spouse.
You need to work together to decide what goal you want to achieve.

5. Once you’ve decided on your financial goals you need to
be fully committed. It is going to take sacrifice, work,
and patience.
You have to be willing to make changes in your spending
habits to truly become financially independent.
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6. Track Your Spending

7. This step can sometimes be the
hardest, but it is one of the most
important. Begin tracking all your
spending – cash, credit cards, and
debit cards – for one month or
longer. You aren’t going to know
where to begin saving unless you
know exactly where you are spending
your money. This is going to be
harder than it sounds. You need to
account for every last penny,
including your morning latte.

8. BUDGET

9. Look at how you are spending your money. Red flag anything that is not a ‘need’ for
cutback or elimination. This could include items like eating out, gym memberships,
and magazine subscriptions. If you are having a hard time with this part of the
financial transformation process, remind yourself of your long-term goal –
financial independence.

10. SAVING

11. Creating options – You can travel, change jobs, and pursue your life goals.
Building frugality – Being frugal forces you to focus on what your real needs and wants are. You
will find that you fix your clothing rather than replace it, do your own home maintenance, and
cook more of your own meals.
Building security – You know that you can handle unexpected expenses. You will also have peace of
mind knowing that you are not being crushed under debt.
Saving brings independence by:

12. Starting your journey to financial independence can start as soon as you are ready to
commit. It is worth the work and effort to know that you and your family are
financially able to achieve your goals!