Ep 176: Financial independence - What it means and how to achieve it.

Financial Independence – What It Means and How to Achieve It. In this episode of the Weekly Wealth Podcast, Certified Financial Planner David discusses financial independence, tying it to the spirit of Independence Day. Recorded during the week of July 4th, 2024, David explores strategies and common pitfalls that can either aid or hinder one's journey towards true financial freedom, especially for high net worth and mass affluent listeners. David begins by defining financial independence as the ability to live the life you want without being constrained by financial limitations. He emphasizes the importance of reducing stress and having control over your finances to enhance overall life quality. Financial stress can negatively impact mental and physical health. David discusses the benefits of financial freedom, such as more options, the ability to pursue passions, start a business, retire early, and better overall health. Practical steps to achieve financial freedom include ensuring your income exceeds your expenses, increasing income streams, managing expenses, and planning for the long-term by reducing debt and building an emergency fund. Here are points to consider: How would reducing financial stress improve your overall well-being? What additional income streams can you explore to boost your financial independence? How much should you have in an emergency fund to feel secure? How can better financial management help you pursue your passions and hobbies? What changes can you make today to improve your financial freedom and independence? For questions, email david@parallelfinancial.com Book at time to speak with David at www.calendly.com/davidpf