Work Toward Your Own Financial Independence Day

We’re getting close to the Fourth of July, our national Independence Day. This holiday may get you thinking about freedoms you hope to enjoy — such as financial freedom. How can you reach this goal?

To begin, pay yourself first by having money taken from your paycheck and invested in your 401(k) or similar plan. And you can move money directly from your checking or savings account to an IRA.

You’ll also want to avoid potholes on the road to financial independence. One such pothole is debt. The higher your debt payments, the less you will have to invest. Of course, the cost of living is always high, but do the best you can to live within your means.

Finally, invest according to your individual risk tolerance. If you take on too much risk, or too little, you may end up making decisions that can cause setbacks on the road to financial freedom.

By making careful moves, you can keep moving toward your own Financial Independence Day— and that’s an occasion worth celebrating.