Ladies, as we
celebrated the freedoms of our nation on July 4, I encourage you to look at how
to create financial freedom in your life.
Money is a tool to
be used creatively and constructively to build families and communities. Your
self-worth is not your net-worth, and defining success beyond your bank account
will provide you with true liberty.
Free yourself from
the binds of the cultural and media lies that “more is better,” or that “a
little more will fulfill me.”
I still wrestle
with demons of “not having enough,” and probably always will. Material
pleasures tease us daily, but research continues to show that happiness is not
found in more stuff.
As I move towards
giving my time, talent, and treasure creatively, graciously, and extravagantly,
it frees me from the grip of materialism.
I encourage you
to explore the causes that are important, and create a plan that allows you to
give intentionally. Build margin into your resources to give when an unexpected
need arises in our families or community.
Create a spending
plan that reflects purpose with your decisions. Talk with your spouse, partner,
or friends to get resourceful and creative ideas and to hold each other
accountable. Ego desires lead to insatiable overspending. Enjoy the freedom
within the safe spending boundaries that you create.
If you want to
buy a home, save or look at what you can tax efficiently liquidate in order to have
a generous down payment. Determine how much house is enough as you look at a
mortgage that combined with taxes and insurance is under 25% of your disposable
Free yourself of
over-leveraged lives that wreak havoc when the economic season shifts. Know how
you want to use the equity in your home during the distribution season.
Do you want to
downsize and cash out? Is a reverse mortgage appropriate? Do you want to rent
rooms as part of a creative income stream?
What do you have?
Where is it? How is it working for you or can you make changes with its’
structure in order to do so? Understand the costs associated with your assets
and make sure they are titled properly.
beneficiary designations on contractual products such as life insurance,
annuities, and IRAs, and make updates where warranted.
We cannot borrow
our way to prosperity. We have to establish a plan to pay off any consumer debt
that is holding us hostage.
In the fall
season of life, you do not want to be paying interest on consumer debt. If you
are in your “forever home,” do you want to get it paid off? What action steps
do you want to take?
I know it can
feel daunting, but you should actively communicate with those who are a part of,
or may be affected by, your financial decisions. Asking questions or seeking
understanding involves risk.
Whether it is
with family members or your trusted advisors, make sure you feel heard, seek to
understand, and feel understood. Facing fears, embracing them, and getting the
support necessary will help you unfold into your potential.
As with other liberties,
we know it takes sacrifice, discipline, and lots of effort to maintain. What
are you willing to do to take an additional step forward with experiencing
How often do
you wonder about your financial stability? Are you financially free? How do you
maintain it? What sacrifices do you make? Please share with our community and
let’s have a conversation!
Let’s Have a Conversation!