Jan 25, 2019
It's no secret we all want financial independence, but what does
that mean? We'll tackle what it looks like to live freely in
What You'll Learn:
3:22 – Independence From Government Assistance Is A Good
- We're not saying the government's bad, but it's good not to
have to rely on Uncle Sam. Having independence from government
assistance gives you the freedom to choose how you want to be cared
for in retirement.
5:22 - Achieve Financial Independence From
- Simply put, you don't want to have to rely on your children to
take care of you in retirement. If you spend too much on them now,
you'll be relying on them later.
6:30 - Don't Rely On Your Job.
- It's a freeing feeling not to have to rely on your job for a
paycheck. Continue working or start a second career because you
find your work to be fulfilling, not out of necessity.
7:58 - Independence From Wall
Street Is Desirable.
- Hear us loud and clear. We're not saying you need to take your
money out of the market when you retire. Instead, we're suggesting
a change in perspective. Your
income shouldn't be dependent on the market in retirement. We don't
want you to have to cut your paycheck simply because Wall Street
has had a bad day.
14:40 - The Drawbacks Of A 401(k).
- The 401(k) is a wonderful tool for building wealth, but it's
not the best fit for everyone. Joel shares examples of instances in
which a 401(k) might not be for you.
If Your Employer Doesn't Match Your Contributions, Your 401(k) Becomes Less Appealing.
- Don't miss what we're saying. For most people, the 401(k) is a
great tool for building wealth. However, if your employer doesn't
match your contributions, you could do better with that money in
16:49 - Are Future Tax Increases Worrying
- If so, perhaps the 401(k) isn't for you. After all, tax rates
are at historic lows right now, and 401(k)s are tax-deferred
accounts. This means if taxes rise, you could find yourself with a
hefty tax bill when the time comes for you to withdraw from your
18:41 - Don't Leave Your Money Behind.
- If you're leaving your company, consider taking your money with
you. Roll that 401(k) into an IRA or somewhere else.
"Your retirement could last for 30 or 40 years. We want you to
live freely. Work with your advisor, and develop a plan that will
give you independence in retirement." - Money Wisdom
ScheduleYour Money Map Review: http://retire.johnsonbrunetti.com/contactjohnsonbrunetti
For further exploration of this topic and additional resources,
check out our blog here: https://johnsonbrunetti.com/defining-financial-independence/