Independence Day is a great reminder of our political freedoms in the U.S., but it can be so much more than that. We encourage you to take a few moments to consider your financial freedoms. In honor of this holiday, here are our 4 favorite principles:
1. Spend Less than You Earn
It goes without saying, but in order to be financially solvent, you have to spend less than you earn. It’s important to practice general principles of frugality, and strive to get the best value for your money. Living within your means is the #1 rule of personal financial and the best way to achieve financial freedom.
2. Borrow as Little as Possible
3. Think about the Future
It’s easy to get stuck thinking about the present, but remember, that it is important to prepare for the future. Considering building an emergency fund, contributing to a retirement account and setting up an estate plan. Adequate insurance is also important if you are serious about protecting your assets and your family’s finances. Make sure that you are ready for problems, and that you can adequately provide for the unexpected financial problems that can so easily arise.