We’re getting close to the Fourth of July, when we celebrate our many freedoms. The U.S. Constitution grants us many of these liberties, but we have to earn others – such as our financial freedom. How can you achieve this goal?
For starters, always contribute as much as you can afford to your available retirement plans, such as your IRA and 401(k).
Also, try to control your debts as much as possible. The lower your debt load, the more money you’ll have to save and invest. You might also try to build an emergency fund, with the money kept in a low-risk, liquid account. Such a fund can help you avoid dipping into your long-term investments to pay for unexpected costs, such as a big car repair. Finally, don’t ignore your protection needs. Make sure you have adequate disability insurance to safeguard your income should you become ill or injured. And you need sufficient life insurance to protect your family’s financial security. By making the right moves, you can declare your own financial independence. And when that day arrives, it’s worth celebrating – even without the fireworks.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor
You can contact Joey at 1940 N. Jackson St., Suite 140, here in Tullahoma. 931-454-2435 or visit www.edwardjones.com.