In this article, we take a look at the role a financial advisor plays in working towards and achieving financial independence in today’s difficult economic climate.
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Financial independence can be defined and measured in many different ways. Defining it is important, but what’s more important is figuring out why you want it, how hard you must work for it, and how much you want to achieve it.
Spending money on basically anything because you ‘simply can’, is one of the reasons why I believe most young adults are constantly in debt. Being controlled by social media and trying to stay on trends often leads most of us to living beyond our means.
Unfortunately, debt does not simply dissolve after you die. In fact, everything you have left to your name after you pass could be used to settle outstanding debt. What’s worse, in addition to mourning your passing, your loved ones may be faced with paying your outstanding debt if you have not taken the necessary steps to protect them.
There are 4 main solutions to consider if you are beyond the point of keeping up with your monthly repayments. This might mean that you are over-indebted, and you may be faced with legal action if you continue falling behind on your payments.
Often times, people do not include their tax refund in their budget as they are not sure how much it is going to be, or if they will be receiving a refund at all. Therefore, it’s important that you know how to use your tax refund wisely so that you can improve your overall financial portfolio rather than spending on things you don’t need.
Creating a budget and finding the correct strategy for your monthly budget are the first steps to successful budgeting but could easily mean nothing without ongoing efforts to make sure you stick to, improve, and reassess your budget. Herein lies true budgeting success.
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