Once again, it’s time for fireworks, picnics, and parades as our nation celebrates Independence Day. But if you’d like to declare your own financial independence, you’ll need to make the best moves you can.
First, liberate yourself from a heavy debt load. The lower your debts, the more you can invest for your future. So try to live within your means and avoid taking on unnecessary debts. You also might want to consolidate existing debts to lower your interest payments.
Here’s another suggestion: Don’t fall captive to the daily fluctuation of the financial markets.You can look past these constant ups and downs by following a disciplined investment approach,based on your goals and risk tolerance.
Finally, free up the potential in your 401(k) or other retirement plan by funding it adequately. Put in as much as you can afford and increase your contributions when your salary goes up. Within your plan, select an investment mix that offers reasonable growth opportunities. Gaining your financial independence requires time and commitment. But once you’ve achieved this freedom, you’ll know it was work the effort.
Happy Independence Day!
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, its financial advisors and employees cannot provide tax or legal advice