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Creating A Financial Plan! - Create A Plan To Replace Your Income And Retire Early! - Ep 36
Manage episode 413022165 series 3503111
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In this episode, we talk about the importance of having a financial plan. This conversation was brought up because one of our friends' spouses is ready for retirement. However, unfortunately, their spouse hasn’t really saved anything or invested despite having a very high income for many years. They have no assets or anything. This is why creating a financial plan is important. Even if you have a low income, you can plan for retirement and financial freedom.
Laura says the most important thing is being financially literate. By taking the time to study your finances and learn how to invest, you are able to learn how to replace your active income with passive income. This is what we mean by financial freedom. It has nothing to do with bringing in income from a high-paying job. We know plenty of high-income individuals who are nowhere near being financially free because they didn’t create a plan or strategy with their finances. As long as your profits from your investments are higher than your monthly expenses, you are truly financially free. Watch this episode to learn the importance of having your financial plan and learn actionable steps on how to start working towards financial freedom.
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