Money is power, and right now, you may want more of it. If you’re tired of working at a job that’s not your dream, it’s time to start working toward financial freedom.
Defined as having the financial means to enjoy yourself without holding a traditional job, financial freedom can change everything. Getting to this point probably won’t be easy, but with commitment and focus, you can achieve it.
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It’s probably not too surprising that many financial professionals have crossed the finish line into financial freedom. More than just doling out money advice to clients, they’ve used their knowledge to ensure their own financial health is off the charts.
GOBankingRates spoke with four financial experts to find out the top money goals they set that helped them achieve financial freedom. Keep reading to learn their advice so you too can take control of your finances and curate the life you want.
Wealthy people know the best money secrets. Learn how to copy them.
Paying Off Debt
Paying off debt is a popular aim for a reason. Jarrod Sandra, CFP, owner of Chisholm Wealth Management, said the most impactful financial goal he’s achieved is getting out of debt.
“I know this seems like a broken record with financial advice, but [we] paid off all of our vehicles, student loans and random other things financed — sans the mortgage,” he said. “This freed up our incoming cash flow to save, which eventually allowed me to break away from my prior firm and start my business from scratch.”
As a result, he’s now more in control of his career than ever.
“Had I kept all those payments around and not saved as a result, there is no way I could be doing what I’m doing now,” he said. “While I’m not financially free in the sense that I can just stop working, I’m financially free to make better decisions with my career than I ever was before.”
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Investing In Yourself To Boost Your Career
Sometimes you have to spend money to earn money. For example, Noah Damsky, CFA, founder of Marina Wealth Advisors, spent the time and money to boost his credentials early in his career, and it quite literally paid off.
“Don’t wait to do what you can do today,” he said. “There’s never a better time than now.”
For Damsky, reaching his money goals required obtaining an elite designation that took his career to new heights.
“I invested in myself right after college to get my CFA charter, which elevated my career trajectory and the speed at which I was promoted,” he said. “I spent thousands of hours and dollars in my early 20s to study for the CFA exams, and it paid dividends early and often.”
Looking back, he’s grateful to have made this money move when he did.
“If I had waited, I might have been too busy with other things, such as family, later in life,” he said.
Setting Ambitious Salary Expectations Early On
After graduating college, some people are content earning a meager starting salary, but this wasn’t the plan for John Bovard, CFP, owner of Incline Wealth Advisors.
“My top financial goal when I was in college was to be earning $100K or more post-graduation,” he said. “I laugh, because that number seems low now compared to when I made the goal back in 2010.”
He said this helped him stay focused during the first five years of his career and receive several promotions from his former employer.
“The other good part was this kept me at the same employer, which was great for my 401(k),” he said. “I was able to max that out years three, four and five.”
As an added bonus, he said after staying with his former employer for five years, his 401(k) was fully vested.
Building an Emergency Fund
Hands down, Matthew Payne, founder of Plan of Care Advising LLC, said establishing a fully funded emergency fund is the best money goal he’s ever achieved.
“It is an essential part of every financial plan for a reason,” he said. “It is not as exciting as getting in the market and watching your account grow as the market rises, but nothing gives you more freedom or peace of mind.”
He said the security you get from an emergency fund gives you the freedom to take risks and chase your dreams.
“A healthy level of fear as an entrepreneur is needed, but I feel it is counterproductive if you are afraid you are not going to be able to eat or keep a roof over your family’s head,” he said. “An emergency fund takes those anxieties away.”
Building an emergency fund can take awhile, but the peace of mind it provides will be worth the wait.
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This article originally appeared on GOBankingRates.com: Finance Experts: 4 Money Goals We Set That Helped Us Achieve Financial Freedom
