5 Ways to Start on the Path to Financial Independence

Financial independence (FI) is a life status everyone should strive to achieve, no matter how content one might be with work and at home life.

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There is no one simple trick to get you from intrigued today to FI tomorrow, but I can give you some quick tips that can be the nudge that gets your FI boulder rolling in the right direction.

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5 Ways to Start on the Path to Financial Independence

If you aren’t automatically maxing out all available tax-advantaged retirement accounts, this is a great place to start.

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The beauty of these taxable investments is that there are no age limits or other restrictions. The money is there to use whenever and however you see fit.

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It’s not paramount to be 100% debt free when financially independent, but being debt-free is a tremendous feeling that may well be worth missing out on some interest rate arbitrage.

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Realizing that we can be truly happy by being frugal in some areas, while still spending extravagantly on the things we truly love, can be life-changing.

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The only form of life insurance that I would recommend for 99% of the populace is term life insurance, and if no one is depending on your future income, you don’t actually need it at all.

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5 Ways to Start on the Path to Financial Independence

Financial independence (FI) is a life status everyone should strive to achieve, no matter how content one might be with work and at home life.

There is no one simple trick to get you from intrigued today to FI tomorrow, but I can give you some quick tips that can be the nudge that gets your FI boulder rolling in the right direction.

5 Ways to Start on the Path to Financial Independence

If you aren’t automatically maxing out all available tax-advantaged retirement accounts, this is a great place to start.

#1 Max Out All Available Retirement Accounts

The beauty of these taxable investments is that there are no age limits or other restrictions. The money is there to use whenever and however you see fit.

#2 Start a Taxable Brokerage Account

It’s not paramount to be 100% debt free when financially independent, but being debt-free is a tremendous feeling that may well be worth missing out on some interest rate arbitrage.

#3 Plan to Eliminate Debt

Realizing that we can be truly happy by being frugal in some areas, while still spending extravagantly on the things we truly love, can be life-changing.

#4 Eliminate Wasteful Spending

The only form of life insurance that I would recommend for 99% of the populace is term life insurance, and if no one is depending on your future income, you don’t actually need it at all.

#5 Insure Your Income

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