It’s the 4th of July weekend, America: our party for the right to independence! Crank up the Sousa! Rock out with your cookout! Watch rockets’ red flare — fireworks bursting in air! We’re free! You’re free!
But don’t forget: Celebrate what you’re doing (and planning on doing) to stay free.
That is, pause to meditate on your financial freedom.
Sound like the ultimate 4th of July parade rain-out? You’re not thinking about financial planning like the ultimate party for independence that it is. What makes it a bash? You. Your passions. Your goals. Your dreams.
Take example, one of our fellow DailyWorth staffers — we’ll call her “Lisa.” We’re changing her name because she feels a bit shy about revealing her greatest financial freedom: going to see musical theater.
Lisa loves musical theater. When we say she “loves” musicals, we mean like the way you loved your childhood pug, Weenie. Lisa makes sure she always has the resources and time for them. She has a special savings account for them. Loves.
So, naturally, Lisa saved up for the notoriously amazing and costly musical production, Hamilton. Saved way up: $2,400, for Saturday matinee tickets. A financial scandal? Not for Lisa. She hadn’t poached from either her emergency or retirement funds to finance attending Hamilton because she’d made saving for it a priority.
Only when she got to the theatre, the lead, Lin-Manuel Miranda, was sick and played instead by an uncast understudy. Scandalous? Crushing? Nope. Lisa had saved up so much in her musical theater fund that she had enough to go again, once Miranda was back.
And thus, Lisa had the financial freedom to do what she’d dreamed of doing: to see the show(s) of a lifetime.
When you’ve saved enough for emergencies and retirement, you’ve got financial freedom to dream — and do — big.
What’s your financial freedom fantasy? Tell us all about it!