How Do You Know When You're on Track to Being Financially Free?

In today's episode, Mary Beth Storjohann, CFP® and Neela Neela Hummel, CFP® explore the concept of financial freedom and how to know if you're on track to achieve it. They discuss the different interpretations of financial freedom, retirement planning, the FIRE movement (Financial Independence, Retire Early), the impact of savings and investment on achieving financial freedom, and the importance of having a diversified financial portfolio. They also touch upon the psychological aspects related to money, the significance of tracking net worth and budgeting, and the use of online retirement planning calculators to gauge progress toward financial freedom. They emphasize the personalized nature of financial planning and the need for a holistic approach when considering factors such as expenses, income streams, assets, and tax allocation. Tune in as Mary Beth and Neela share their insights on achieving financial freedom and providing valuable advice to help you on your path to financial independence. For additional resources, information, and a full transcript of the episode, visit our website. To access our podcast disclosure information, visit this page. What You'll Learn in this Episode: Why being financially free means different things to different people How to define what financial freedom means for you Other definitions of being financially free besides retiring Why many people continue to work once they've reached financial freedom What the FIRE movement is and the sacrifices that come with it The 4% retirement rule and how to apply it to your life The importance of having a combination of assets when approaching retirement The tax implications if you are solely relying on your 401k during retirement The importance of tracking your net worth throughout your life The importance of a budget and understanding your household expenses as you approach retirement Stay Connected: Connect with Mary Beth on Twitter, Instagram, and on LinkedIn  Connect with Neela on Twitter, Instagram, and on LinkedIn Join the Abacus community by connecting with us on Facebook, Twitter, Instagram and on LinkedIn