Financial Independence

How do you know when you can stop working?

When future expenses are covered by passive income streams, a person is typically considered to be financially independent. In this situation you no longer need to work to support yourself.  This doesn’t necessarily mean that you will stop working, but it does mean that you can choose to do the kind of work that makes you happiest.

“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.” - Lance Armstrong

 I saw that quote recently in an article published by First Ascent Asset Management, one of the key sub-advisors we have formed a strong relationship with over the past year.  I thought it really was fitting on many fronts as I was sitting in my office in New York shivering, pondering how thankful I am that it is temporary because all of you allow me to live my dream of being warm for most of the winter. 

On Thursday we announced the addition of Katrina (AKA Kate) Welker to the team, which was followed by a special edition podcast release on Friday (click here to listen).  Now you get to hear from her via her first blog post!  We hope you enjoy this edition.

On Friday we released a great podcast with Career Coach Ray Giese (click here to listen); in addition he has agreed to be our guest blogger for this week.  Thank you for your words of wisdom Ray!

When asked most people would say that their home is their greatest financial asset (note that I said financial asset – I could argue that my greatest assets are my family and health, but that’s for another post).  However, think about it.  What gave you the financial resources to buy the home in the first place?  Your career of course!  Another way to state is that your earning power gave you the financial capability to purchase that home and everything else you have in your life!  Everything in your life really starts with your earning power!

One of my goals for 2018 is to give you multiple voices with regards to financial education and this week I’m excited to share a great blog by one of my co-XY Planning Network members, Brian Thompson.  Brian is the owner of Brian Thompson Financial, and I think you’ll enjoy reading his suggestions and ideas, of course if you are working with me, we incorporate many of these tasks into the year, but a different voice on a topic can sometimes bring attention to an area that may need additional discussion.

I’m not sure if I should be saying Happy New Year or Happy BRRRRR Year!  Yikes, the January freeze has really kicked in, even down in Florida this year! 

A few weeks ago, I put out a call to my Facebook friends asking if anyone knew or could recommend someone from law enforcement for an interview on safe driving techniques.  Unfortunately, I didn’t get any takers, but a friend of mine sent me the funniest You-Tube video where a law enforcement individual demonstrated the “miracle stick.” 

To all my wise-crackers out there – yes, I realize it is not Monday as I’m sending this out – but it’s in Monday Morning Quarter-Buck style!  For those of you that are football fans, it’s common to sit around the preverbal water cooler and discuss what happened during our favorite football game the prior weekend.  Discussing where the referee’s missed the mark and made ridiculous calls, how the team played, and the actions of the coaches.  Well, that’s how I felt today.  Every time I thought I had this Special Edition ready to send out to you all, a new article comes into my email box with additional information, feedback and opinions.  So, what I had planned to have out to you this morning is just now finally “ready.”  

A bit of history – did you know that on November 6, 1917, yep one hundred years ago, women won the right to vote in New York.  Read more about this amazing milestone in this New York Times Article.

I can’t believe we are less than 2 weeks away from Thanksgiving! 

So much has happened since the last time I sat down to write this blog!  We’ve been busy recording some interesting interviews for our podcast, “Wine and Dime” with Amy Irvine, so if you have a few moments subscribe via iTunes or head on over to our website to catch up: Wine and Dime Podcasts

Last weekend, on November 4th, 2017, I had the privilege of co-hosting the 4th Annual Southern Tier Financial Conference for Women by Women.  The event this year

Autumn is here, although the weather is saying something very different (I’m perfectly happy with it!).  This year is just flying by and the events of the past few weeks have made it feel like it has been months since my last blog post! 
 
On the mind of many is the Equifax Breach.  It seems every day we are learning more and more about this breach.   Many of you may have already signed up for the 1-year monitoring from Trusted ID Premier, but I’m beginning to wonder if that is enough.  According to an article published by the Federal Trade Commission, Equifax is now offering free freezes until November 21st.  However, unlike a fraud alert, a freeze needs to be placed with each individual credit reporting agency, so to make a freeze truly effective you would need to place a freeze with TransUnion and Experian.  If you’d like to read the article for yourself, here is the link: https://www.consumer.ftc.gov/blog/2017/09/free-credit-freezes-equifax?utm_source=govdelivery
 

This release is a little sappy, I'll admit, but I am feeling so thankful and really want to share something from my heart although it's a little scary for me to do that, I know you are all so supportive, that I am following the advice from John Lennon, "hopes for a better world rest in the fearlessness and open-hearted vision of people who embrace life."