Financial Planning

Financial freedom is a state of being in control of one's finances, covering expenses easily, and saving for future goals. Financial freedom enables you to choose how you spend or interact with your money and have the choice to decide what to do with it. Financial freedom is essential to being financially secure and meeting your goals.

Working towards financial independence can often be a lifelong process. But for many, financial freedom may come far sooner—and include some fun along the way. What are the differences between financial independence and financial freedom, and what steps can you take to work towards both goals? Here we discuss the answers to these questions and more.

Even though housing prices throughout much of the U.S. are at or near all-time highs, there are still many distinct financial advantages to owning a home.¹ From tax benefits to capital gains exclusions and guaranteed rates of return, we explore four of the biggest economic benefits that can come from homeownership.

If you're like some, you may have spent large parts of your working life missing the carefree summer days of your childhood. That is, of course, assuming you had a happy childhood. If not, try to imagine how it might be if your childhood was idyllic. And what if you knew of a few things to do so your retirement might feel like an endless summer vacation, too?

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire.

Retirement seems like a long way off, but it arrives faster than you think. The big question is, are you ready? What exactly does retirement entail? Analysts suggest there are four designated phases of retirement that a person often experiences. Individuals may have to modify their strategies throughout the different phases to align with changing incomes and expenses.

As a business owner, putting all your profits back into the business may be tempting, especially during the lean years. However, when it comes to saving and investing as a business owner, there are other paths you could consider for the long run without so much emphasis on the short term.

You have probably heard about financial planning and its potential benefits, but you are unsure how to apply the principles to your life. A financial plan is a collection of steps that help you to evaluate your financial condition and determine how to prepare for your financial future.