Juneteenth and the 4th of July should remind us that independence is definitely worth fighting for. On July 4th we celebrate American’s declaration of freedom from the control and influence of Great Britain. On Juneteenth, we celebrate blacks being freed from slavery in Texas.
History teaches us that true freedom equates to financial independence. It is imperative that you declare, fight for, and win your own financial Independence Day.
What Does Financial Independence Mean?
The definition of financial independence varies from person-to-person. Some people believe that financial independence is having enough wealth to live a life of comfort without the need to work. Whereas other people feel that financial independence means not having to live from paycheck to paycheck.
In a 2020 TD Ameritrade survey of young Americans ages 15 – 29, for example, 57% of respondents judged themselves to be financially independent by simply being able to meet their financial obligations without financial assistance from parents or grandparents.
However, you define financial independence, unless you win the lottery or inherit a fortune, it will likely only happen if you are willing to go after it. The Founding Fathers knew that America’s independence would not be achieved without a fight. Black Americans no of this continued fight all too well – financial independence is paramount for success in America.
Your Strategic Plan – Be E.I.
The best plan to you can utilize is the plan to be E.I. Being E.I. is a lifestyle that you must be dedicated to everyday. Avoid charging expenses to credit card debt. Credit card debt is financially enslaving a lot of people in America. You simply cannot be financially free with significant credit card debt.
You are encouraged to learn how to be E.I. by following the 10 steps to become economically intelligent covered in my book.
Develop A Budget
Start with a budget that takes into account income and other available assets, allows you to pay your living expenses, and if at all possible, lets you save and invest. Think of your budget as a roadmap to financial independence. Pay attention to where the money goes and avoid dead ends. Cut costs where possible, creating more opportunities for saving and investment.
Hardwork & Dedication
The idea of the need for “eternal vigilance” in the pursuit of liberty, often attributed to Thomas Jefferson, could also be applied to financial independence. The road to financial independence requires a lifetime commitment to Economic Intelligence.
You also need to be careful of situations that could lead to having money trickle out that could be put to better use. Or that could lead to accumulation of more debt that you can handle. If you feel it coming on, make yourself stop and pay attention, and work to find a good solution whether it’s debt counseling or debt consolidation.
Free At Last
Keep up the good fight until you are sure you’ve achieved the financial objectives you set out to achieve. Financial independence begins with a declaration, followed by a plan, including objectives, assets, tactics, and most of all, perseverance. Be financially free; be E.I. and happy 4th of July 2021!
Jeremy G. Preston , CEO
E.I. Enterprise LLC