In this episode, we’re going to talk about a key component to securing financial independence and that’s income.
Now, there’s an old adage that goes, “it’s not about how much you make, but how much you keep…” that is often applied to the concept of spending and saving prudently. But, what if spending wisely and prudently managing your savings was just one part of securing your path to financial independence?
Make no mistake, managing your cash flows is essential to mastering your path to financial independence. That’s because without a firm grasp of this critical process, having the money you need to accomplish your life goals likely just won't happen.
And that's why we recently reviewed methods for evaluating big-ticket purchases and assessing your annual spending and savings decisions relative to your baseline goals to identify areas of opportunity for the coming year.
But in this episode, we'll take a look at an often-overlooked approach for putting more of your money to work in the present: maximizing your income.
This subject will be relevant to you whether you’re still in your earning years or already retired because many individuals, whether their income comes from a paycheck or savings distributions, end up leaving thousands of dollars on the table each year.
We'll also discuss some methods for methods for paying yourself first and briefly cover your options when it comes to meeting near-term uneven cash flows, and the order in which to contribute to build your long-term savings.
And by the end of this episode, you’ll come away with a better understanding of the techniques to optimally fund your spending and savings goals for the year.
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