Financial Freedom Checklist To Track Your Early Retirement

As America celebrates it’s freedom; it is time for us to pause and reflect on our own personal Financial Freedom Countdown journey. This post should help you create your own Financial Freedom Checklist to keep you on track for Early Retirement. 4th July is the perfect time since it is the midpoint of the year.

All of us would have made New Year’s Resolutions and need help to gauge how we are progressing. This has been a particularly tough year across the globe. With the pandemic, recession, protests it has been a challenge To Get Stuff Done Even When You Don’t Feel Like It.

Keep Your Job During Layoffs Layoffs usually involve corporations needing to trim fat. In good times; you can generally coast along and you won’t get pushback. However when the managers are required to cut; you can be sure they will force rank all members of their team.

Unfortunately, many business were not lucky enough to just survive by reducing their workforce. Some industries such as hospitality, travel, retail, etc were totally decimated.

Create Multiple Sources Of Income

Validate Your Emergency Fund The pandemic and the government ordered closures across the globe have shown how business have been crushed for lack of funds. Individuals who have been ordered to shelter in place also suffered loss of wages.

Increase Your Saving Rate Saving rate is dependent on what you spend and what you earn. We already talked about ways to earn more at your job and also how to develop additional streams of income outside of your day job.

Determine Your Asset Allocation We talked about accumulating income-producing assets. Now is a good time to check your asset allocation. Are there some assets missing in your portfolio you wish to add for diversification? Is your portfolio balanced as per your risk profile? While the markets go higher, everyone wants to be 100% into stocks. Luckily the market has recovered for NOW.

Track Retirement Goals

The basic goal of targeting Financial Freedom is Early Retirement. While planning for early retirement, you also need to consider future goals such a child’s education or a kitchen remodel. If you are using the Personal Capital Retirement Planner, enter future goal amounts in the planner.

The Retirement Planner also takes into account the fact that some of your money is in Taxable accounts and some is in Tax deferred accounts such as IRAs and 401(k).

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