My Turn: Program provides a path out of homelessness – AZCentral.com

Deborah Arteaga, AZ I See It 2:43 p.m. MT Feb. 7, 2017

Many I-HELP clients find themselves homeless after an unexpected financial or health crisis.(Photo: J2R, Getty Images/iStockphoto)

On any given day, an estimated 300 to 500 Tempe residents call the streets of our city their home. Some sleep in their cars if they are lucky enough to own one.

Tempe Community Action Agency (TCAA) operates the only homeless shelter resource in Tempe. In partnership with 10 local faith organizations and more than 800 volunteers, its Interfaith Homeless Emergency Lodging Program (I-HELP) provides 560 men and women annually a warm meal, a safe place to sleep each night and a pathway out of homelessness to financial independence.

The program shelters 40 people in Tempe each night, seven nights per week, 365 days per year. Sixty-eight percent of those entering I-HELP became homeless in the past 90 days; 20 percent report they are a victim of domestic violence; and 29 percent have some type of disability.

Deborah Arteaga(Photo: Deborah Arteaga)

The goal of I-HELP is not only to provide for the immediate needs of homeless individuals, but also to offer these members of our community the resources they need to find employment, secure permanent housing and regain self-sufficiency.

Each person who comes to I-HELP has a unique story, but many find themselves homeless after an unexpected financial or health crisis. Antonios story includes both. After a successful battle with cancer left him penniless and homeless, he landed a full-time job in Tempe. But, with no financial resources left, he found himself sleeping in his car.

I finally Googled shelters and arrived at I-HELP feeling ashamed and defeated, Antonio says. I-HELP (which helped Antonio with shelter, food, showers and developing a saving/budgeting plan) allowed me to maintain my full-time employment and obtain a place I call home with restored dignity.

Other I-HELP clients, like Gilbert, a veteran in his 50s, have ongoing health issues that make it difficult for them to access the services for which they otherwise qualify. Gilbert had been homeless for long periods of time prior to being referred to TCAA. He had been on a long wait list for veteran housing and suffers from mental-health challenges that make it difficult for him to follow through on appointments with Veteran Services, including needed health care.

Gilbert entered the I-HELP shelter program where he could access safe overnight lodging, a regular nutritious mealand the help of case management to assess his needs and address the issues that prevented self-sufficiency.

Gilbert remained in I-HELP for a period of six months. His I-HELP case manager met weekly with him to help develop a schedule and plan for one week at a time, outlining the places he needed to go and appointments he needed to attend. With guidance, he followed through with these appointments, and as a result, his veteran housing benefits were approved.

Selecting a place to live proved a challenge for Gilbert, who found his options confusing and overwhelming, complicated by the fact that he had no transportation.

His VA case manager helped by driving him to look at apartments. Once housing was selected, his I-HELP case manager worked with him to prepare for employment so that he could sustain his housing. Today, Gilbert is enjoying his new job, home and improved quality of life.

Although I-HELP relies heavily on volunteers and the donated facilities of partnering faith organizations, 93 percent of its tangible expenses are funded through the generosity of private supporters.

The annual I-HELP Walk/Run, scheduled 7:30-9:30 a.m. Saturday, March 25, at Kiwanis Park (North Soccer Fields), is a vital way that TCAA raises funds to pay for things such as access to warm showers, nutritious meals, sleeping mats, employment and transportation assistance, and case managers.

A unique aspect of this walk/run is that it is set up also to raise awareness of the issue of homelessness, taking participants through the experience a typical client goes through with I-HELP, from homelessness to regaining self-sufficiency. Its an impactful service and educational experience for families, school groups and coworker teams.

If you would like to make a positive impact on homelessness in Tempe, please consider participating in this 5K event as an individual or team. To learn more or to inquire about sponsorship opportunities, call Lexie Krechel at 480-350-5884.

Deborah Arteaga is executive director of Tempe Community Action Agency.

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The power of financial independence – KXAN.com

Sponsored by REAP Financial Published: February 6, 2017, 8:24 am Updated: February 6, 2017, 8:29 am

Imagine if your investments, your retirement savings were breaking a sweat to generate income you could live on post-retirement, imagine driving to work on Monday next week because you want to, not because you have to, Thats the meaning of Financial Independence, according to retirement planning expert Chris Heerlein. Imaging knowing that! Thats the clarity we can provide and want to provide everyone.

This week, REAP Financial is giving away a free copy of their Road to Retirement planning guide. Just email your contact info to retire@reapfinancial.com and youll see inside the seven topics you need to be focused on in your retirement planning.

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3 insider tips for achieving financial independence | The Motley Fool … – Motley Fool UK

When the FIRE movement (Financial Independence, Retire Early) gained critical mass in the USin the Noughties, it was founded on three principles: spend less, save more and invest in low-cost index trackers.

These axioms can certainly help you achieve financial independence, meaning that your income from investments is sufficient to live on, earning you the freedom to give uppaid work earlier than most. But chatting to those whove done it and reflecting on how I got there myself, I think there are other steps you can take that will liberate you a lot sooner from the need to serve The Man

Academics have shown that start-ups which create business plans are more likely to prosper than those that dont. I reckon the same applies to life projects such as FIRE. The act of producing a document creates a set of commitments, and benchmarks against which performance can be judged.

I think two pages are needed: a profit and loss projection looking at income and outgoings both today and going forward anda balance one, listingyour assets and liabilities today and projecting them into the future.

Producing such spreadsheetsforces you to confrontdifficult questions such as: what you earn, and expect to be paid in the future; your spending; any debts; your asset allocation strategy and your expected returns on them.

Its surprising how often obvious solutions get overlooked. If youre intent on building up investment assets that will one day support you, your income must exceed your outgoings. If thats the case then boosting income by, say, 10% will enhance your savings by more than cutting outgoings by the same percentage.

As the UK labour market tightens, many people whove been in their jobs for a while are earning less than they might if they moved. While there are risks attached to switching employer, presenting a compelling case to your current boss for a raise might yield results. Likewise, investing in your human capital by acquiring new skills and qualifications may generate a sizeable payoff in terms of future earnings.

The sameprinciple applies to the returns generated by your investments. As I demonstratedrecently, there are funds that have historically outshone the safe option of putting everything into a low-cost tracker ETF. So review your investments periodically, to ensure youre getting the best performance.

Youve probably guessedthat Im not an uncritical admirer of the early financial independence bloggers emphasis on frugalism: money invested in your skills, or paying the best active fund managers, is seldom wasted. Nor, in my view, is it reckless to pay forthe things that make work bearable and hence safeguard that income stream for as long as you need it, such as moving home to reduce a commute or eating healthily to ensure you maintain stamina.

Some returns on outgoings are non-financial. Every year you spend in early retirement, not earning wages, carries the opportunity cost of the money you would have been paid had you worked. Its all wasted, if you dont use that hard-won time meaningfully.

Same goes for your leisure hours while youre employed: no amount of money will bring back time. If there are things you want to do with your precious days on this planet that incur costs, such as travelling or pursuing hobbies, by all means find ingenious ways of doing them more cost-effectively. But always remember that the opportunity cost of not doing those things is immeasurable.

Just as following the herd in the FIRE community can be expensive, so research showsthat a handfulof commonplace mistakes dramatically impact on most private investors' returns, and hence their ability to achieve financial independence. The Motley Fool's analysts identify these -- and, crucially, advise how to avoid them -- in our exclusiveFREE REPORT. Simply follow the link and it's yours!

We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

When the FIRE movement (Financial Independence, Retire Early) gained critical mass in the USin the Noughties, it was founded on three principles: spend less, save more and invest in low-cost index trackers. These axioms can certainly help you achieve financial independence, meaning that your income from investments is sufficient to live on, earning you the freedom to give uppaid work earlier than most. But chatting to those whove done it and reflecting on how I got there myself, I think there are other steps you can take that will liberate you a lot sooner from the need to serve The

Link:

3 insider tips for achieving financial independence | The Motley Fool ... - Motley Fool UK

Speaking of Women…Are We Really More Financially Independent Now? – Investopedia

Speaking of Women...Are We Really More Financially Independent Now?
Investopedia
Two-thirds of the millionaires who responded to the UBS survey, both male and female, said the whole reason to build wealth is achieve complete financial independence, where one setback won't banish them back to the ranks of the un-wealthy. If you can ...

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Speaking of Women...Are We Really More Financially Independent Now? - Investopedia

House Dems: Trump wants to put Wall Street first – The Hill

House Democrats on Monday blasted President Trump's executive orders curtailing financial regulation, arguing that the White House wants to bring the country back to the days leading up to the 2008 financial crisis.

"They want to take us right back to that place, by the person who went out there and campaigned against Wall Street," Minority Leader Nancy Pelosi (D-Calif.) said during a press conference.

"We cannot return to the financial catastrophes that we've had in the past," added Rep. Vicente Gonzlez (D-Texas).

Trump on Friday issued two executive orders aimed at cutting back on regulations affecting the financial sector. One of the orders directs federal agencies to create a report within 120 days about what aspects of the Dodd-Frank financial reform law they think do and do not work. The other directs the Labor Department to stop working on the "fiduciary rule," which would require financial advisers to act only based on their clients' best interests.

Democratic lawmakers accused Trump of going against his campaign promises, since he repeatedly attacked Wall Street while he was running for president.

"Instead of fighting for hard-working families abused by our economy, as he promised in the campaign, the president and his billionaire Cabinet have abandoned Main Street to enable Wall Street's corrosive profiteering of the banks on the back of hard-working Americans," Pelosi said.

Republicans often argue that Dodd-Frank has hurt community banks.Rep. Maxine Waters (Calif.), the top Democrat on the House Financial Services Committee,refuted that argument, saying that community banks are making more loans than big banks and credit unions have seen their membership expand.

"In Trump's America, Wall Street comes first and Main Street picks up the tab," she said.

The Democratic lawmakers also defended the fiduciary rule, saying it protects the investments of seniors and the members of the middle class.

The chairman of the House Financial Services Committee, Rep. Jeb Hensarling (R-Texas), praised Trump's actions on Friday.

Dodd-Frank failed to keep its promises, but President Trump is following through on his promise to the American people to dismantle Dodd-Frank," Hensarling said in a statement. "Thats not what Wall Street wants, but it is what hardworking Americans need to have a healthy economy with more opportunities so they can achieve financial independence."

In another statement on Monday, Hensarling accused the Democratic lawmakers of engaging in "alternative facts" during their press conference.

"Thanks to Dodd-Franks red tape, consumers pay more for mortgages, credit cards and auto loans that is if consumers can even get access to them," he said.

Updated at 2:07 p.m.

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House Dems: Trump wants to put Wall Street first - The Hill

Millennial parents still like to tap the Bank of Mom & Dad – One … – One America News Network (press release)

February 6, 2017

By Bobbi Rebell

NEW YORK (Reuters) The Bank of Mom & Dad is busy these days.

Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.

All told, that adds up to $253 billion worth of financial assistance.

David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges most notably, sizeable student loans and stagnant wages.

In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence and not a way to delay adult financial responsibilities.

In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrades research, although a quarter say they feel embarrassed for the handout.

Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirks parents for a down payment for a new home.

Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland.

But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirks five siblings, as needed.

John Tarnoff, author of Boomer Re-invention: How to Create Your Dream Career After 50, is not surprised that millennials are leaning on their parents to get launched.

As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring.

His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added.

In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence.

That opinion is shared by Kirks mom, April Johnson, who sees any financial support she gives her children as an investment in their future.

Sometimes it just takes another year or two to get over the hump, April said. We talk to them about it as we go.

(Editing by Lauren Young and G Crosse)

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Millennial parents still like to tap the Bank of Mom & Dad - One ... - One America News Network (press release)

Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance – Lexology (registration)

Legislative Activity

President Trump Orders Review of Financial Regulations

Last Friday, February 3, President Trump issued an Executive Order related to financial services regulatory reform (generally) and an Executive Memorandum specifically targeting the Department of Labors (DOL) Fiduciary Rule. The Executive Order on Core Principles for Regulating the United States Financial System directs the Secretary of the Treasury to consult with the other Financial Stability Oversight Council (FSOC) member agencies (CFTC, CFPB, FDIC, FHFA, Federal Reserve Board, NCUA, OCC, and SEC) and to report to the president within 120 days (June 3, 2017) on the extent to which existing laws, regulations, and guidance promote the following Core Principles:

The report must:

The first report is due June 3, 2017, and the Executive Order calls for subsequent periodic reports.

As for the Fiduciary Rule, President Trump signed an Executive Memorandum (Memorandum) instructing DOL to examine the rule in order to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. The Fiduciary Rule, which is set to take effect on April 10, 2017, requires financial advisers to act exclusively in their clients best financial interest when offering retirement advice.

The Memorandum calls for DOL to conduct a legal and economic review concerning the likely impact of the Fiduciary Rule. The review shall consider, among other things, the following:

If DOL makes an affirmative determination on any of the above provisions, then the Memorandum instructs DOL to rescind or revise the rule. Additionally, DOL is instructed to rescind or revise the rule if it concludes for any other reason that the rule is inconsistent with the Trump Administration priority to empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses, such as buying a home and paying for college, and to withstand unexpected financial emergencies.

Not unexpectedly, Congressional Republicans praised the Trump Administrations moves. Of particular note, Senate Banking Committee Chairman Mike Crapo (R-ID) applauded the reform efforts, emphasizing that financial regulators should review all rules and regulations in an effort to minimize unnecessary burdens on our financial institutions and promote economic growth, while ensuring the safety and soundness of the financial system. Similarly, House Financial Services Committee Chairman Jeb Hensarling (R-TX) supported the Presidents actions, stating that the Executive Order on regulatory reform closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end too big to fail, and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence.

Democrats, however, have come out in strong opposition to the Administrations efforts and are no doubt going to oppose any actions that would be seen as undermining financial regulation.

House Financial Services Committee Opens with Partisan Debate; Committee Democrats Get Subcommittee Posts

Last Thursday, the House Financial Services Committee held an organizational meeting to approve the Committees rules for the 115th Congress and welcome the Committees new members. Chairman Hensarling urged his fellow lawmakers to act in a bipartisan way; however, the hearing proved to be a partisan debate over the Committees rules. Ranking Member Maxine Waters (D-CA) and other Committee Democrats introduced several amendments aimed at increasing transparency and preventing conflicts of interest within the Committee. While all of the amendments were voted down, the contentious debate provided a glimpse into what may be in store for the Committee this Congress.

Separately, Ranking Member Waters announced subcommittee assignments for Democrats. Rep. Daniel Kildee (D-MI) will serve as the Committees Vice-Ranking Member.

This Weeks Hearings:

Regulatory Activity

SEC May Reconsider Conflict Minerals Rule; Congress Votes to Repeal SECs Resource Extraction Rule

Last week, Acting Chairman of the Securities and Exchange Commission (SEC) Michael Piwowar asked the agency to reconsider its public guidance for implementing a rule that requires companies to disclose information about how they extract conflict minerals in Africa. He requested that the public provide comment about the guidance the SEC issued in 2014 for its conflict minerals rule, which has been long opposed by Republicans.

Separately, the House and Senate voted last week to repeal a Dodd-Frank-required rule related to resources extraction by oil, gas, and mining companies. After the House voted in favor of the rules repeal, the Senate approved a resolution eliminating the resource extraction rule, which requires certain companies to publicly state the taxes and other fees they pay to governments. President Trump is expected to sign the bill providing for repeal of the law.

Federal Reserve Finalizes Stress Test Rules, Faces Criticism Over Basel Participation

Last week, the Federal Reserve finalized a rule aimed at simplifying the stress test process for banks with less than $250 billion in assets. The rule applies to banks with assets between $50 and $250 billion and average total nonbank assets of less than $75 billion. Pursuant to the rule, the Federal Reserve will no longer scrutinize those banks risk management systems as part of the stress tests. Moreover, having an on-balance sheet foreign exposure of above $10 billion is no longer an exception to the rule.

Note too, the Federal Reserve continues to receive criticism from Congressional Republicans. In fact, last week, Vice Chairman of the House Financial Services Committee Patrick McHenry (R-NC) called on the Federal Reserve to unilaterally disengage its work with the Financial Stability Board and Basel Committee on Banking Supervision until President Trump has installed his nominees on the Federal Reserve Board of Governors. Specifically, Rep. McHenry sent a letter to Federal Reserve Chair Janet Yellen noting that continued participation in those international standard setting forums is predicated on achieving the objectives set by the new Administration, thus the Federal Reserve must cease all attempts to negotiate binding standards burdening American business until President Trump has had an opportunity to nominate and appoint officials that prioritize Americas best interests.

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Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance - Lexology (registration)

COLUMN-Millennial parents still like to tap the Bank of Mom & Dad – Thomson Reuters Foundation

(The opinions expressed here are those of the author, a columnist for Reuters.)

By Bobbi Rebell

NEW YORK, Feb 6 (Reuters) - The Bank of Mom & Dad is busy these days.

Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.

All told, that adds up to $253 billion worth of financial assistance.

David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges - most notably, sizeable student loans and stagnant wages.

In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence - and not a way to delay adult financial responsibilities.

In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrade's research, although a quarter say they feel embarrassed for the handout.

Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirk's parents for a down payment for a new home.

Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland.

But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirk's five siblings, as needed.

John Tarnoff, author of "Boomer Re-invention: How to Create Your Dream Career After 50," is not surprised that millennials are leaning on their parents to get "launched."

As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring.

His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added.

In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence.

That opinion is shared by Kirk's mom, April Johnson, who sees any financial support she gives her children as an investment in their future.

"Sometimes it just takes another year or two to get over the hump," April said. "We talk to them about it as we go." (Editing by Lauren Young and G Crosse)

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COLUMN-Millennial parents still like to tap the Bank of Mom & Dad - Thomson Reuters Foundation

8 Secrets to Achieving Financial Independence

If you make $1 million a year from a job, you could lose your job any day. If you make the same $1 million from owning hotels, or businesses, no one can take that from you. Having a high income alone does not mean financial independence. Robin Bartholick, Getty Images

Most people believe the key to wealth is a high-paying job. Yes, it's easier to amass assets if you have more money coming in each month, but the true secret to increasing your net worth is to spend less than you make. It is a cliche; but it is the fundamental, absolute, non-negotiable reality of money. To escape this trap, you need to understand that income is not wealth.

What is wealth? My personal definition: Wealth is the part of your net worth (assets minus liabilities) that generates capital gains, income, and dividends without your labor. If you are a Doctor or Lawyer, you need to put in long hours after years of specialty training and higher education to get a paycheck. On the other hand, if you have a portfolio of private businesses, car washes, parking garages, stocks, bonds, mutual funds, real estate, patents, trademarks, and other cash generators, you could sit by the pool. The real value, of course, is that you could maintain your lifestyle even if you were disabled or unable to continue working at your primary occupation. Better yet, unlike a salaried employee, wealth can't fire you you have to squander it. It's far easier to lose a job that wipes out a well-constructed portfolio.

The level of your wealth should be measured by the length of time you could maintain your standard of living without an additional paycheck. In other words, if you had to stop working right now, how long could you keep up your purchasing pattern for cars, clothing, music lessons, college tuition, video games, etc.? The average person isn't educated in this truth, which is why the more and more they earn, they are left wondering why financial independence and security continue to allude them, always seemingly just out of grasp.

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8 Secrets to Achieving Financial Independence

financial independence – Good Financial Cents

If you havent realized this yet, Im kind of a goal setting freak.

Some people do New Years resolutions. Thats great, but I think you need to revisit your goals on a more consistent basis. For me, thats every 90 days.

Other people dont bother to set goals. They choose unconsciously at least to rely on luck.

The best luck of all is the luck you make for yourself.

Douglas MacArthur

Lets establish up front that goals are something more substantial than dreams or wishes.

They can start with dreams or wishes, but they have an action plan behind them something that spells out how we convert a desire into something real.

Thats especially important when it comes to financial goals. Since they require regular investments ofmoney and effort over a long period of time, you need to have workable plan to bring them to reality.

Start by setting some financial goals. If youve never thought much about this, here are 10 good financial goals that everyone should have especially for 2016.

The great thing about this goal is that anyone can do it, regardless of income or wealth level. And if you want to get the most out of your finances, its virtually a requirement that you get out of debt.

For the moment, lets ignore the good-debt-versus-bad-debt debate. At some point in your life, all debt is bad debt and needs to be paid off. That includes the mortgage on your home. Although the purpose of that debt may be noble at the beginning, its no less a drag on your income than any other debt as time goes on.

There are more reasons to get out of debt than I can list here, but here are just a few of them:

Before starting my career, I fell into the debt trap. I had accumulated over $20,000 of student loan and credit card debt and I wasnt slowing down anytime soon. Thankfully, my girlfriend (now wife) helped me to see debt for what is really is EVIL. After we were married, it became both of our goals to become debt free and never carry a credit card balance. Im proud to say that after over 10 years of marriage, thats a goal that weve stuck to. Take that, Debt!

You can set all of the good financial goals that you want, but it will be difficult to achieve any of if you are carrying a significant amount of debt for the rest of your life.

If you have high interest credit card debt or several different credit card bills to pay every month, it can make a lot of sense to take advantage of a 0% APR balance transfer offer as well.

TheChase Slatecard, for example, gives you a 0% APR for a full 15 months, and all without a balance transfer fee of any kind. With this offer, you could transfer several high interest debts and save hundreds or even thousands of dollars over the introductory APR period.

When I started as a financial advisor and finally grasped the concept of compound interest, I was determined to put myself in situation where I could retire by the age of 50 if I wanted to. I dont know if Ill ever really retire, because I absolutely love what I do.

Even if you absolutely love what it is you do for a living, planning for early retirement is one of those top rated good financial goals.

Heres why:

Theres one other advantage to planning to retire early, and its a big one. By working toward early retirement, you will be front-loading your retirement investment portfolio. That will give you a larger portfolio early, which will mean that you wont have to work so hard saving for retirement later in life when doing so may be more complicated.

For me that was opening a Roth IRA and maxing it out. My wife, too. In addition I was putting as much money into my 401k that I could. Trust me. As a brand new financial advisor I wasnt making much but I still manage to prioritize my spending and save a significant amount. Early in my career I had witnessed too many couples in their 60s that hadnt save enough to retire at all, yet retire early. I made it a goal (and a mission) that I wouldnt let that happen to me.

We normally think of having an emergency fund as being a short-term financial goal. And from a mechanical standpoint, thats true. However, an emergency fund has important long-term benefits, which is why its one of the good financial goals that you should plan to achieve.

Here are just some of the benefits that a well-stocked emergency fund can provide you with throughout your life:

For us, having an adequate emergency fund has offered reassurance in many life situations. Most notably was having our first son, building our dream home and starting my own investment firm.

When you consider all that comes from having a strong emergency fund, it should move it up the priority ladder a few rungs. Here are some the top savings account options for your emergency fund.

Even if you love your job, creating multiple income streams is a form of income insurance. For that reason alone, it needs to be on your list of good financial goals.

But here are even more reasons:

Reading Rich Dad, Poor Dad was a defining moment for me. Before then I was oblivious to the concept of having multiple streams of income. Over the years, I dabbled in many side hustles looking for it. That included a few multi-level marketing companies that proved to be a flop.

I eventually took a stab at real estate and also failed miserable. Many would perceive these as failures, but I view them more as valuable life lessons that eventually led me to starting this blog. Now I have more than a few sites that yield over 6 figures per year. Not too shabby for a guy that had no web marketing experience before I started.

Give this goal some serious thought, even if youve never considered it before. Its a goal that could open the door to a lot of other goals.

Insurance is something of a tough call. A lot of people dont have nearly enough coverage, while many others are paying too much for the coverage that they have. Striking a balance between the two is another of thosegood financial goals.

Here are some strategies in striking that balance:

Part of your goal should be to work with a knowledgeable insurance agent on a regular basis to make sure that you have just enough but never too much insurance coverage. Oh by the way, did I mention that Im also a co-founder of an independent insurance agency?

Ive covered this topic in other articles, but it is well worth repeating here since it is one of the mostnecessary of all good financial goals. By learning to live on less than you earn no matter what you will always have plenty of income. That means that youll have plenty of income for savings, investments, and for paying off debt.

Its important to always be on the hunt to increase your income. But that strategy will only be effective to the degree that you are able to live on less than you earn, so that you can put the difference to better use to improve your life.

This may not be a financial goal in and of itself, but it is an obstacle that will stand in the way of all good financial goals, no matter what they are.

An addiction to stuff can be like a financial parasite. A disproportionate amount of your income and financial reserves will go to pay for your need for stuff.

This will present several problems:

I love this quote from Joshua Becker, author ofSimplify: 7 Guiding Principles to Help Anyone Declutter Their Home and Life,

Removing possessions begins to turn back our desire for more as we find freedom, happiness, and abundance in owning less. And removing ourselves from the all-consuming desire to own more creates opportunity for significant life change to take place.

If you even suspect that you may have an addiction to stuff, then makeit a financial goal to end that addiction once and for all. Your life will go better if you do.

Ultimately, the purpose of improving your finances should be to provide you with independence in your life. That means that it should afford you the ability to do what you want, when you want. If that isnt one of the good financial goals, then I dont know what is.

Getting out of debt, preparing for early retirement, developing multiple income streams, and ending your addiction to stuff, should clear the way for you to be able to do the kind of work that you really love. That should be true even if that work doesnt pay nearly as much as youre being paid now.

But that will be possible only if you have no debts to pay, if you can live on less than you earn, and if you have a large investment portfolio to back you up.

Why is doing work that you love a worthy financial goal? Very few people will actually be retiring to the beach for a life of blissful nothing, no matter what you see on TV. If nothing else, its likely that you will work just as a matter of personal satisfaction or an attempt to avoid boredom.

Since you will be working all of your life one way or another the work that you do shouldnt just be about earning money. It should be something that makes you feel good about your life, and good about the person you are.

If you cant get comfortable sharing your good fortune with peoplewho areless fortunate perhaps out of fear that you will end up broke as a result then money has complete control over your life. It doesnt matter how much money you amass inyour life, itshould never control you.

There are numerous reasons why giving to others will be good for you:

Is giving one of those good financial goals? I think that if you look at many of the most famous wealthy people the world, you will see a distinct pattern of giving to others along the way.

However you live your life, it should be a goal to make sure that your loved ones are left at least a little bit better off as a result of your life. That means not only making adequate provisions for those who are dependent upon your financial resources, but also making sure that you dont leave them with a financial mess to clean up.

Here are some steps you can take to leave your financial house in order upon your death:

Reaching a point of financial independence in life has nothing to do with luck or magic. Its simply a matter of setting good financial goals, and having a concrete plan as to how you will achieve them. Once that plan is established, and working toward those goals becomes part of the habits that make your life what it is, achieving financial independence can almost seem as if its happening on automatic pilot.

But only if you make it happen.

Whens the last time you wrote down your goals? More importantly, whens the last time youve revisited them?

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