Before anyone sets out to find financial freedom, they need to understand what that term means to them, as it is different for everyone. This definition can depend on your financial goals, both now and in the future. Do you want to retire or keep working? Do you want to travel? The financial strategies for each can be different, and it is better to know that now rather than later.
That’s why in this episode of the podcast I talk with Ross Stryker, the CEO of Smart Asset Opportunities to get his thoughts on defining financial freedom, “Finding Your Why,” and making the right plan for it now.
For those in their 50s and early 60s, planning for retirement has a different, more immediate feel. For millennials, it’s starting to save for it; for those further on in life, it’s figuring out its implementation. A lot of decisions have to be made, including the downsizing of your home, especially if you’re an “empty nester.”
That’s why in this episode of the podcast I talk to Jeri McClenaghan-Ihde and Julie Whelan Capell, whose podcast, SeniorTopia, recently launched to talk about all things related to opportunities and challenges on the road to retirement. Every week they talk relocation, long-term care, housing options, wellbeing, dementia, end-of-life and more. However, in my discussions with them, we will talk about downsizing your home in retirement.
Financial planning and a good investment strategy, started as early as possible, is key to achieving financial freedom in retirement. The sooner you do it, the better off you are (and will be).
But many people start off doing this with no clear idea of what they are doing, which can really derail the train soon after it leaves the station. Out of ignorance, or listening to the wrong advice, people can cause serious problems for their retirement plans.
That is why in this episode of the podcast I talk to Lorraine Ell, of the company Better Money Decisions, to talk about what she sees as the Top 10 Mistakes People Make in Financial Planning and Investing.