Financial freedom and early retirement might seem inconceivable, but it is an achievable goal for many Australians. The key to financial freedom is investing and sticking to a budget. You will consult with a financial planner who will determine the best investment strategies and an achievable savings goal, but reaching that goal depends on your discipline around savings and a commitment to your budget. If you need motivation for this goal, imagine the opportunities you will have if you are able to retire early.
It is not possible to simply save up enough money to be financially free – you need to be investing. Albert Einstein is attributed as saying: “Compound interest is the eighth wonder of the world”. Through compound interest and steady investment returns, a couple of thousand dollars every month can turn into a million dollars over the course of a decade. The exact investment amount will depend on the individual’s discretionary spending, their hobbies, and level of commitment to a budget so a discussion with your financial planner at Endorphin Wealth is a must.
The benefits of financial freedom are hard to overstate. Business owners and high-income earners have generally worked exceptionally hard across their careers – financial freedom would give them the opportunity to retire early or drop down to part-time work in something they are truly passionate about. Phillip Richards, managing director of Endorphin Wealth, recommends tax beneficial investments to enhance your overall return and build wealth over time.
The status quo has ensured most of us think that we must work consistently up until retirement age. The idea of financial freedom and aiming for an early retirement gives you something to strive for. As you are working long hours at your job or in growing your business, you can keep the idea of early retirement in mind and work more effectively towards a goal. Financial freedom is a lifestyle choice and with Endorphin Wealth’s financial modelling and budgets, you can begin to look forward to an early retirement!
Our goal for clients is that they live the best life possible with the money they have at every stage of their lives. Let’s talk about how we can help you develop habits that will reinforce each other and improve both your life and your finances so you can live your best life.
