New tool towards financial freedom
Tan Jee Yee | 17 Aug 2018 00:30
Financial freedom (or financial independence) is, quite possibly, the one goal everyone strives for. Who wouldn’t want to be able to quit their jobs and kick back in perpetual relaxation, away from the stress and mundanity of the rat race?
At any rate, financial freedom isn’t just about being able to afford bungalows or spending one’s life away in the Maldives. It’s also about being able to be financially independent away from employment. We all retire from work one day, and we would want to be able to live our retirement in contentment.
Problem is, the road towards financial freedom is a long and oftentimes complicated one. For one, it’s hard to know exactly how much you need to have, in both savings and passive income (from investments), in order to ensure your wealth lasts during retirement.
And even if you do know roughly how much you need, planning and ensuring that you’ll get to that amount is difficult. You need to think about inflation - ensuring that your monthly spending takes into account the cost of living decades into the future – as well as the everchanging nature of your investments.
Just trying to visualise those possibilities could easily turn brains into mash potatoes, which is why people seek professionals such as certified financial planners to help chart their path to financial freedom. Yet these services are only available to those who can afford it.
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