Join hosts Tim Regan and Katie Umland in this latest episode of the “Retirement Readiness” podcast, where they explore tips and strategies you can use to address the age-old question: How does one become independently wealthy?
Have you ever dreamed of hitting the lottery?
For many, that (incredibly enticing) vision of independent wealth means you’d no longer have to rely on a traditional job to support your lifestyle. No morning alarm, no suit and tie, no more clocking in and out. But just like the Two Comma life looks different for each of us, your version of that dream – and the path you’ll take to get there – is unique to you.
The first step is to change your mindset: Rather than envisioning independent wealth arriving in a lump-sum lottery check, it’s important to consider how you can make consistent decisions to continuously increase your income.
“There are two sides to becoming independently wealthy: The first one is, how do I generate enough income that I can be there? But the second one is, how much income do I need to have?” Tim explains.
It also involves making sacrifices and embracing the “suck” – the hard work and dedication required to achieve your dreams.
“Many times, when people think about being independently wealthy, they fall in love with the dream. They don’t fall in love with the suck,” Tim says. “The difference between good and great or mediocrely wealthy versus truly wealthy is ‘This sucks and I’m still gonna do it and get through it.’”
Sometimes, those obstacles are deciding between your priorities, like answering work emails or making it to the Saturday morning softball game. It could also involve having tough conversations with your spouse, who may have a different vision of success in mind. Balancing risk, security, and lifestyle goals is essential, and might require compromise with you and your partner.
Ultimately, the journey to becoming independently wealthy requires a clear vision, strategic planning, and a willingness to embrace challenges along the way.
Want to get started on your own journey to wealth? Listen to the full episode to hear more tips and strategies from Tim and Katie on how to achieve independent wealth, or click here to browse our library of “Retirement Readiness” episodes.
Chapters
- 00:00:00 – What does “independently wealthy” mean?
- 00:06:22 – What does it take to achieve independent wealth?
- 00:09:51 – Visualizing your goals
- 00:12:18 – Compromise between spouses
- 00:13:56 – Hard work
- 00:17:20 – Planning for obstacles
- 00:23:24 – Generating wealth vs income
3 Key Takeaways
- Understanding your own personal definition of financial independence is crucial in determining the necessary income and steps you need to take to achieve it.
- It’s important to plan for obstacles that you’ll likely encounter on your journey to independent wealth – including how you can overcome them.
- Consistent efforts to generate income will likely serve you best, although each individual’s journey to building wealth is different.
Links
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