We are all aware of the 4th of July when we celebrate American Independence, the Declaration of Independence, the Bill of Rights, and the inspiring phrase, “Life, Liberty and the Pursuit of Happiness.” This phrase is one of the cornerstones of our daily lives here in this great Republic. Travel around the world, and you’ll come back to the US with a renewed appreciation for our freedoms.

However, our forefathers missed another key phrase, “The right to have and enjoy Financial Freedom.” Financial freedom is defined differently by everyone. For one person, it’s having more money to spend on Retirement than they will need. For another, it’s not having to worry about money in Retirement. For yet another, it’s the ability to stay in one’s own house with dignity should they become ill.

What does Financial Freedom mean to you?

I define Financial Freedom as the ability to enjoy your Retirement and pass along your legacy to the next generation. How you enjoy your Retirement is deeply personal. For many, it includes travel, dining out, collecting wine, playing golf, attending national quilting conferences, visiting grandchildren, having no debt, or even building a wing for a pediatric health center.

Here are a few steps you can take to achieve your dreams of financial freedom:

1. Set Your Financial Goals: Begin by setting up your financial goals. Work towards a written outcome.
2. Align Life Goals with Financial Goals: Ensure that your life and finances are congruent with each other.
3. Create a Financial Plan: Determine how much, in real dollars, it will take to reach your financial goals.
4. Invest Regularly: Invest a small amount weekly or monthly to reach your goals.
5. Consult Your Financial Advisor: Regularly review all goals, both life and financial, with your advisor to stay on track.
6. Execute Your Plan: Follow through on your financial plan.
7. Review and Adjust: Regularly review your plan, risk profile, and strategies to ensure they align with your life and financial goals.
8. Diversify Your Investments: Diversify to mitigate risk.
9. Annual Meetings: Meet at least annually with your financial advisor to update all goals and dreams. These can change with family dynamics, health, and personal situations.
10. Dream Big: There is no magic in thinking small. Dream big and think big!

Have a great 4th of July, filled with family, friends, and fun. I look forward to seeing you soon.

All my best,

Elliot Kallen

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Elliot Kallen Wealth Manager | Registered Principal

For more than three decades, Elliot has provided customized wealth management solutions for entrepreneurs, business owners, retirees, and millennials.

Elliot and his wife, Tammy, are passionate about giving back to the community through their 501(c)(3) foundation, A Brighter Day. Through his partnership with A Brighter Day Charity, the Kallen family has helped local teens and young adults recognize and access resources to cope with the risks of stress and depression.

He enjoys spending his free time with his family. Some of his hobbies include cooking, wine, golf, travel, and studying history.

He lives in Lafayette, California with his wife, step-daughter, and grandson.