On this week’s episode, Roger is joined by Jonas Everett. In the episode they talk about what to do with your tax refund, when kid’s should become financially independent, and 7 threats to your financial freedom in retirement.

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Hosted By: Roger Abel
Guest Host: Jonas Everett
Produced By: Molly Nordlocken

Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.  The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for  any individual. To determine which investments may be appropriate for  you, consult with your attorney, accountant, and financial or tax advisor prior to investing.   All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly.  Premier Investments of Iowa, Inc. and LPL Financial do not provide tax advice, please consult your tax professional. 

Dollar cost averaging involves continuous investment in securities  regardless of fluctuation in price levels of such securities.  An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure profit and does not  protect against loss.  Economic forecasts set forth may not develop as predicted and there  can be no guarantee that strategies promoted will be successful.  There is no assurance that the techniques and strategies discussed are  suitable for all investors or will yield positive outcomes.  The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.

Consult your tax professional about eligibility to Roth and Traditional IRA  contributions. Contributions and earnings in a Roth IRA can be withdrawn  without paying taxes and penalties if the account owner is at least 59 ½  and has held their Roth IRA for at least five years.

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult your tax advisor before investing. 

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Financial freedom is one of the most coveted goals in life. It allows you to live the lifestyle you want, free from the shackles of debt and the stress that comes with living paycheck to paycheck. However, financial freedom is not easy to achieve, and it can be threatened by several factors. In this article, we’ll explore seven threats to your financial freedom and how to overcome them.

1. Debt

Debt is perhaps the most significant threat to financial freedom. It can be overwhelming and limit your options in life. Most people have some form of debt, whether it’s student loans, credit card debt, or a mortgage. However, the key to financial freedom is to manage your debt effectively. You need to start by paying off high-interest debts first, then work on paying off other debts. Once you’ve paid off your debts, you can start saving for your financial goals.

2. Lack of Savings

Savings is the foundation of financial freedom. Without savings, you’ll always be vulnerable to financial shocks. The lack of savings can also prevent you from achieving your financial goals. To overcome the lack of savings, you need to make it a habit to save regularly. Start by setting aside a specific amount every month, and gradually increase it as you get comfortable with it.

3. Lack of Proper Planning

Without proper planning, you’ll always be reactive instead of proactive. Lack of planning can lead to wasting money, poor investments, and delayed financial goals. To overcome the lack of proper planning, create a budget and stick to it. Set specific financial goals and work towards them systematically. Seek the help of financial experts if you need guidance.

4. Overspending

Overspending is a significant threat to financial freedom. It can be tempting to spend money on things you don’t need, but it comes at a cost. Overspending can lead to debt, lack of savings, and delayed financial goals. To overcome overspending, you need discipline and self-control. Learn to differentiate between what you need and what you want, and prioritize your needs.

5. Inflation

Inflation can erode your purchasing power over time. It can reduce the value of your savings, investments, and income. To overcome inflation, you need to invest in assets that can generate higher returns than the inflation rate. Examples include stocks, real estate, and precious metals.

6. Market Volatility

Market volatility can be a significant threat to financial freedom, especially for investors. A sudden market crash can wipe out your savings and investment portfolio. To overcome market volatility, you need to diversify your investments across different asset classes, sectors, and regions. Don’t put all your eggs in one basket.

7. Lack of Insurance

Lack of insurance can be a significant threat to financial freedom, especially in times of emergencies. Insurance can protect yourself and your family from unexpected events such as accidents, illnesses, and natural disasters. To overcome lack of insurance, identify your insurance needs and purchase appropriate policies. Examples include health insurance, life insurance, disability insurance, and property insurance.

In conclusion, financial freedom is not easy to achieve, but it’s worth the effort. To overcome the threats to financial freedom, you need discipline, planning, and knowledge. You also need to surround yourself with supportive people who can motivate you towards your financial goals. Remember, financial freedom is a journey, not a destination. Keep moving forward, and you’ll get there eventually.