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Financial Clarity Blog

Helping people make smart financial decisions.  

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How to Become Financially Independent

It is tradition for us to publish a blog post about financial independence the week leading up to Independence Day, so we wanted to offer a guide on how to become financially independent this year. There are numerous ways to becoming financially independent. Similar to biking across the country, you have a lot of routes you can choose from. Would you like to get there fast (FIRE – Financial Independence, Retire Early)? Would you prefer slow and steady? Do you want to save a lot early and coast your way to the finish line? No wrong answer. To each their own.

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Your Life Story Told Through Your Spending

Back in June 2019, I wrote down a tweet by Carl Richards that resonated with me. I saved it in my blog folder and haven’t done anything with it until now. The tweet said (not sure if I’m quoting or paraphrasing because I didn’t save the link): “Pretend you died and someone had to tell your life story through your spending history. What story would it tell?” Think about that for a moment. What would your story be?

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What should you do with EXTRA money??

For our readers who are still in training, you may be seeing another gift from Uncle Sam-soon. Or maybe you already have! These are crazy times, economically and personally. But even in crazy times, good things can happen. What do we do if those good things come in the form of “extra” money? A stimulus check, a bonus you didn’t think you would qualify for, or maybe even an unexpected inheritance. Do you pay down debt? Do you spend it? Do you save?

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What Would I Do If I Won the Lottery?

Last week, with the Powerball winner claiming the grand prize of $730 million and the Mega Millions at $1 billion, it got me thinking – what would I do if I won the lottery that much?  Doesn’t everyone wonder that every once in a while?  What would I do first with the money?  I know my wife wants a new backsplash in the kitchen, so I supposed we could get that done. Or buy the forever home. Should I claim the lump sum or the 30-year payout?  Do I tell my friends and family?  Do I tell my wife?  (Just kidding….sort of).  How do I ensure I don’t go bankrupt like a lot of lottery winners?  It all starts with putting together a plan.  Here are some initial thoughts on how I would react and what I would do.

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21 Financial Goals for 2021

I’m really good at contradicting myself and making sense (in my head) while doing it. For example, I am a big advocate of setting goals and creating a plan to achieve those goals. The simple process of creating a goal and an action plan to achieve it can help you accomplish a lot. I’m not a big fan of New Year’s resolutions because they are usually a half-hearted self-improvement “goal” that we bail on by February. For example, every year, I tell myself I will swear less, say more positive things, and less negative things. I don’t make much progress.

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