Investing can be intimidating, so it might seem like using a financial advisor or a wealth management firm like Edward Jones or Merrill Lynch is your only option. What these advisors probably won’t tell you is that the fees they charge will end up costing you a huge portion of your life savings (around 25-30%) and will essentially halve the amount of money you can live on in retirement.
How much savings you can accumulate is one of the biggest factors to achieving financial independence. But where do you keep your savings to get the best bang for your buck? Keeping everything in a regular savings account that barely earns any interest will add years to your journey of achieving your financial goals. I’ll share where we stash our cash to maximize our savings and get to financial independence sooner.
Financial independence occurs when your savings is enough to support your expenses and work is completely optional. Here are four essential steps to reaching financial independence and having the option to quit your job for good.Continue Reading ».