This weekend we’ll see American flags waving proudly and fireworks lighting up the sky as we celebrate Independence Day. On the 4th of July we celebrate more than just the founding of the nation – we celebrate the concept of freedom. While independence from the British was the goal in 1776, today there’s another kind of freedom many strive for: financial independence.

The journey to American independence was not easy. It took strategy, discipline, and sacrifice. The journey to financial independence is similar.

It’s good to have a plan when starting this journey. Laying out specifically what your end goal is can be important to know what is needed, instead of blindly saving.

In addition to knowing the end goal, part of the strategy also needs to be how much savings is required each month to hit your goal. It’s important to know what a monthly budget needs to be to stay structured with your savings plan. It can be a tough adjustment, but once it becomes your new way of life and you start seeing the dollars add up in your portfolio, it can be motivating.

Financial freedom unfortunately requires sacrifice. Making tough choices today for a better tomorrow is the name of the game. Finding areas in your spending that can be reduced or cut out entirely may be one part of making sure you reach your end goal.

Sacrifice doesn’t have to exclusively be about cutting spending; it can also include investing in education or skills that will be beneficial in the long run. You’ll be sacrificing your time and money if you go back to school, but if you calculate that in the long run, the new job you’re able to get because of the additional education helps you reach financial independence quicker, it can be worth it.

Luckily, IAG’s Financial Advisors have decades of experience putting together the best strategies with great recommendations for savings plans that help you towards your goal of financial freedom.

Remember, freedom is personal. What your idea of financial freedom looks like can be completely different than someone else’s. Tailor your strategy to match what you need, not what you see others have.

If you or someone you know would appreciate some help in planning for your financial independence, our advisors are ready to help.

Quote of the week: Dwight D. Eisenhower: “Independence Day: freedom has its life in the hearts, the actions, the spirit of men and so it must be daily earned and refreshed – else like a flower cut from its life-giving roots, it will wither and die.”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

Be sure to consult with your tax professional before making any tax-related decisions as each individual’s tax circumstances are unique.