So, how do you build financial independence?
The simplest way to think of it is having a portfolio that you can just live off the income - the size of the portfolio that you need depends on the income that you want to have, and that is different for everyone. And the portfolio needs to consist of investments that give you an income - interest and dividends that will replace your salary. So your home does not form part of your assets when looking at financial independence!
Have a look at all of your current investment assets - your bank account balance, any shares, your superannuation fund. These are investment assets that all contribute to your investment wealth - and this is what is key to financial independence.
Our goal at Summerhill is to provide accessible and affordable advice and help you achieve financial independence - or whatever your personal financial goal is.
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Understanding how you can become financially independent.
One of the things that we focus on as a goal at Summerhill is financial independence - but what does that actually mean? To us, it means choosing to work, not having to work.
Many of our clients continue to work after they no longer need to financially, but they choose to do so, although maybe not so many hours or as hard. Or they choose to work part-time, or only take on projects that really interest them.
We don’t believe in the concept of ‘retirement’ as that gives an impression of being forced into retirement, or something you have to do at a certain age - we want all of our clients to have a choice. And financial independence means having choice about what you do each day - what drives you and what are you passionate about, without having to worry about the financial consequences.
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