Financial freedom is something that many people strive for. It can often seem like a distant goal, but achieving it with the right strategies and guidance is possible. One expert in this area is Wayne Von Borstel, an entrepreneur and financial advisor who offers strategies for reaching financial freedom.
Start Investing Early
One of the most important steps you can take toward achieving financial freedom is starting to invest as early as possible. It’s never too soon to start taking advantage of the compound interest that comes with investing. Compound interest means that your money will grow faster over time as you continue to add more money to your investments. This is why it’s so important to start as soon as possible; the sooner you start investing, the more time your money will have to grow.
Take Advantage of Tax Benefits
Another great way to maximize your savings and investments is by taking advantage of tax benefits where available. For example, if you are saving for retirement in an IRA or 401(k), these accounts offer tax-advantaged savings opportunities so that you can keep more of your hard-earned money in your pocket instead of paying it out in taxes. Additionally, other tax breaks may be available depending on the type of investments you are making and where they are located geographically. It’s always wise to consult with a financial advisor or tax professional before making any major investment or tax-related decisions.
Create Multiple Streams of Income
Finally, one strategy Wayne Von Borstel recommends for achieving financial freedom is creating multiple income streams. Having multiple sources of income can help protect against any unexpected expenses or losses from one source since there would be other sources from which income could still be generated.
With these strategies from Wayne Von Borstel in mind, anyone can move closer toward their goal of financial freedom, no matter their current situation or level of expertise in finance and investments.
View Source: Bloomberg.com
