Do you know how much you need for retirement? A financial independence number (FIN) is the total amount of money someone needs to live the exact life they are currently living in retirement without working. You can get that number by doing a financial needs analysis (FNA) which is just a breakdown of your finances/expenses etc. I follow multiple pages on skool to continuously learn so I can better prepare myself, friends, family, etc on our financial journey. One deficiency I have noticed, is that people have not heard of this even with having a financial advisor. I just want to put this out there so people can start asking these questions! From my experience, once I found out what mine was, it brought me relief. Because it allowed me to set goals, budget, and spend wisely because I had the end goal in sight.

Hi, I will be retiring in August and are paying into a teacher pension as well as a private one. I get tax relief at the higher tax rate for my private pension. Can I get tax relief if I pay in some additional funds? Is there a limit as to how much this can be? Thanks in advance!

Good morning team! It's OKAY to spend your hard-earned money on the pleasures of life. Life IS short and your tastes can and will differ from others. The PROBLEM, however, is so many of us tend to either borrow or live paycheck-to-paycheck to fund our desired lifestyle, leaving yourself vulnerable. The cause of this vulnerability is simple...it comes from not building yourself a margin of safety. The solution? You distance yourself from risk when you save and invest, especially on a regular basis. When you make paying yourself first a habit, you will automatically adjust your lifestyle just like you may do with 401K contributions). Delayed gratification is a discipline, and you must have patience to build wealth. It's no different than going to the gym, studying through school, or raising a child. It takes time, patience, and practice along the way. While life is short and you must enjoy it, you should not settle for remaining financially dependent because the worst can and will happen. Financial independence is the goal because at the end of the day money is only a tool, a means to an end. It enables you to take care of your family, help others in need, and make many of your dreams a reality. Don't let it ever become your end but rather make your time count on this earth by putting it to good use!