LIVING DEBT FREE AND
TRULY WEALTHY NEWSLETTER
Bill Constain, RFP, CEO/Wealth Strategist
Freedom Wealth Services
“Helping Families Live Debt-Free and Truly Wealthy!”
DECEMBER 2016
What is Living Debt-Free & Truly Wealthy?
Many people have asked me, "What do you mean when you say 'Living debt-free and
truly wealthy'." The answer is both simple and complex. The goal I have set for myself
is to help all my friends, family, and people in my community become debt-free and
truly wealthy. There are two parts of this, (Debt-free and Truly Wealthy respectively.)
Debt-free is pretty clear in its meaning, but what does truly wealthy mean?
Becoming truly wealthy is a relative term with an important meaning. It is founded on
the core that everyone has a different definition of 'wealth'. To some it is as simple as
having a roof over their head and food on the table for their family, others it is being
able to help send their children to college, and still others are dreaming about diamondstudded swimming pools. For me, living truly wealthy is being able to spend, save,
invest and plan wisely for the future, and be financially independent while still having
enough to give to the needy.
...Continued on top of page 2
What Are Your Top 3 Financial Objectives?
Most people, when asked that question, answer with general goals, such as achieving
financial security.
The truth is most families spend more time planning a vacation than planning for their
future. With that being said, we need to put some thought into our financial objectives
and set specific goals. Rather than running through our financial lives, like a sailboat
without a rudder. Without goals there can be no destination.
Since financial goals continually, butt heads with one another. Such as paying for
Susie’s braces may rob money that would otherwise go into her college fund, for
example. And saving effectively for your kids' college can wipe out any hope of putting
aside adequate money for your own retirement.
That's why to get what you want most, you must 1) decide which goals will take priority
and 2) work toward the lesser goals only after the really important ones are well
provided for.
Fortunately, you have at least one ally in meeting your long-range goals: time. That's an
advantage because of the power of compounding -- the fact that even a small amount of
money can earn interest, and that each year that interest gets applied to a growing sum
of money.
For example, you put aside only the cost of a cup of coffee -- about $2.00 -- each day.
Invested in a tax-deferred account paying 5 percent a year compounded monthly, that
string of savings would grow to $9,355.76 in just 10 years and to $50,143.58 in 30
years.
...Continued on bottom of page 2
Interesting Facts:
-Fresh Bread is the
most commonly
purchased food in the
United States.
-Lemons are one of
the healthiest foods in
the world. They
contain vitamin C,
cleanses the liver,
boost immunity and
aids in weight loss.
- Almost without
exception, the highestcalorie fast food item
is a milkshake (1,680
calories).
-Turkey, fish, and
cheese have the
highest protein-tocalorie ratio of foods.
-Americans consume
the most ice cream in
the world. Most of the
ice cream is consumed
between 9 and 11pm.
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1
Bill Constain, RFP
What is Living Debt-Free & Truly Wealthy?
Freedom Wealth Services When I think of people who I consider wealthy, it is not about buying everything
"Freedom Specialists"
on the shelf and going on vacations each month. It is about being in control of
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Ponte Vedra Beach, Florida 32082
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Special Holidays
We're thinking of
you this time of year,
Wishing you happiness,
joy, and cheer.
May all your days be
warm and bright,
And your nights enhanced
by holiday light.
Enjoy your delectable
holiday foods,
As parties and gifts
create holiday moods.
Favorite people play a
meaningful part,
While treasured rituals
warm your heart.
You are special to us
in many ways,
So we wish you
Happy Holidays!
By Joanna Fuchs
your checkbook. It is wisely managing your purchases, so all of your needs are
taken care of without seeing that dreaded 0 or red number. It is knowing how and
when to say, 'no' and not worrying how you are going to pay all of your bills.
The next part of being truly wealthy is being able to save and invest for the future.
It is about knowing how to put money aside for the important things to come. It is
realizing that a rainy day will come and being prepared for it. Furthermore, it is
about planning wisely, to make sure to be able to retire one day.
The next step in being truly wealthy is being able to help others. Throughout life,
there will be people who are going through a rough time and need help. This may
be a friend, family member, or total stranger. I don't want to have to say, 'no' to
them if they truly need it. There are many causes in this world that are worth
supporting. Being truly wealthy is being able to help them.
The final step in living truly wealthy is to be financially independent. It is being
able to manage all of the above things (whether by yourself or with help from an
advisor) wisely, and to stay ahead. It is reaching that true balance. It is not relying
on loans or credit cards.
All in all, it doesn't matter how much you make each month. Living truly wealthy,
is about managing what you do have wisely, to keep yourself in a prosperous
situation. It is about planning and discipline, and making your money work for
you in the best way possible.
What Are Your Top 3 Financial Objectives?
To put the power of compounding on your side, you have to start now. Waiting is
the biggest wealth killer. The point is that to put time on your side, you need to
decide early which of the many possible financial goals are really worth pursuing - and start working toward them.
To get started, make a list of all the things that you'd need to feel secure and
happy. These can range from getting out of debt to a vacation home in the Alps.
You don't need to prioritize them yet.
But you should write down all of the money-related things that will really get your
motor started. Here are some objectives we got from other families that you may
want to include among the possibilities:
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Accumulating enough savings to handle an emergency
Buying a house large enough to accommodate you comfortably
Getting out of debt -- and staying out
Ensuring that your parents are comfortable and well taken care of in their
old age
Paying for your children's college education
Amassing enough wealth to retire comfortably