10 Steps to Achieve Financial Freedom in 2019

A&I Wealth Management > Periscope Newsletter > 10 Steps to Achieve Financial Freedom in 2019

Stay AlertFinancial freedom is knowing you can make major life decisions and are financially prepared to tackle speed bumps in your life plan without derailing the journey to achieve your financial savings goals. At a time when people across the globe are setting resolutions for the new year, I encourage you to put achieving financial freedom on your list.

Here are ten steps to make 2019 the year you achieve financial freedom:

Create a plan

Create a plan. The first and most important step you can take in your mission to achieve financial freedom is to commit to a financial plan to help you achieve your goals in a timely manner.

Craft a budget

Craft a budget. Budgets are the cornerstone of successful financial planning. They are living, breathing plans that reflect your intent and can be modified as your life evolves. However, do so thoughtfully and in writing to help you stick to the budget.

Pay down all consumer debt

Pay down all consumer debt. And if you can’t pay it all off immediately, reduce it to its lowest possible cost by lowering the interest rate on remaining debt and paying off the highest rate debt first.

Create a personal escrow account

Create a personal escrow account. Just like you pay your mortgage, taxes and insurance from an escrow impound account, divide your allocated funds for vacations and gifts by 12. Then, put that money into a monthly personal impound account.

Create an emergency fund

Create an emergency fund. The best laid plans can still go awry. Set up an emergency fund with an amount that allows you to withstand unexpected economic loss without destroying your finances.

Casualty Insurance

Make time for a comprehensive casualty insurance review every year. Make a New Year’s resolution to call your agent for an in-depth review every year to see if you can cut costs.

Investment Portfolio Review

Ensure your portfolio will match your needs in all the appropriate timeframes. If you’re unsure where your investment portfolio stands,call your financial advisor to confirm you’re on the right track to meet your goals in the allocated timeframe. If you are not, adjust as needed. Determine if your various account holdings are appropriate for the timeframes. If not, adjust them so they are.


Be philanthropic – but do so strategically. Begin by gaining an understanding of what you can afford to give and then determine how to balance the tax planning opportunities with your charitable intent.

Estate planning

Begin the estate planning process. Have you created a living will? If not, sit down with your estate planning professional to answer everything from who will manage your daily finances to who will make health care decisions and decide long-term care services.

Wealth and Wellbeing Album

Communicate your wishes to your successors. Create a book of knowledge filled with everything pertaining to the location of safes and contact information for estate attorneys. Here at A & I Financial Services, we offer a Wealth and Wellbeing Album. If you don’t have one yet, give us a call!

About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.