Financial Freedom vs. Financial Independence

Financial independence does not equal financial freedom. Let’s explore what the difference is between financial independence and financial freedom. As well as three major planning areas for professionals in the MedTech industry. Including, planning to reach financial independence, protecting that independence, and structuring your finances to benefit causes and people you care about.

The Difference

Financial Independence

Financially secure with no need to make any additional money, as well as independent with no reliance on anyone else.

Financial Freedom

Alignment between money and values with no monetary stressors.

Planning Process

Our planning process is unique, and we ask questions to get to know you, your goals, and ensure we provide a comprehensive financial plan to help achieve them. Our process is comprised of three steps:

Vision

We learn about your goals and values and help you craft a personal financial freedom statement, which is kind of like a mission statement about your money. This helps keep us all on track towards your financial goals.

Direction

With your personal financial freedom statement confirmed, we generate a plan to help guide you towards that mission.

Focus

Now that a plan is in place, our team begins implementing your financial plan alongside you to achieve your mission.

Phases of Life to Plan For

Phase 1: Alive & Well

A healthy life, covering lifestyle expenses now and in future, and pursuing dreams and experiences.

Plan to Reach Financial Independence: Involves creating a strategy for financial independence, income, tax mitigation, and investments.

Phase 2: Alive & Not Well

Increased expenses, income replacement, and decision-making if incapacitated.

Plan to Protect Your Independence: Managing risks related to income loss, catastrophic health expenses, and property loss.

Phase 3: Dead

Ensure survivors can manage expenses and prepare for tax implications, and the distribution of wealth.

Plan to Give Your Money: Structuring plans for estate and giving while alive or as bequests.

Start Planning Your Financial Freedom

While some aspects apply universally, there are unique considerations for those in MedTech. To avoid playing catch-up or leaving your family in a financial mess, start crafting your financial plans today. Here are some resources and ideas to get started:

• Learn more about us, our services, and our process.
• Contact us for personalized assistance.