Retirement planning: 5 steps to financial freedom before retirement

Retirement planning

Retirement planning: Financial freedom or independence can be defined in so many ways by different individuals. Some may define financial freedom as the state of having enough wealth to sustain one’s living expenses without being dependent on others for the rest of their life. Financial freedom can also be defined as having enough finances, including savings, cash, or investments, to afford and maintain a lifestyle and a backup for retirement without having to work or depend on others.

However, you may choose to define it, every definition has one thing in common, being financially independent of others. Most people seek financial independence when in their 30s or 40s, most times for retirement. Nobody wants to be a liability or burden to others, especially financially, so it is good to have a plan that clears this from happening.

You may be thinking, why retirement? The retirement age for most countries is from age 65. Your body can’t do everything it could when you were younger. The bones are not as strong as before, so you may not be able to do simple jobs or hard work to make money. And whether you like it or not, aged people must also spend money. Ranging from medical bills to housing assistance, it’s a long list, which is why it is essential to work for the money you will need during this period while you’re still young and agile; this is what is referred to as financial freedom.

Retirement planning: Common mistakes people make

Even though some may regard financial freedom as a myth, it is possible. Irrespective of what your finances look like right now-could be student loan debt or medical debt-financial independence is still attainable.

Financial freedom is all about taking ownership of your finances. It’s about recognizing you need money to pay your debts and increasing your source of income to accommodate more cash flow which could require you to get a side job. Financial freedom sounds so soothing to the ears, but many of us are going about it the wrong way. There are some certain lifestyles and characteristics we keep that could prevent us from achieving financial freedom before retirement

Lacking financial literacy

Although success has no specific approach, it is a combination of proven methods you apply according to your situation. Most people think of financial success as having what they always dreamed of a big fancy house, a good car, a tech job- but financial freedom goes beyond all this. As a person seeking financial freedom, you should be ready to open your mind to learning new things, which could serve as a critical purpose to give you the right boost you need for financial freedom or independence. You should be aware of the new ways to make money quickly by watching the news, researching, or reading a book.


Ever heard the saying ‘procrastination is the beginning of failure’? Procrastinating is the voluntary act of postponing an activity or event unnecessarily. Someone who is fixed on having financial independence only leaves room for laziness and sets you up for failure. It would be best if you learned to get things done on time and maximize your efforts as much as possible. Remember, it’s not about working hard but about working smart.

Failing to plan and setting unrealistic goals

Lacking the ability or skills to plan financially means you have no financial focus and can be diverted easily. It would help if you learned to create a budget that suits your earning capacity and outlines every financial expense you have. You need to be able to set goals for yourself that are attainable for you. Most people make unsuitable goals for their financial journey; this could cause a lack of confidence when they are eventually unable to achieve those goals and leave them feeling like a failure. Meanwhile, an essential skill for people seeking financial freedom is Confidence.

Right steps to take on your journey to financial freedom

Write down your goals

You should be able to decide what you need money for; what counts as financial freedom to you? Is there a place you’ve always wanted to go? Do you want to get rid of debt for good? Knowing what you want helps to achieve financial freedom a whole lot easier. You can decide which is more important and make good decisions.

Manage your spending

Managing your spending is an important step or skill you must have if you’re looking to gain financial freedom at an early age. You must know where to draw the line. I know the Dior shoes are out, and you want one, but you need to ask yourself if you must have those shoes. Remember, financial freedom has to do with investing and savings. You could save that money instead, which could be used to clear out debt or create revenue for you to invest in something more significant. You can save for those Dior shoes later.

Choose a role model

A role model could go a long way in helping you achieve your financial goals. Having someone you look up to who could serve as a means of encouragement for you to do more can help in the long run. It’s not just about having a good financial freedom role model; you should also have a financial poverty role model; this reminds you of how you may end up taking your finances lightly.

Prepare for surprises

Life can be full of surprises, one time, you’re trying to save up for your retirement, and the next thing you know, you’re trying to gather money to pay for medical bills. It is essential to have an emergency fund for times like this. When you are prepared for an emergency, it doesn’t spoil your original saving plan, which means your goals regarding your finances can still be met despite the little hiccup you encountered.

Get a side job

If you’re serious about gaining financial freedom, you should have guessed that your 9 to 5 job might not cut. You have to realize you need additional sources of income. Earning more is key to building wealth. Multiple sources of income don’t just mean having more money to spend but also enough income to help you achieve your financial goals.


You are gaining financial freedom before retirement, guaranteeing a stress-free retirement. You get to rest and enjoy life for what it is. You can get what you want and pay attention to your needs, such as medical bills.

With All Seasons Wealth, you can have the guarantee to enjoy your retirement to the fullest as you are provided with guidance and advice on creating a stable and sustainable financial plan. Not only do we help you gain financial freedom, we help you maintain it. Take a step to financial freedom today.