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  • Writer's pictureStephen Gardner

6 Ways To Feel Prepared Financially

Steps to becoming financially free while being financially responsible.


  1. Have an emergency fund that starts with at least one months mortgage or rent. So if your rent is $1000, you should have $1000 in an emergency fund. If your mortgage is $1500 you should have $1500 in an emergency fund. Then build up to 3 months worth of monthly bills but always have one month of money to cover your place to live.

  2. Get Rid of your BAD debt. Before you focus too much on retirement planning and investing, are you carrying any bad debt or high interest rate debt? Don’t earn 5-7% in a 401(k) while paying 28% on a credit card. Getting rid of bad debt will increase your ability to save and invest.

  3. If you have family members that depend upon your income, make sure you have some kind of life insurance coverage. You never know when your time on earth will end. Leave your family in a strong position and have confidence that if something happened to you, you created an instant pool of money to take care of loved ones.

  4. Become a good saver. What you save each year will be higher than what your investments can produce for many many years, so put the responsibility on what you can do versus what your investments can do. If you can save $3600 a year or $300 a month, that's equivalent to having $72,000 earning 5%. Once you become a good saver, then you must start investing so your money can earn compound interest and go to work for you each day.

  5. Build up a small food storage and water storage. You never know when you might find yourself in an emergency, out of a job or living with rising food prices. Add a few extra cans or boxes each week. After a year you'll have a nice size emergency food and water collection to help you weather life's storms.

  6. Depending on where you live, typically homeownership will result in more wealth and a bigger net worth than renting. Learn about first time homebuyer programs and save for a down payment. Homeownership is almost always better than renting because a portion of every payment goes into your home equity. A home is a great forced savings payment and you have to have a place to live.

These 6 ideas are only a few of the many steps it takes to become financially independent but they are the best 6 to get you started on the road to financial freedom.




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1196 comentarios


Heather Hopfinger
14 abr 2022

I have to prepare for a big Pinch Stephen this year with my anti seizure med way over 200 dollars and my allergy med for 10 dollars through my medical plan the other thing I have to prepare to pay is 35 dollars for an x ray and 89 dollars every time I go to a NP for PSYCH so that raise I got well guess where it is going yes to healthcare truth

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vlharshbarger
22 oct 2021

Long time listener, first time corresponding.

I'm 63 and not working (live-in caregiver for my senior parents) with no retirement plan. Just a monthly spousal survivor benefit.

I just signed up for a savings plan with Money Metals Exchange thanks to your advice. (I gave your name as a referral).

I'm taking the $$ I used to spend on cigarettes each month and am turning it into silver. When I am comfortable enough and ready, I will be turning that into Gold!

Next, I am very excited to learn to invest a little each month as well. So, thank you so much for being such a great inspiration and advisor!

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pennigt123
pennigt123
15 oct 2021

Thanks for the daily update. I enjoy watching😊

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Teresa Baeza
Teresa Baeza
14 oct 2021

BEFORE BUYING A HOUSE I WENT TO THE COUNTY GOVERNMENT TO SEE IF THEY HAD A PROGRAM THEY WOULD OFFER ME TO GET ME QUALIFIED FOR EASY PAYMENTS. IT HELP ME A WHOLE LOT. MY MORTGAGE IS 352.48 THANKS TO LEE COUNTY FLORIDA

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Reginold Summerville
Reginold Summerville
14 oct 2021

Following the money

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