How to Make Financial Freedom Your Long-Term Resolution

With the new year upon us, we couldn’t help but think back to the message we shared this time last year. You may remember – it was about the folly of forecasting, and how it serves us better to focus on preparation rather than prediction.

It was a timely message, especially considering all of the doomsday predictions that were floating around. And amid the emotionally charged headlines telling investors to jump ship, our recommendation was to stay the course with purposeful planning designed to help you achieve your long-term financial goals. Ultimately, you had two very different courses of action to choose from.

Financial Freedom Overboard

Investors who jumped ship and withdrew from the market in 2023 certainly avoided the year’s ups and downs, and may even have experienced stability or modest gains with other vehicles. But what they also missed out on was time. And the time they could have continued to put into a plan designed for long-term success can’t be recovered.

Planning for the future doesn’t just require a monetary investment; it requires an investment of time and commitment. Abandoning the plan in temporarily rough waters means you never get to sail through them to smoother seas.  This is the danger of making short-term decisions for what is in reality a long-term proposition. The fearmongering that accompanies so many financial headlines is too short-sighted to realize that when you jump ship, it’s your best chance at long-term financial freedom that you’re really throwing overboard.

The House Wins

So what are the benefits of staying the course? In our last post, we noted that “investing is not a casino, where we pin our fortunes on a guess about whether the ball will settle on black or red.” And that’s true. Investing is not a casino because there, the odds are rigged against you, and even the best player runs out of luck if he takes one too many guesses.

Investing is the opposite of a casino, because when you have a purposeful plan in place, the longer you stay at the table – the market – the better your odds. A carefully crafted plan makes you the house, and everyone knows that if you stick around long enough, the house tends to win.

During your time at the table you will have short-term wins and losses, but the longer you stay, the greater your odds of overall positive results that compound with time.

Setting Your Sights on Financial Freedom

And so as we embark on a new year together, it is our continued commitment at N1 Advisors to stay the course with you, keeping our sights trained on the long-term goal of your financial freedom.

At its most basic level financial freedom means accumulating enough capital to ensure our resources don’t run out after retirement. But what does that really look like for you? Does it mean travel, taking it easy, or taking on new projects? Does it mean providing a legacy for your family? Contributing to a cause that matters to you?

Whatever the destination looks like, it is our job to steer you towards it with consistent, patient, carefully planned steps that build towards your goals over time. You can count on us to be by your side at the table, whether the day yields a win or a loss, because when you look at the big picture, your success is not measured in days. It is measured in the achievement of your vision of financial freedom won through the investment of your hard work, your resources, and yes, your time.

Here’s to making 2024 a year that brings us ever closer to freedom and financial independence!