Labor Day.

A celebration of the American worker…

A well-deserved time for rest and relaxation…

But also a day to ask how your money can start working harder for you.

Because here’s the reality: The original British Labour movement, which essentially came to the U.S. and spawned our favorite end-of-summer holiday, was all about achieving a better work-life balance.

Yet many folks clearly aren’t hitting the original goal of eight hours for work, eight hours for leisure, and eight hours for sleep.

In fact, according to a recent survey, 95% of employed Americans are thinking about quitting their jobs right now, and a full third say it’s because of burnout.

So if you’re in that same boat…

It’s time to think about achieving greater financial independence.

And the first step is defining what that really means to you.

I’m not talking about a number. That comes later.

I’m talking about a picture in your mind or a list of concrete goals.

For example… As a kid, I always wanted a house in a nice beach town, a cool car, and enough money to travel and eat well. And I wanted to work on my own terms doing something I enjoyed.

I’ve since accomplished all that.

But it was only possible because I defined all of that ahead of time.

Of course, everyone’s picture is different.

Maybe you want to retire sooner. Take the trip of a lifetime. Have enough extra money to send a child to college. Or buy a fishing boat and always be able to top off the gas tank.

It’s okay to dream big. But you also need to prioritize.

Once you have a sense of where you want to go – and how much money it might take to hit the basic goals – it’s time to move on to the next step…

Create (or revisit) your budget.

Why a Budget Equals Financial Freedom

Most people think “budget” is a dirty word.

It sounds restrictive… Like a process that will take away all the money earmarked for fun and enjoyment.

In reality, it’s the opposite…

Once you understand how much money you’re spending – and where – you can streamline your life and place greater focus on the activities and goals that matter the most.

More than that, when you earmark a specific amount of money for the things you truly love, you can enjoy them guilt-free.

Start with your necessary fixed costs – housing, utilities, car payments, insurance, etc.

From there, tally up the more discretionary categories – clothing, restaurants, greens fees, and so forth.

Be as granular as possible, using actual bills, receipts, and invoices. Look back a full year or two to get an accurate long-term picture of your outlays and spending habits.

Now create an accurate picture of your income from all the possible sources – regular employment, side hustles, investments, retirement plans, etc.

Once you have that, start asking some questions:

How much of your earned money is going to necessities versus discretionary items?

Are there changes you could make without real consequences?

And are there different priorities you should emphasize going forward?

You also might find some easy adjustments can be made, including recurring items like:

  • Memberships and subscriptions you aren’t using all that much or could easily be downgraded.

  • Landline or cable bills that are redundant with other services you now have.

  • And regular indulgences that don’t meaningfully improve your life or create lasting memories.

You might also start contemplating bigger changes that could seriously alter the equation going forward – even things like switching up where you live.

The critical part is having a full inventory of your past habits, so you can tweak them and get closer to the picture you outlined in the first step.

Make sure your necessary expenses are covered.

From there, allocate money to the discretionary items and pursuits that really give you the most pleasure.

And try to carve out as much money as possible for positive financial maneuvers like debt reduction or increased savings.

Going forward, monitor your progress regularly. Monthly or quarterly would be great. But at the very least, revisit your budget once a year.

You can do this whatever way suits you best – pen and paper, spreadsheet, or an app on your phone.

The key is consistency.

And even if your current life is still far away from that future ideal, don’t get discouraged. The sheer act of defining your goals and honestly evaluating your finances already puts you way ahead of most other people.

Once you do those things, it’s time to start making more of your money work for you.

I consider this part to be step three.

Prioritize and Then Invest

You’ll hear experts talk about different approaches, and a lot depends on individual circumstances.

But for me, it’s critical to have a solid emergency fund set aside – anywhere from a couple of months of expenses all the way up to a year or more.

This money gets put into something very liquid and very conservative – cash, a savings account, a money market, or something similar.

Your goal isn’t earning a return on investment. It’s making sure you’re ready for any curveball that life throws your way.

After all, if you go ahead and put your extra money into a more volatile investment only to be forced to pull it out at a moment’s notice, you might find doing so either unprofitable or downright impossible.

And reducing high-interest debts should also be high on the list – especially credit card balances.

The reason is simple: Paying down debt with an interest rate of 15% or 20% is equivalent to investing your money and earning the same type of return. The only difference is paying down the debt is risk-free.

Now, assuming you have tackled – or are actively tackling – the other two, it’s time to start putting more money into investments that can rapidly move you toward true financial independence.

I previously outlined Daily editor Teeka Tiwari’s recommended “asymmetric investing” strategy in another article, but just to recap…

It entails putting some of your money into conservative investments that generate consistent profits and income.

Then you risk some of that replenishable income on “positive asymmetric” ideas that have the potential to deliver life-changing gains in short order.

I know this might sound like a long, involved process. It might even seem hopeless or impossible.

But when you compare it to all the hours most people spend working in dead-end jobs instead of doing things they truly love…

When you think about all the day-to-day workers slaving away to make other people rich…

And when you think about what a better work-life balance could do for your own health and well-being…

You’ll quickly realize that creating a cohesive financial plan with concrete goals should really be job No. 1.

Best wishes,

Nilus Mattive signature

Nilus Mattive
Analyst, Palm Beach Daily

P.S. When it comes to asymmetric ideas, no one has given more people the chance to change their lives than Teeka.

And when it comes to his recommendations, none are more profitable than what he calls “Catch-Up Coins.”

Just $1,000 invested in Teeka’s past Catch-Up Coins when he recommended them would have grown into as much as $38,300, $74,723, $160,000, $484,700, and $1.5 million in 10 months.

If you missed out on those gains, you now get a second chance…

And it’s all thanks to an unprecedented event in the crypto market Teeka believes will trigger a hyperboom in these Catch-Up Coins… sending them higher than anyone today can imagine.

He’ll explain everything on Wednesday, September 15 at 8 p.m. ET during his Catch-Up Coin Hyperboom event.

During this event, Teeka will discuss details on the six Catch-Up Coins in his brand-new hyperboom portfolio. Plus, Teeka will even give away the name of his No. 1 Catch-Up Coin free to those who attend.

When Teeka has given away the name of his top coins in past events like this, you could have made an average of more than 17 times your money. That means just spending this night with Teeka could be the best investment you’ll ever make.

So click here to RSVP. And learn how you can receive our free special report, “How to Earn Free Bitcoin,” by becoming a VIP.