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Marcia Armstrong, MBA
Marcia Armstrong, MBA
Certified Customer Success Specialist: Maximizing Customer Lifetime Value 10+ Years | Personal Finance Disruptor | Lead Facilitator - National Financial Literacy Programme | International Speaker | Mentor
Published Apr 17, 2024
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Welcome to #bankonit with Marcia, a weekly newsletter designed to redefine wealth, inspire your financial life, and give you actionable insights from an award-winning Personal Finance Strategist. Like what you’re reading? Subscribe and share with your friends. Let’s dive in…
Hey Wealth Creator,
In today's newsletter I will be sharing about the stages of financial independence. As working professionals in a busy world, it's important to stop and think about where we are on the road to financial freedom.
Stage 1: Financial Dependence
Picture this: You're juggling bills, stretching every paycheque to cover expenses, and the weight of debt seems insurmountable. This is Financial Dependence, the starting point of your journey. If this sounds familiar, know that you're not alone. It's a stage marked by uncertainty and financial insecurities, but it's also the beginning of something extraordinary – the journey toward a brighter financial future.
Stage 2: Financial Solvency
Now, imagine a shift. Your budgeting skills improve, debts start dwindling, and you feel a glimmer of hope. Welcome to Financial Solvency! This stage is all about taking control of your finances, one step at a time. If you're starting to feel a sense of empowerment over your money matters, congratulations – you're making strides toward financial solvency.
Stage 3: Financial Stability
As we venture further, we encounter Financial Stability – here, we build a sturdy foundation, armed with emergency funds and a safety net of investments. It's a stage where worries about unexpected expenses ease, and confidence in our financial future grows. If you're feeling more at peace with your finances, perhaps you've found yourself in the embrace of financial stability.
Stage 4: Financial Security
Finally, we reach the summit – Financial Security, the pinnacle of our aspirations. Imagine a life where your assets work for you, generating passive income and providing the freedom to pursue your passions. Retirement isn't just a distant dream; it's a tangible reality. If you're savouring the fruits of your labour and relishing the freedom that comes with financial security, bravo – you've reached the summit of financial independence.
As you read the above, identify which stage you are currently on this journey, and think about what small steps you can take so that you ultimately reach level four.
If you aren't sure how to do this on your own, you can book a personalized consultation today with me and we can build out your financial plan together.
Till I write again,
Your Partner in Wealth
Marcia
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Oluwaseun Olaniyi
Early Childhood Educator, Academic Researcher, Budding-Investor
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