This week's Money Buddy
Eric D. Brotman, CFP®, is the CEO of BFG Financial Advisors and has over 25 years of experience as a trusted advisor. He believes financial literacy is the key to well-being and is the author of multiple books on personal finance and the host of the Don’t Retire…Graduate! podcast (On which I will be appearing as a guest). Eric’s approachable and actionable financial advice has been featured in the Wall Street Journal, Forbes.com, Yahoo! Finance, The Baltimore Sun, and others.
What Would Work Optional Mean to You?
Have you ever thought about what it would mean not to have to work? I’m not talking about sitting on the beach forever (unless that’s your thing), but rather having the freedom to choose work because you want to, not because you need to. Work optional isn’t just about early retirement—it’s about financial independence. Maybe you’d take a career break, work part-time, or pursue a passion project.
It all starts with building a financial foundation that allows you to step away from a job when you want to. That could mean saving aggressively now, investing wisely, or reducing your expenses to need less income. Take a moment to reflect: What does work optional look like for you? How would your life change if work became a choice instead of a necessity?
How Can You Take the Next Step Up in Your Savings?
If you’re wondering how to save more without feeling overwhelmed, start small. Increasing your savings rate by just 1% can make a big difference over time. If you’re currently saving 5%, bump it to 6%. Your lifestyle will adjust, and you won’t even feel the pinch. The key is consistency.
Another trick? Treat your savings like a bill. Pay yourself first before spending on anything else. Whether it’s your 401(k), Roth IRA, or just a high-yield savings account, make it a priority. Over time, these small increases will add up to massive progress. So, what’s your next small step?
How Can Automation Help You Get Started?
Automation is the secret weapon of financial success. By setting up automatic transfers to your savings and investments, you remove the temptation to spend first. If your paycheck is direct deposited, split it so that a portion automatically goes into a savings or investment account before you even see it in checking.
If you invest, check if your brokerage allows automatic contributions. And don’t forget to reinvest your dividends—let your money work while you sleep! Automation makes saving and investing effortless, so why not set it up today?
I’d love to hear your thoughts! What’s one step you’re taking to move closer to financial independence? Reply to this email or hit me up on my website.
Enjoy your week and get out there and have a money talk!
