So what are some lessons we can take away from this peek into the other side of financial independence?
Whatever your means, live below them.
Take a holistic approach to your money and view wealth as a source of empowerment versus a measure of success. Viewing wealth as a measure of your success often means that you have to find ways to let others know successful you are and that can lead to overspending.
Step up to the plate. Be involved in the money management process and not just in writing checks. Taking control means a lot more than that.
Involve your children in the process early so they can grow with an understanding of money management and they do not have to repeat many of the mistakes you made.
Get professional help if you need it. The right professional help can not only save you money, but they can save you precious time as you travel on the road to financial independence.
Patricia Stallworth, CFP® and CDFA, is the president of PS Worth, a financial education company, the author of Minding Your Money, and the host of the Minding Your Money Minute™. Learn more by visiting MindingYourMoney.net.