I’m looking forward to Independence Day. Its meaning never escapes me. Since I moved to New Hampshire a few years ago, I’ve gone to the same celebration every year where some dignitary, from our mayor to our governor, reads the Declaration of Independence aloud. Some 233 years later, it’s still powerful and moving prose.
While the words contained within the Declaration of Independence are focused on the political issues of that era, our founding fathers’ motivations were at least partially financial. After all, “no taxation without representation” arguable had more to do with economics than with voting rights.
As a country, we’re certainly still politically independent from the England, but, as individuals, are we truly financially independent? After you read the Declaration of Independence, read ING DIRECT’s 10-point Declaration of Financial Independence. It’s a great sanity check of how far you’ve come (or not).
Here are my favorite parts of the latter Declaration:
1. We will spend less than we earn.
There is nothing more fundamental to turning your financial life around than living within your means. It is the very core of your ability to save.
6. We will know the cost of borrowing.
You can’t go through your financial life blindly. No one will ever care about, let alone look out for, your best interest as much as you can and should. So you better pay attention to the important details of your financial life. Nowhere is this more critical than when you choose to borrow. And, yes, a loan is a choice. Its true cost is readily available – if you know how to ask.
9. We will remember what matters.
If you’re so moved, consider signing the Declaration of Financial Independence. Compared to John Hancock, you’re risking a lot less, yet your upside is nearly as great.
What do you think of the ING DIRECT Declaration? Which points move you? Any you would add?
Tags: financial independence