For starters, you'll want to determine what financial independence means to you. Is it the liberty to meet all your cash flow needs? The freedom to retire comfortably, at the age you choose? The ability to set up the kind of legacy you'd like to leave?
During your life, you may take many journeys – one of which is the long road you will travel toward your financial goals. But even on this path you can benefit from a "GPS" in the form of your goal-oriented, personalized strategy.
About 36 percent of U.S. workers are now gig workers, according to a study from the Gallup organization, which defines the gig economy as one made up of a variety of arrangements – independent contractors, online platform workers, contract workers, on-call workers, temporary workers and freelancers.
In fact, the construction process is valuable for anyone to learn – and the same skills that go in to creating and mending physical objects also can be applied to financial projects – such as working toward a comfortable retirement.
To begin with, you need to determine if a loan is even available. You can only borrow from your 401(k) if you're still working for the company that offers the plan, but even so, you’ll have to check with your human resources area to determine if loans are allowed. If they are, you’ll want to weigh the pros and cons before taking action.
Specifically, you might want to put together a team comprised of your financial advisor, your CPA or other tax professional, and your attorney. Together, this team can help you with many types of financial/tax/legal connections.
So, if you decide to hire a financial advisor, you should expect to receive some "coaching" as you work toward all your important objectives, such as sending your kids to college, enjoying a comfortable retirement and leaving a legacy that can benefit the next generation.