Pathways with Amber Stitt
🎙️ Get ready for Pathways with Amber Stitt, your go-to podcast for financial insights and motivation to take action today! 💪💰
Are you feeling overwhelmed when it comes to planning for your financial future? Don't worry, you're not alone. Many individuals and small businesses struggle with creating a solid game plan to protect themselves and their loved ones. That's where we come in.
Join me as we dive into our core framework, "Pathways to Peak Performance," where we'll tackle each of the 5 steps to bring you closer to success in every episode. Through education and motivation, our podcast is designed to inspire anyone to achieve success and resilience, no matter the obstacles they face in life.
And that's not all! We've also got the Physician's Edition, specially curated for medical professionals and small business owners who need help with their insurance planning. This bonus series is tailored to address the unique challenges and goals of these individuals.
Don't miss out on valuable insights, expert tips, and empowering stories that will empower you to take control of your financial future. Tune in to Pathways with Amber Stitt now and unlock the keys to a brighter, more secure tomorrow! 🎧💡💼
Pathways with Amber Stitt
Focus on Money: The Financial Freedom Overview for Optometrists
In this episode of #TheAmber Stitt Show titled "Financial Freedom Post-Presentation Podcast," Amber Stitt discusses the importance of financial freedom and how to achieve it. She starts by emphasizing that financial plans can vary based on age and that the language within the plans can affect the payout. Additionally, she highlights that offsets to benefits can occur if the individual is disabled and has other sources of income or government benefits.
Amber then dives into the topic of building and diversifying income streams beyond traditional employment. She explains that passive income from investments, real estate, business ventures, and royalties can provide ongoing income without active participation. This passive income offers greater financial stability and flexibility, which are crucial for achieving true financial freedom.
However, Amber also emphasizes the need for stability and security in our financial plans. She explains that having a well-managed overall plan, including insurance coverage and a financial plan, is necessary to weather economic downturns, job changes, and unexpected expenses without disrupting our desired lifestyle.
To further emphasize the importance of understanding our financial policies, Amber discusses the difference between cancelable, guaranteed renewable language in individual policies and the provision in group contracts that allow the carrier to make changes, modifications, or terminations. While she is not an attorney, Amber suggests reviewing these differences and understanding the policies we have in place.
Amber's goal with this episode is to motivate listeners to take action and audit their financial situation. She offers a complimentary consultation to help individuals assess their current financial standing and find areas for improvement.
By following the five steps outlined by Amber—including being real with oneself, recognizing one's talents, and having self-awareness—listeners can take steps towards achieving financial freedom.
Overall, this episode of The Amber Stitt Show provides valuable insights and advice on achieving financial freedom.
Amber encourages listeners to take control of their finances, build passive income streams, and ensure stability and security in their financial plans. To learn more, visit amberstit.com.
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Amber Stitt 00:10
Welcome back to The Amber Stitt Show. Today I just finished up with a great financial summit hosted by ODs on Finance, and we had a number of topics that spearhead the idea of financial freedom.
Let's begin by defining the topic of financial freedom. So, what does this really mean? Financial Freedom refers to the state of personal financial well-being where the individual has the ability to make choices and pursue their desired lifestyle without feeling constrained by financial limitations. So, it is a state of mind of financial independence, where one has the resources and financial security to meet their needs, fulfill their goals, and enjoy the desired level of comfort within their own home, or their business. Those that follow my five steps know that a lot of this can be done and you can have some fun once you're real with who you are, and where you're talented, you need to have some self-awareness.
So, let's go through some quick steps. First: adequate savings and an emergency fund. Achieving financial freedom involves having sufficient savings and an emergency fund to cover unexpected expenses, or financial setbacks. This provides a sense of security that reduces the need to rely on external sources. We don't want to rely on others for financial support.
Second: is debt management. Being free from the overwhelming debt burdens is an important aspect of financial freedom and involves effectively managing and minimizing debt such as credit card debt, student loans, mortgages, allowing you to allocate resources towards goals rather than debt repayment. However, leverage can be a good thing and using debt sometimes can be fruitful when you have opportunities.
And that leads me to step three: with creating passive income building and diversifying income streams beyond traditional employment is a key component of financial freedom. Passive income generated through investments, real estate, business ventures royalties, this can really provide ongoing income without requiring active participation offering you greater financial stability and flexibility which leads us into the step four of the framework is really having stability and security.
#4: Financial freedom is characterized by a level of stability and security allows you to weather any economic downturn, job changes, or unexpected expenses without disrupting your whole lifestyle. So, this often happens when having a well-managed overall plan. So, whether it's insurance coverage or a financial plan, we want to take a look at that and keep evolving that.
And step five is having a freedom of choice giving you these choices based upon your aspirations, your goals. Whether it's beliefs within your family, a cause that is an important cause you want to support, whether or not you want to retire early. It is important to note that financial freedom is subjective and it can vary for each person. Depending upon goals, values and circumstances. It may involve different levels of wealth accumulation and lifestyle choices.
However, at its core, financial freedom empowers individuals to have greater control over their finances, reduce financial stress and live life on your own terms. So, however, you're working towards your freedom of choice on how you spend your money, how are you taking advantage of passive income strategies that put you in control over your life since we just finished up at the financial freedom summit.
This made me start thinking about the current contracts that are showcased not only to my MDS and DEOs via the AMA, but also my optometrist through the AOA while group contracts offers certain advantages such as affordability, ease of enrollment, there are several critical factors to consider that can impact the effectiveness of sustainability over time.
So, quick points that are concerning is that there isn't a rate lock on your plan. These plans move depending upon your age, these plans have language that can change your payout. So, if you're disabled with other income sources, or receive other government benefits, you can have offsets to these benefits that you've purchased. Some of the terms require you to be fully disabled first, before using the partial disability rider, other language is presented and I wanted to share that although I'm not an attorney, we can still read these statements. And there are legitimately parts of the contracts that can state that there can be changes by the carrier and there can be changes or modifications or termination inside these provisions on the contract. So, this is truly different than non-cancelable guaranteed renewable language on individual policies that we assist our clients with. So, I wanted to make a note of that so you're aware.
In summary, financial freedom is taking accountability to know what's inside your policies, what do you have in place at work, and if you're depending on a contract that can be changed, having a surprise later, when you need this the most could be very detrimental.
So, I hope this helps to motivate you to help you find what you have in place currently, do an audit, and I'm happy to walk you through via a complimentary consultation to talk you through this. Just let me know how to help. Thank you for listening. And I hope this gives you a little bit of motivation to take some action today.
Closing Outro 04:49
Thank you for joining us on today's episode of The Amber Stitt Show. For more information about the podcasts, books, articles, and more, please visit me at AmberStitt.com. Until next week, enjoy your journey at home, and at work. Thank you for listening!