Each summer, millions of Americans celebrate July 4 as Independence Day. While we collectively honor our country’s political independence, individual Americans struggle daily for financial independence.

With Independence Day in mind, we rolled up our Yankee Doodle sleeves and plotted courses of action you can take to help let financial freedom ring.

Rebalance your budget
Millionaires typically spend 4.6 hours per month[1] on personal finances — or roughly a little more than an hour a week – tracking their income versus expenditures. Are you investing enough time in your budgeting?

Budgeting best practices include:

Prioritizing spending.
Allowing for accumulation opportunities.
Building in fun and enjoyment of wealth.
Reviewing for life changes and success.
Your financial situation can change at any moment, so the budget you create today might need reassessing tomorrow. At a minimum, you should commit to an annual comprehensive budget review.

Additionally, you should revisit your budget if:

Your expenses have changed due to major life events.
You recently experienced a change in income.
Your financial and retirement goals have changed.
You received a financial windfall.
Protect while accumulating
Achieving true financial independence includes protecting your wealth from unexpected calamity. The savings you have worked hard to accumulate can disappear quickly if you do not put the proper protections in place.

Here are four mechanisms that can help protect your wealth:

Purchasing term life insurance can be a simple, affordable way to protect your family from financial hardship due to an untimely death. It’s especially effective when children are younger or the mortgage is higher.
In addition to providing a death benefit, permanent life insurance can also provide a cash value component from which money can be accessed for various financial needs (e.g., college tuition, down payment on a home, business opportunities).
Adding individual disability income insurance can protect one of your most valuable assets — your ability to work. It can provide replacement income you can count on if you're unable to work due to illness or injury. Even if you have group coverage through your employer, an individual DI policy could provide more robust features and portability, so the policy stays with you even if you change jobs.
Balancing the need to grow assets for retirement and ensuring that you don’t lose those assets from market losses can be a critical factor to achieving long-term financial independence.



Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance. 



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