Declare your financial independence

Declare your financial independence

Individual Americans struggle daily for financial independence. Fortunately, Ohio National is here to help. Our mission is “to make a difference in your life by helping you achieve financial security and independence today – and for generations to come.”

Here are some ideas to help find your financial freedom.

Rebalance your budget

Many millionaires typically spend 4.6 hours per month1 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 helps protect 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 (DI) insurance can help 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.

Consider partnering with a professional

Achieving financial independence doesn’t necessarily mean working independently. In fact, a financial professional could help you generate up to 29 percent2 more retirement income3 than going it alone.

Ask yourself the following questions to see if you could benefit from the services of a qualified financial professional:

  • Do I have the expertise to go it alone?
  • Do I have both the time and desire to actively plan and manage certain financial aspects of my life?

If you answer either question with a no, you might strongly consider partnering with a professional. As a knowledgeable, objective third party, a financial professional may help you to:

  • Assess your current financial affairs by reviewing income, assets, and liabilities, evaluating your insurance coverage and investment portfolio, assessing your tax obligations and examining your estate plan
  • Develop a plan to help meet your financial goals
  • Offer recommendations about specific products and services
  • Monitor your plan and periodically evaluate its progress
  • Adjust your plan to help accommodate changing investment markets or tax laws

Next steps

Contact your Ohio National financial professional to help you declare your financial independence. 

*Withdrawals may reduce the death benefit, cash surrender value and any living benefit amount. 

Products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Registered products distributed by Ohio National Equities, Inc., Member FINRA. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Issuers not licensed to conduct business in New York. Disability income insurance is not available in CA. Withdrawals and loans may reduce the death benefit, cash surrender value and any living benefit amount.

Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.

This provides general information that should not be construed as specific legal or tax advice nor the law of any particular state.  Please seek the advice of a qualified legal or tax professional for your specific situation.

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