Put a Year in the Bank

Free yourself from from financial resistance to allow yourself to open yourself up to new opportunities.

Put a Year in the Bank

The definition of financial freedom is relative to different individuals. For a college student, it might mean not having to take loans from mom or dad. For an individual considering retirement, it might mean not having to work another day in their lives.

The idea of putting a year in the bank is a temporary universal tool which offers financial freedom when needed. Ultimately, having a year in the bank is your “card” you have up your sleeve which you can use whenever you’re out of other options.

When will you ever need a “year in the bank”?

Life has external variables which you cannot control.

• What if another financial crisis similar to what happened in 2008 occurs? You might lose your job, which in turn, lose your only source of income. You check your bills and see yourself short on money because of how dependent you were on your consistent paychecks.

Compatibility with your job

• What if you’re not compatible with your job? The job does not offer you the benefits you are seeking. The job’s workplace environment is negatively impacting your mental health. The job is not quite something you were expecting. The following are all reasons why an individual might want to leave their careers. Searching for a job is a time-consuming process. Having a “year in the bank” buys you the time you need to get an alternative job.

What should I do now?

Putting a year in the bank is also a time-consuming process. However, the financial freedom offered with having that monetary value to fall back on is significant. The most reasonable amount to store every month to have a year in the bank in 10 years is $420. After 10 years of putting $420 aside every month, you’ll have $50,000. This would provide a roof over your head and food on your table for a year.

Quit making ‘upgrades’ by spending money on the new iPhone Apple advertises every year, and on that new car which might offer social status. Instead, opt to put that money in a savings accounts to better guarantee financial freedom. You can opt to have a year in the bank without financial worries, or with ‘upgrades’ but with financial freedom. Which option is better?