Note to editor: Alt headline: Financial planner reveals four habits that can build financial freedom
Financial freedom isn’t defined by reaching a specific net worth or investment return. It begins with understanding what you want your money to accomplish and making intentional decisions that move you closer to that goal.
That’s the message from Becca Craig, CFP, CeFT, CSLP, a wealth adviser with Focus Partners Wealth says people often focus first on budgets, investment returns and retirement projections while overlooking the question that matters most: Why are you pursuing financial freedom in the first place? Her advice comes at a time when many Americans continue to wrestle with inflation, higher borrowing costs and uncertainty about retirement readiness.
Rather than chasing an arbitrary dollar amount, Craig recommended in an interview building financial freedom through four practical habits: identify what matters most, understand your cash flow, automate saving and seek professional guidance before small mistakes become expensive ones.
What this means for you
Financial freedom isn’t about becoming wealthy overnight. It’s about creating enough financial flexibility to make decisions based on your values instead of financial pressure.
Craig said even modest changes, made consistently, can help households reduce financial stress and build greater confidence over time.
Below is a transcript of the interview with Craig, edited for brevity and clarity.
Financial freedom begins by understanding your “why.”
Bob Powell: For many Americans, financial freedom can feel out of reach.
Becca Craig: For some people, it can. But today I hope we can offer a few actionable ideas that readers and viewers can put into practice while celebrating the Fourth of July and Independence Day. Small, intentional steps can move people toward financial freedom and help them build habits that align with their values.
At its core, financial freedom is about aligning your money with your values.
Bob Powell: So what’s step one?
Becca Craig: Step one is finding your touchstone.
Most financial advice begins with budgets, spreadsheets, projections or reports. Those tools all have value because they help explain the mechanics of your finances. But financial freedom really begins with understanding why you’re pursuing it in the first place.
My cat, Godrick, is joining us today.
Bob Powell: That’s Godrick. Harry Potter fans should recognize the name.
Becca Craig: My sweet Godrick Gryffindor, brave at heart.
The idea of a touchstone comes from Susan Bradley and the Financial Transitionist Institute. A touchstone is a memory, vision or experience that represents authentic joy and purpose. For Harry Potter fans, it’s almost like a Patronus. It serves as an anchor during life’s transitions and reminds us why financial decisions matter.
I encourage people to spend a few quiet minutes this weekend between the fireworks, celebrations and parades reflecting on a time when they felt fully present and at peace.
Ask yourself:
- Who were you with?
- What were you doing?
- How were you spending your time?
- How were you spending your money?
Interestingly, those moments rarely involve saying, “I earned a 20% return on my portfolio.” Maybe they do for someone, and there’s no judgment if that’s the case.
For one person, financial freedom might mean spending Tuesday mornings in the garden. For another, it could mean traveling with grandchildren. Those memories create purpose, peace and resilience.
That becomes your touchstone. Maybe it’s, “Financial freedom gives me time with the people I love.” Or, “Financial freedom allows my money to fund adventures instead of anxiety.”
Starting with your “why” is the most important step.
Bob Powell: I sometimes think financial freedom means being free from having to think about money all the time.
Becca Craig: Exactly. It’s about quieting that mental chatter and creating the ability to say yes when opportunities arise that align with your values.
Bob Powell: I’m curious. What would your Patronus be?
Becca Craig: I’ve taken the tests, and I think mine would be a lioness. What about you?
Bob Powell: I haven’t thought about it enough, but the first thing that came to mind was an eagle. It seems appropriate during America’s 250th birthday celebration.
Understanding your cash flow helps align spending with your values.
Bob Powell: Step two.
Becca Craig: Step two is checking your cash flow, not just your budget.
The dreaded “B-word” for many people is budget.
Once you’ve identified your “why,” it’s important to understand where your money is actually going. This isn’t about restricting yourself. It’s about understanding the flow of your money and making sure it reflects your priorities.
The goal isn’t to judge your spending. It’s simply to understand it.
Whether your priorities are travel, charitable giving or hobbies, you should understand how money flows into your household and where it goes after paying taxes, housing and other necessary expenses.
We’re not talking about manually updating spreadsheets every month or reviewing every credit card statement line by line. There are excellent tools available today, including YNAB and Monarch Money, that can automate much of the process.
Understanding your assets, liabilities and spending patterns creates awareness. That awareness allows you to make intentional choices instead of simply drifting through your financial life.
Bob Powell: As you’re reviewing those tools, should people be almost ruthless about eliminating spending that doesn’t align with their values?
Becca Craig: To an extent.
If you decide paying taxes doesn’t align with your values, don’t do that. That’s definitely not professional financial advice.
But maybe you have subscriptions you no longer use. Maybe your gym membership no longer fits your lifestyle and yoga would be a better option than weightlifting.
The important thing is consistency. Pick a system that works for you and stick with it rather than constantly chasing the newest budgeting app.
Paying yourself first turns saving into a habit.
Bob Powell: Step three.
Becca Craig: Step three is paying yourself first.
It’s simple, although simple isn’t always easy.
For many households, payday feels like a revolving door. Money comes in and immediately goes toward rent, groceries, subscriptions and other bills.
One of the simplest ways to create financial freedom is to automate saving.
That might mean contributing at least enough to your employer-sponsored retirement plan to receive the full employer match. That’s free money working on your behalf.
Or it might mean automatically transferring money into a high-yield savings account.
Today, many high-yield savings accounts are paying roughly 3% to 3.3%, which is considerably more than many traditional bank savings accounts paying only a fraction of 1%.
Bob Powell: I often hear people say they never miss the money that’s automatically going into their 401(k) or emergency fund. Have you found that to be true?
Becca Craig: Absolutely.
Another opportunity comes when you receive a raise or cost-of-living adjustment.
Instead of allowing lifestyle creep to absorb those additional dollars, automatically direct at least part of the increase into savings or retirement accounts.
That way you’re investing in your future without feeling like you’ve reduced your standard of living.
Saving becomes a habit, and habits build financial freedom.
Working with professionals can reduce costly financial mistakes.
Bob Powell: Step four.
Becca Craig: Step four is asking for help.
One of the biggest misconceptions is that only wealthy people with millions of dollars work with financial planners. That’s simply no longer true.
If you’ve been saving consistently but still wonder whether you’re doing enough, whether you’ll be able to retire or whether you’ll have enough to send your children to school, you’re not alone.
Often, what you’re missing isn’t discipline. It’s a long-term roadmap.
A qualified financial planner, CPA, CFA or other trusted professional can help coordinate retirement planning, tax strategies, estate planning, education funding, student loan repayment and investment management.
Financial freedom comes from aligning your money with your values, and having a second set of experienced eyes on your financial plan can help you reach that goal more confidently.
I’m someone who likes fixing things myself. I’ll learn how to repair a toilet before calling a plumber.
But if paying an advisory fee gives you someone you can call to help navigate the many parts of your financial life, it’s often worth the investment.
If you’re reading financial articles or educating yourself about personal finance, it’s probably because you care deeply about your future.
For many families, ongoing financial guidance is well worth the investment.
And if you already have an adviser but aren’t receiving holistic planning, it’s worth evaluating whether your current relationship still meets your needs.
Bob Powell: I liked something you wrote in your article. You asked readers to consider the cost of making one mistake or spending years wondering whether they’re on track.
I often tell people they don’t learn the cost of those mistakes until it’s too late to fix them.
Becca Craig: Exactly.
Think of it as the tuition you pay to the school of life.
There’s no reason to suffer through uncertainty when specialists exist to help.
Just as you would visit a doctor when something doesn’t feel right physically, financial professionals can help you improve your financial health. And thanks to technology, many advisers can work with clients over Zoom.
Financial health, financial wealth and financial freedom all go hand in hand.
Financial freedom is built through hundreds of thoughtful decisions.
Bob Powell: How would you wrap up this discussion?
Becca Craig: Financial freedom isn’t a destination where you suddenly arrive and declare victory.
It’s built through hundreds of thoughtful decisions and small, intentional steps.
It’s more of a feeling than reaching a specific portfolio value or income level, and that feeling is different for everyone.
Know what you’re working toward by identifying your touchstone.
Understand where your money comes from and where it goes.
Pay yourself first because your future deserves that investment.
Build a team that includes professionals such as a financial planner, CPA and attorney.
You deserve to feel confident about your financial future.
As you enjoy the holiday weekend, have fun, but also take a little time to invest in yourself and your financial future.
Bob Powell: Becca, thank you, as always, for sharing your knowledge. Your advice is approachable and accessible for our readers, viewers and listeners.
Becca Craig: Bob, thank you for having me. Happy Fourth of July.
Key takeaways
- Define what financial freedom means to you before creating a financial plan.
- Track your cash flow to make sure spending reflects your priorities and values.
- Automate retirement and emergency savings so building wealth becomes a habit.
- Consider working with qualified financial professionals before costly mistakes occur.
- Remember that financial freedom is built through consistent decisions, not a single financial milestone.
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