Having just celebrated our beautiful island’s 64th year of Independence, I thought it was a good time to ask readers to reflect on their individual financial freedom and independence. Financial freedom is very personal, and how you define it will most likely change over the different stages of your life.

For a young couple, financial freedom may mean having enough funds after expenses to build an emergency fund, pay down debt or have additional funds to start investing. For the business owner, it may look like having excess liquidity for their business and for a soon to be retiree, it may be knowing that you no longer need to rely on your daily employment to sustain your current lifestyle. Whatever your definition of financial freedom, one thing will remain true: Progress to your goal will not be overnight and the rewards will not be immediate. To truly build this freedom, you must work steadily towards the goal with discipline, informed decision-making and a long-term perspective.

Financial planning is key to establishing your financial freedom. As the old saying goes: “If you fail to plan, then plan to fail”. Planning will help turn your hard work into progress and align resources with the long-term financial freedom goals you have.