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The Race for Financial Freedom: Your Financial Tour de France Thumbnail

The Race for Financial Freedom: Your Financial Tour de France

By Sarah Carlson, CFP®, CLU®, ChFC®

The Tour de France is the world’s most prestigious and challenging bike race, and it attracts the world’s greatest cyclists.1 While your race to financial freedom is not necessarily the most difficult task you might encounter, it may require significant effort. Also, winning the race to financial freedom may bring you prestige because you have a goal that many people aspire to accomplish. 

Here are a few things the race for financial freedom and the Tour de France have in common. 

You Cannot Win Alone

Winning the Tour de France requires the cooperation of a team of people working together throughout the entire race, from planning through the finish line. The Tour de France team works together to pedal through the flatlands of easy travel and the more challenging mountainous terrain.

Winning the financial freedom race also involves team cooperation. It requires a team to develop a plan and execute it through times of smooth financial sailing and times of challenges. 

The Joy of Riding Your Bike and the Joy of Your Own Money

Riding a bike is fun. You feel the wind on your face as you pedal. You enjoy the outdoors while doing something potentially good for your health.

Remember the first time you could ride your bike to school or the ice cream store? The first bike ride brought such a sense of freedom. As long as you have a bike to ride, you are able to choose where to go.

Getting your first paycheck is like riding your bike for the first time. It represents freedom and the ability to choose what to do. As long as you have enough money, you may make choices.

The Need to Prepare for Emergencies

Although riding a bike is usually a fun experience, you sometimes have emergencies, such as a flat tire. If you do not have a contingency plan, a flat tire may leave you stranded on the side of the road. It may help if you have a financial plan for emergencies. Otherwise, you may end up with a major financial challenge that creates severe stress.

The Importance of Training

You do not go from being a leisure cyclist to winning the Tour de France overnight. You train. You develop a plan and work hard at it for years. Likewise, you may not have financial freedom if you earn a paycheck and do not develop a financial plan. Once you create the plan, you work hard toward the goal of financial independence.

A Bicycle Built for Two Or More

Riders tend to ride in the main group, known as a peloton.2 If one cyclist falls, they may take others down with them because they are so close. On the other hand, riding in a group helps each cyclist conserve energy because of reduced drag.

When you marry or enter into a joint financial partnership, you may combine finances with your loved one’s finances. If one overspends, the other may not pursue their goals properly. Good communication and working together are the factors to strive for, and they continue to be important as your family grows. 


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Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
LPL Tracking #1-05282505
1 Encyclopedia Britannica: Tour de France, https://www.britannica.com/sports/Tour-de-France
2 Understanding Tour de France, Men’s Journal, https://www.mensjournal.com/adventure/a-complete-guide-to-understanding-the-tour-de-france/