It’s almost the Fourth of July, the day when we celebrate our independence as a nation and the many liberties we enjoy as individuals.

Still, we have to keep working to earn some freedoms — such as financial freedom. By making the right moves, you may eventually enjoy your own Financial Independence Day.

Consider these tips:

• Set free your vision. Your first step in moving toward financial independence is to establish a vision of what this freedom might look like.

Ask yourself: When do I want to retire? What do I want to do during my retirement years? How can I be confident that I won’t outlive my financial resources?

The answers can help you develop a clear picture of where you want to go — which will make it much easier to create a financial strategy for getting there.

• Liberate your full investment capabilities. Right now, you may have good investment opportunities that you are not fully exploiting.

For example, are you contributing as much as you can afford to your IRA and your 401(k) or other employer-sponsored plan?

And when your income goes up, are you increasing your contributions to these accounts?

Both an IRA and a 401(k) offer tax advantages and a variety of investment options, so try to get as much out of these plans as you can.

• Avoid the “bondage” of a non-diversified portfolio. If you only own a few types of investments, you are restricting your opportunities — and probably taking on too much risk.

If a downturn primarily affects just one or two asset classes, and most of your investment dollars are tied up in those assets, your portfolio could take a big hit.

But if you “free up” your holdings by diversifying across a range of investments — stocks, bonds, government securities, certificates of deposit and so on — you may give yourself more chances for success while reducing the effects of market volatility on your portfolio.

Keep in mind: Diversification cannot guarantee profits or prevent losses.

• Unshackle yourself from debt. It’s not always easy to lower your debt burden, but it’s worth the effort.

The lower your monthly debt payments, the more money you will have available to invest for the future — and for your ultimate financial freedom.

Look for ways to consolidate and reduce your debts.

• Escape from disability and long-term care expenses. Few events can threaten your financial independence as much as a disability or the need for long-term care, such as a nursing home stay.

Even a short disability and time away from work can wreak havoc on your financial situation. And an extended stay in a nursing home can be hugely expensive.

The national average for a private room in a nursing home is nearly $84,000 per year, according to a recent survey by Genworth, a financial security company.

To defend yourself against the threat of disability or the expense of long-term care, you may want to consult with a financial adviser, who can recommend the appropriate protection vehicles.

The Fourth of July is a festive occasion. But you’ll have even more reason to celebrate once you can declare your own financial independence. So, do what it takes to speed the arrival of that day.

Joe Faulk is a Crestview financial adviser.

This article originally appeared on Crestview News Bulletin: FINANCIAL FOCUS: 5 tips to secure a financial Independence Day

Many North Florida landscapes' King Sago plants still look sad following cold injury from our recent winter.

Want to know what to do with sagos not fully recovered?

Bob Bayer, a University of Florida-Okaloosa County Extension Master Gardener, and I can help!

Two scenarios

In many cases, all the cold-injured sagos' fronds, or leaves, turned brown, requiring removal.

Many King Sagos responded well to the dead-frond removal and to being fertilized. May and June's higher temperatures have allowed slow recovery in many cold-damaged sagos. They now are displaying new, feathery, dark-green fronds, which will harden, giving the plants their characteristic appearance.

Other sagos have not been as fortunate.

Cones' energy source

Sago plants are either male or female. Some male sagos now produce cones instead of new fronds. This resembles a yellow to tan pine cone up to 2 feet long.

Cone production wouldn't be a problem if the fronds had not been lost to cold damage. Without green fronds to produce food for the plant (through photosynthesis), the cones draw energy for growth from stored food (sugars) in the trunk.

Also, heavy rains have leeched away many nutrients that were in the soil.

As a result, these weak sago plants are attempting to propagate their species before they possibly die.

Preventing fungal infection

In addition to producing cones, some sagos produce off shoots (pups), a vegetative means of propagation. This is a draw of energy from the parent plant without replacement. There is no guarantee that removing these pups will ensure the parent's survival.

Cone removal will decrease the plant's stress, but it also creates an open wound, which subjects the plant to possible fungal infection. Snapping off the cone will not hurt the plant. But after removing the cone, you should treat the resulting wound with a copper-based fungicide.

Always follow label directions when using any pesticide, including fungicides.

Producing new fronds

Older, mature female sago plants will eventually produce a tan reproductive structure that somewhat resembles a flattened basketball or cabbage.

You'll see walnut sized, orange-red seed as this structure slowly opens. Removing the seeds as they develop provides more energy for frond production on the cold-injured, stressed sagos.

But do not remove the female structure; this can cause permanent damage and the plant's possible death. The resulting wound would be too large to treat.

Use a complete fertilizer containing about 18 percent nitrogen to encourage new frond production.

Larry Williams is an agent at the University of Florida's Extension office in Crestview.

This article originally appeared on Crestview News Bulletin: EXTENSION CONNECTION: Treating cold-injured King Sago plants

Everyone should be aware of the financial resources they will have available in retirement. But women must be particularly diligent.

That's because women often take time off from their careers to care for children and older parents, so they may accumulate less money in employer-sponsored retirement accounts, such as 401(k) plans. And women still live several years longer than men, according to the Census Bureau.

Consider these key factors:

•Age. You can start taking retirement benefits as early as age 62, but your benefits may be reduced by up to 30 percent unless you wait until your “full retirement age" (likely 66 or 67). If you delay taking benefits until 70, your monthly benefits may be up to a third larger than if you started collecting Social Security at your full retirement age. Weigh several factors — such as family longevity, income from employer-sponsored retirement plans and anticipated financial needs — to determine when to start taking Social Security.

• Employment. If you work while receiving Social Security benefits before you reach full retirement age, your benefits will be reduced $1 for every $2 you earn over an annual limit, which generally increases each year. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn over the limit before your birthday. Once you reach full retirement age, your benefits will no longer be adjusted for earned income.

• Marital status. As a spouse, you can generally receive Social Security payments based on your own earnings record, or collect a spousal benefit of up to 50 percent of your husband's Social Security benefit. The benefit will be reduced if you start taking it before your full retirement age. To start collecting Social Security spousal benefits, you must be at least 62 years old and your husband must also have filed for his own benefits. If you’re divorced, and not currently married, you can generally receive benefits on your ex-husband’s Social Security record, as long as you meet certain conditions. (For example, you had to have been married to your ex-husband for at least 10 years.)

No matter how much Social Security you receive, it’s almost certainly not going to be enough to provide all the income you’ll need. During your working years, try to contribute as much as you can, for as long as you can, to your IRA and your 401(k) or other employer-sponsored retirement plan. At the same time, look for other investment opportunities. When you reach retirement, create a withdrawal strategy that allows you to stretch out the income you receive from your investments for as long as you can. 

This is general information and doesn't cover all scenarios. Your situation may be different, so discuss this with the Social Security Administration prior to taking benefits.

By saving and investing as much as possible during your working years, maximizing your Social Security payments and carefully managing your financial assets when you’re retired, you can help improve your chances of enjoying the retirement lifestyle you deserve. 

Joe Faulk is a financial adviser in Crestview.

This article originally appeared on Crestview News Bulletin: FINANCIAL FOCUS: Women must know what to expect from Social Security