Editorial: This Independence Day, Declare Your Financial Freedom

(Picture credit Nebraska Treasurer’s Office)

On Independence Day, we will gather with friends and family to celebrate America’s 250th birthday. Let’s reflect on the extraordinary events of 1776 and those who pledged their lives, fortunes, and sacred honor to establish the greatest nation this world has known.

As we celebrate, let’s also consider another form of freedom: Personal financial independence.

Financial independence doesn’t mean being wealthy. It means having the ability to make choices for yourself and your family without being controlled by debt or money-related emergencies. It means building enough financial security to withstand life’s inevitable challenges and seize opportunities when they arise.

The Founders on Financial Independence

Total U.S. household debt now stands at a historic high of $18.8 trillion. According to national surveys, many Americans today struggle to cover an unexpected expense of just a few hundred dollars without using a credit card.

For too many families, consumer debt has become a modern-day King George.

We must remember that building financial independence is a very American thing to do. The Founders understood that freedom and financial responsibility are connected. They recognized that dependence on debt limits personal freedom, while saving and investing expand opportunities.

Benjamin Franklin championed thrift and personal responsibility. Two decades before the Declaration of Independence was drafted, Franklin wrote: “Think what you do when you run in debt; you give to another power over your liberty.”

George Washington approached his finances with discipline and precision. He tracked expenses, managed assets, and understood the importance of long-term planning. He recognized that financial stewardship was essential to personal independence.

Thomas Jefferson, on the other hand – despite being one of the most brilliant minds of his generation – struggled with personal debt throughout much of his life. Jefferson’s experience reminds us that intelligence and talent alone do not guarantee financial success. Even remarkable individuals can suffer when they spend more than they earn.

Personal Finance Tools

This Independence Day, I want to highlight the programs my office oversees to help working Nebraskans build financial freedom.

• For future educational and vocational training opportunities: The NEST 529 Education Savings Plan helps parents, grandparents, and others save in tax-advantaged accounts to help the next generation pursue their dreams. Children with even modest savings set aside for their future are more likely to extend their education or training after high school.

• For first-time homebuyers: Earlier this year, the Legislature passed and the Governor signed legislation I requested to create the First-Time Homebuyer Savings Account program. Starting Jan. 1, 2027, eligible Nebraskans will be able to save toward the purchase of their first home while receiving valuable state tax benefits. Homeownership remains one of the best ways Nebraskans can build long-term wealth.

The Treasurer’s Office also provides no-cost financial literacy resources for educators, students, and adults, spotlighting key topics like budgeting, saving, investing, and credit — all of which can shape a lifetime of decisions. Access these resources by visiting the Financial Education section of treasurer.nebraska.gov.

America’s Founders secured our political independence 250 years ago. But when it comes to personal financial independence, that responsibility falls on us.

I encourage all Nebraskans to take steps toward greater financial freedom. Whether it’s creating a budget, building an emergency fund, reducing debt, saving for a child’s education, purchasing a first home, or preparing for retirement, small actions today can produce lasting results.

— Joey Spellerberg was sworn in as Nebraska’s 47th State Treasurer on Nov. 6, 2025. In this role, he serves as the state’s chief financial officer. The Treasurer’s Office administers the Nebraska Educational Savings Trust (NEST 529) and Enable Savings Plan; manages and returns unclaimed property; collects and disburses child support payments; and promotes financial literacy and transparency in state spending. Learn more at treasurer.nebraska.gov.