What to do After You Achieve Financial Freedom
Your Complete Guide
What does Financial Freedom mean
Financial freedom is when you have enough money to live and spend however you want without the worry of saving for the future. Financial freedom means not having to worry about saving, budgeting or investment markets. It means that your full potential can be realized, because you no longer have to work at a job just to pay the bills.
With financial freedom comes many benefits:
● You’re free from debt
● You’re free from worrying about what other people think of your spending habits
● You’re free from fear and anxiety caused by money problems
Imagine a world where you don’t have to worry about money. You can eat, sleep and breathe all as a result of your own hard work. If you found yourself in such a situation, how would you respond?
The concept of financial freedom is something that many people aspire to, but few achieve. Financial freedom isn’t just about having the cash flow to buy whatever you want; it’s about being able to choose what matters most in life, without being dependent on others for financial support.
Reflect on your journey
● Reflect on your journey.
● Celebrate and share the good news.
● Plan ahead.
● Consider a new job.
● Look into passive income investments, such as real estate or stock market trading, to augment your nest egg with more money to spend each month after reaching that magic number in savings. This step is optional, but many people choose to take it because they find it fun and rewarding! They want to grow their money even more so they can enjoy a bigger lifestyle than what was possible before reaching financial freedom.
Celebrate and share the good news
When you achieve financial freedom, you should celebrate and share the good news. You can do this by having a party with friends and family, or maybe just by telling them about it in person. You could also consider writing a book or blog post about your journey—or simply coaching others on how they can reach their own goals.
Another great way to celebrate is to give back to the community in some way that aligns with your passions or interests (this goes hand-in-hand with becoming an entrepreneur). For example: The founders of Kiva are using microloans as a means of empowering individuals around the world who wouldn’t otherwise be able to access traditional funding options; Bill Gates has pledged $100 million towards eradicating polio; Elon Musk launched The Boring Company which aims at solving traffic problems through building underground transportation networks; Mark Zuckerberg has helped provide internet access for millions now living without it
Once you have achieved your financial freedom, you need to spend some time planning ahead. It is important to think about specific events that may occur in the future and how these events will impact your ability to maintain your standard of living.
● Children’s education
● Your own education
Consider a new career or lifestyle
When you hit financial freedom, there are a few things to consider. First of all, think about what you want to do next. Do you want to keep earning money? Do you want to start a new business? Or maybe just give back?
This can be difficult because most people have spent their whole lives chasing the almighty dollar and may not have any idea what else they are interested in doing with their life. But if you haven’t thought about this before, now is the time!
Think about what kind of work has made both yourself and other people happy in the past (or present). Maybe it was teaching or writing or managing people on projects at work; whatever it is, write down everything that comes to mind when considering your options. It may also help if others contribute ideas by asking questions like “What skills do I have that might lend themselves towards something else?” or “What would make me happier than sitting at my desk every day while millions of dollars gather dust in my bank account?”
Look into passive income investments
After you’ve reached financial freedom, it’s a good idea to look into passive income investments. These are investments that provide a steady stream of income without requiring active participation in the investment.
● For example, rental properties pay rent and property taxes without much work on your part.
● Dividend-paying stocks can provide dividend checks every year, so long as the company keeps paying dividends annually or quarterly.
● Bonds are debt instruments issued by corporations or local governments; they pay interest at regular intervals which can be reinvested into more bonds, allowing investors to continue earning interest each year with minimal effort (or no effort at all).
Start a business
One of the biggest benefits of reaching financial freedom is that you now have the option to build your own business. There are many reasons why you might want to do this, but most people choose this path because they want to create something meaningful for themselves and others, or because they have an idea for a product or service that will be valuable in today’s world.
Before deciding on a specific business idea, consider whether it aligns with your interests and strengths and what kind of lifestyle it would provide (for example: self-employment may require more travel than working from home). You should also take into account any other responsibilities you may have—such as raising children or caring for older family members—before committing yourself full-time.
Once you’ve chosen a good idea for a company, make sure that there is enough time left over after working on it each day so that all aspects of running the company don’t become overwhelming or stressful; otherwise this could lead down an unhealthy path where burnout happens faster than expected! Additionally, make sure there’s enough support from friends/family who can help when necessary so as not to feel overwhelmed by everything else around them too quickly either…
Go back to school
After you’ve reached financial freedom, it’s time to give back. You have the opportunity to change the world, and now it’s your turn to do so. There are many ways that you can give back:
● Take classes in a new field. It doesn’t matter if it’s directly related to your career; this is about expanding your horizons and broadening your knowledge base.
● Get a degree or certificate in something that interests you—and then use that knowledge for good! Whether it’s teaching children how to play chess, helping people with their taxes, or becoming an expert on how startups succeed (and fail), there are plenty of options out there for those looking for ways they can make an impact on society through education.
In addition, consider learning something new just because you always wanted someone else teach it: perhaps computer code is one of them? Or perhaps even yoga could be made more accessible through online classes? The possibilities are endless once we start thinking outside our own little box!
Travel the world
Traveling the world is one of the most common things that people do after reaching financial freedom. Traveling is fun, can help you get away from your daily routine, and it can also be an amazing way to learn about other cultures and meet new people. One thing that you should keep in mind when traveling is to be sure that you are doing so for yourself and not just because everyone else around you seems like they’re having so much fun being on vacation. You want to make sure that traveling doesn’t become another form of work for you where there’s a lot of pressure and expectations involved. For example, if someone tells me they’re taking a trip somewhere exotic next month (e.g., Bali), I would think back on all my past experiences with friends who have gone on similar trips or even just dreamed about going themselves yet never did anything about it until now…\
Give back to the community
If you want to give back, you can make a difference!
It’s important to note that giving back does not have to mean making large, life-changing donations. Small gestures like taking your neighbor’s recycling out for them or volunteering at the local animal shelter are still meaningful ways of helping others.
In addition to volunteering and donating money, another way of giving back is paying it forward: when someone does something nice for you, do nice things for other people in return. This creates an endless cycle of kindness and encourages positive behavior in our society—hopefully inspiring others to help out as well!
Now that you’re financially free, it’s time to celebrate! You’ve worked hard, but now it’s time to enjoy the fruits of your labor.
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Contact us today if you have any questions about reaching financial freedom! We are here to help you design and implement a tax-focused financial plan. We will give you a free outline for your retirement! All you need to do is request your copy here! I’ll send you a form for you to fill out, then I will present you with your “achieving financial freedom” outline.
Matt Ward, CFP®
Request your free Achieving Financial Freedom outline here!