I'm Financially Free. Now What?

by David Ning on 14 October 2010 4 comments

Freedom is hardly a bad plateau to reach, but if you are like most people in that you've been thinking about that carrot all your life, you probably wish the dream wouldn't be gone once you actually reached your noble goal.

So what do you do now that you are financially free? Here are some suggestions you can pursue immediately.

De-stress your life. Chances are good that you spent a good few decades complicating your life, working longer hours while trying to get rid of your debt, and monitoring your investments. Part of the lure of being financially free is also feeling less stressed out about the need for income, but this can only be achieved if you let it.

Slowly transition out of your work. While being connected in the workplace can be satisfying and will help keep you mentally sharp, working 12+ hours every day and thinking about work for the rest of time, seven days of every week is no way to enjoy freedom. Consider part-time or consulting work instead. You might be lucky to find something that will pay you more per hour of work.

Hire a financial planner, and accept that your return may not be as good as if you did everything yourself. After all, not needing to stay on top of your investments is worth the money, and it's actually what you wanted right from the get-go anyway, right?

Pick up a hobby. It's never too late to start getting into what you believe you will enjoy. There's a certain addiction that comes with seeing yourself improve in a certain activity, and picking up a hobby that you can spend time experimenting with will only make you happier. If you do it right, you can make your hobby deductible, too.

Consider donating some of what you have. If you haven't already started doing this, making donations is a great way to help others as well as yourself. And it doesn't stop with money, either. Anyone can donate a few bucks to charity, but if you can volunteer and put in the hard work to put a smile on someone else's face, that's priceless. Helping others will always make you feel happier and more satisfied with your own life, too. It really doesn't get better than this.

Relationships, relationships, relationships. If you are like most people, you could use a little help improving your social relationships because you've neglected them due to everything that life throws at you. Even if you have good relationships with a group of friends, you can always find more! Now that you have a bit more free time (and some extra cash), why not spend some of that and rebuild lost relationships?

Note: Now, I'm not saying that you can actually buy relationships with money, but creative uses of your cash can certainly help build a bond between you and your friends.

Mentor someone. Whether it's a young professional trying to climb the corporate ladder or a little kid trying to fit into the world around him, there are plenty of opportunities for you to offer your experience and love.

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Guest's picture

Hey David- great article! Reading through these suggestions, I thought 'how nice would it be to do some of these while you're still employed!' Building relationships, de-cluttering your life, and starting a hobby are healthy things everyone should try to balance.

Thanks for posting!
Tim

Guest's picture

Tim, this is what I was thinking while reading this article. Why wait until you have financial freedom to do any of these things?

Guest's picture

Unfortunately most of the people in America will never be in this position, but for those that are blessed with freedom will enjoy this. Fortunately I have little or no worries in life right now but I thank you for helping me with a few new things to do and think about.

Guest's picture

Hey David

Some of the above sentiments I agree with - you should do them now!

However, I disagree with visiting a financial planner simply because. Unless one has specific and challenging financial needs (offshore tax issues, trusts, etc.), people who have shown the capacity and discipline to get themselves to financial "freedom" certainly have the wherewithal to invest wisely.

Additionally, if needed, there are many good (and free) investment planning tools and portfolio construction services out there!