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Plan your life after financial independence

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Written by   32
1 month ago

Who would not want to have financial independence? The dream of most people is to attain financial independence and do things they admire the most. But usually what people forget is that they can always keep doing things they like the most and need not wait for one fine day to get financial independence to do what they like.

Like all other people, I also admire financial independence and I want to get out of my routine job sooner or later and pick up hobbies that I admire the most. I don't know when it is going to happen but hopefully sooner or at least that is what I wish.

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Health is wealth

The main intention to having financial independence sooner is also to take care of the health. It is believed that people spoil their health so much only when they start earning money. When people are kids they don't have any worries or any need to run behind money. They are usually very happy and life is good.

For some people after retirement, life is good because they don't have any urge to run behind money and they just stay satisfied with whatever they have and whatever they get. Only during the earning period of life people don't take care of their health so much and spoil it with irregular habits. But what to do, the job nature of some people is like that.

I would say that financial freedom first gives a good way for us to take care of our health. We can be a little health conscious and stay healthy without having any need to run behind money. Taking care of health is the most important aspect of our life. It is not always for longevity but for the fact that we have to stay healthy and happy until we live.

Extra money from the expenses

If we are someone who has been working on a full-time job, we would have had expenses associated with our job or the regular expenses we would be doing in our day-to-day life. After quitting a job and staying at home after retirement, we might have a good amount of money extra that is saved from the expenses. We can make a good plan to take care of that extra money. For someone who has been spending a lot on transportation when they were working, there will no longer be a need for that transportation and that money can be saved. They can even plan a relaxation trip to someplace with that money and stay happy.

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Further investments

When we manage to attain financial independence all the income that we get after attaining it will be an extra income and it is very important to do a proper investment with that income. Further investments we do after financial independence can mostly be low-risk investments. People do high-risk investments only to see a quick growth in their asset value but sometimes it can even go reverse. If we just focus on getting only the basic returns, the risk factor can be kept to a minimum.

Managing your time

Life after financial independence will have lots of time to spend. Mostly when people run behind money, that is when they are fully filled with lots of routine tasks and they end up having very little time. If we reach financial independence that doesn't mean that we can stop doing all our activities and just sit on a chair at home all the time.

This is the best time when we can plan about spending our time on tasks that we like the most. Some people just eat, sleep, entertain and repeat it again and again. It doesn't have to be like that. We can still continue to work on something that gives us peace of mind. Many people engage or involve themselves in social activities. Some people also work on low-pressure jobs that will keep them engaged.



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Avatar for bala41288
Written by   32
1 month ago
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Comments

I think this is solid advice. I don't think about the financial independent time so much since it is still so far away (I'm 31)...

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1 month ago

Start saving and investing now and at 55 you will thank yourself. Don't do that and at 55 you will be still be thinking about it. ;)

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1 month ago

It reminds me of some advice my grandfather gave me once. He basically told me, "Save as much you can and be as frugal as you can. But don't forget to live along the way." I am very frugal and I have spent most of my life saving and investing.

Many people think that means making sacrifices, and to some extent in the early days of doing it it DOES mean that.

But you reach a point at some point where the money you have saved makes a TON of money, and you are more able to take some of it every once in a while to just do whatever you want to and still not negatively impact the bottom line.

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1 month ago