What After Financial Freedom?

One of the most common financial goals today has become financial freedom. This is especially true for the young generation, the millennials who wish to not only become rich but become independent to enjoy life. Financial freedom to them is all about freedom from the need to work to earn a livelihood. It is today easier for the younger generation to accumulate enough wealth. Many other individuals are also 'financially independent' today without even realising so. The question for these individuals really is what next? This article is about the post-financial freedom stage...

Financial Freedom: Congrats!

You are one of the very few, privileged individuals to be in such a financial position. You can be proud and happy about it. But there are also few other caveats you need to know or understand.

1. Its all about you & family: Do not wonder what your cousin or uncle or the person next door is thinking about you. You and your family should be comfortable with the important decisions taken and should support each other and happy to live a lifestyle you have planned to live.

2. Nothing is permanent: Remember, there have been many people who have been very rich and powerful in past but have lost it today. Nothing is permanent and there is no guarantee that you will be as financially strong as today forever. So be humble, grounded and careful in life.

3. You need to plan: Earning money is easy for most. However, financial freedom is not about earning money or how much money you have. One can be financially independent in very less finances than you. The real trick is in planning your finances post retirement such that you may continue to remain financially free. A backup plan, should you come in financial stress should also be planned.

4. Be Sure! The first and the last thing about financial freedom is to be sure that you can be so and also to ensure that nothing gets in between. The need for proper financial planning can never be overstated in such a scenario. You should also be sure that no possible event or scenario in future will be able to put you completely at risk.

What Next?

1. You need purpose: Being wealthy without any purpose or direction is not really desirable. You will be the same person but probably more lazy, less healthy /fit and even less happy than you were before. Remember, having a motivation, a passion, a direction and purpose is life is most important. Without it, you may feel a sense of emptiness with no agenda for the day /week.

2. Making decisions: Being in a privileged position, you would probably be able to take decisions more freely. Since money or wealth is not a big factor anymore, you need some basis for making your future decisions. Thus, your future decisions can be based on your personal values or in support of your purpose / passion in life or any other form of context. Deciding this context is important to give a sense of direction to your decisions.

3. Choosing a quality of life: Choosing the right quality of life is essential for you. You cannot say YES to everything. You also need to create a boundary for you and your family and say NO to things which can potentially negatively impact your status. Remember, some spending can be done when you can afford it but remember it adds value only to a point. Too much spending will only clutter your life, will not any value and negatively impact you.

4. Fix yourself first: The first and the best thing to do is to fix what is not good or broken in your life. Start with finances – clear all debt, ensure proper investments, ensure adequate insurance for all possible risks, ensure earmarked investments for all financial goals, ensure regular income flow. Once the finances piece is done, you can move on to other things in life like getting fit, living a healthy lifestyle, building networks, building social presence, giving more time to children, building strong relationships with your friends and family and so on.

5. Work after wealth: Many people will be happy to continue working in some form even if you don't really need to. Some people choose to be semi-retired where they may need to work but they would also be free to choose what kind of work they need to do and what portion of time they need to give. Working after wealth is a great idea as it will give purpose, make up for idle time, give income support, give additional financial comfort and surety while keeping you skilled and relevant in the industry.

6. Make world a better place: Making the world a better place is a great idea and you can lend your hand in many ways. Dedicating some portion of your time and/or money to some social cause can be a great way to towards satisfaction and happiness. You could also use your skills and knowledge to guide and help others who otherwise would not have access to same like for eg, legal, medical, financial or business advice, etc.

7. Make a list: The end point of what next question is preparing that one list you would ever need to make. This is a list that defines who you are and what you want from your life. So what can we include in this list? Here are a few things you can answer and keep updating this from time to time.

   1. What are your most important goals?

   2. How would you like spend the next 5 years?

   3. What are the key values and principles you wish to live life with?

   4. How would you like to see yourself in next 5 years?

   5. What are the skills and things you want to be good at?

   6. How would you live if you knew you are going to die in say next six months?

   7. What is your mission, purpose in life?