Financial stability is a state where there is a good source of income coming our way. Mostly a passive income that can help us manage all our expenses. Every individual decides how much is enough for them. Some people might think that a decent passive income that can help them live their peaceful life would be sufficient but some people might think that their financial inflow should keep growing on and on.
Many people decide to stop working after they reach financial freedom. I wouldn't agree that it is the best approach. There should always be some efforts continuously happening. Maybe the efforts can be a little less after reaching financial freedom compared to what we would be doing before financial stability. I would like to list a few things that people can do after financial stability.
Start a small business
When we reach our financial freedom, we shouldn't stop just there. It is always good to have a small casual business running. That will keep us active. Most people after reaching financial freedom, stop working and end up having health issues because they don't give enough work to both their minds and bodies. Having a small business can help in keeping the mind active and at least give us some thoughts to do something every single day instead of just living our life. We should also keep this business very flexible. Just take breaks and leaves whenever we want and we shouldn't be bound too much to work.
Risk investments
People say Risk investments are usually for youngsters. I would say that even people who have attained financial stability can do Risk investments. There shouldn't be a problem to allocate some funds towards risk investments. Taking a risk is very important in our lives and even in the financial world. Sometimes the risk we take can end up really fruitful. If we have a very good income in a passive manner and it is sustainable for our daily life and sometimes even excess, then there is no harm in taking a part of those funds and making some risk investments. This can provide us with opportunities to grow our capital even further.
Create additional income streams
We should continue to explore additional earning opportunities after reaching financial freedom. These opportunities can be just for us or even for others. Having multiple income streams is always good because even if one fails, there will always be another one that can help us keep going. Some people rely too much on keeping the funds in their bank accounts and start using that after retirement. Imagine there is an unavoidable situation and we end up spending a lot of money for that, there is a high risk. The money we thought would give us financial freedom may not be sufficient. This is why it is always good to stay active and keep looking for additional income streams to keep going safe. Inflation is also another thing that we usually miss. Additional income streams can help us if the inflation is terrible.
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I agree that people should still be working even when they're "well off", after having achieved some form of financial freedom. Yet, a lot of people don't understand this POV, saying that "why should we still be working so hard after a certain point of time?"
Well, if you're well off and settled, then you really don't have to work that hard. Invest time in something you like doing, something that offers some sort of activity and a fair amount of income. Let's take SL for example, if I was "financially secure" then I'd surely invest a bit of my time and money in SL and or any sorts of P2E game; I'd be doing what I love, which is gaming, while also accumulating a decent amount of crypto/tokens.
There are many other options to, very "real" options, outside of crypto; it just requires a bit of "digging" and time, to figure out what's gonna work and what isn't.
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I believe in "retiring" from the system as early as possible... but then to continue working within your own endeavors and passions. This to me is the way to go...
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I agree with the fact that our financial journey shouldn't end after financial stability... But what if people gain financial stability at a very old age, should they keep on working? I believe they need a well deserved break though. I also think that while they start up a small business, they could put in younger and proficient people to do the work thereby promoting employment opportunities.
This is a great post and of course I'll keep these tips in mind for the future.
Thanks for sharing!
Financial stability in one point of look has the impact most of our thinking productive, yet someone finds the pleasure principles to watch out for and on the other hand investment schemes like spending the money in small to middle term businesses certainly have the ideal output if maintained properly.
Most of us try to spend at anything our pleasures want to have, but we dont think from the large scale- that really make all the differences really.
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I wonder how many people in the future Hive will allow being independent
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Thanks for your information. That are quite helpful.
Hello bala
Everybody wants financial stability but not everyone manage do it. Specially,salaried person face very difficulties in this regard. You mentioned passive income; it can give us that stability.
Yeah I haven't thought about it that what should I do if get financially stabilised.But your idea looks good.It can be helped if my fate help me to get stabilised.😂😂
I don't think I would bother starting a business but I do think building extra income sources wouldn't be a bad choice. After all, I want to make sure that nothing unexpected happens and I don't have that stability anymore.
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