What Next After Achieving your Financial Goals – Embracing Abundance?

Rahul and Stuti, a couple in their late 30s have achieved their Financial Goals. Yes, the basic important goals of retirement corpus, own house , kid’s education and wedding , all have been provided for. Thanks to their decent income profile, with not much time to spend the money :). 

This paucity of time, along with their dedication to their work, also did not let them go for ruining their financial health through Stock trading or Crypto investment or even F&O, and this ultimately has helped them compound the returns over the last 15 years.

With Humble family Background, middle class spending habits, and no big desires, this couple with a small child, now asked me, What next? 

Where many people dream of early retirement and want to be financially free in their early 50s, this couple achieved these goals, quite early in their life..  Also Read: Early Retirement – Planning for your Second Innings Beyond Money

The Financial demands are met, but no one knows what life may ask from them in future. So when numbers seem to be achieved, it’s wise to prepare for and embrace life now.

What next, is a very important question to answer, since if it is not clear, then in high probability they may take a wrong direction, and may ruin the financials, or will not be able to enjoy the success they have been working for so long.

The Ultimate goal of Financial planning and the disciplined approach to Investments is Financial wellness. You have to enjoy the process and the end result. If you don’t and stay in the same grind of earning, spending, saving and living in stress, then the whole purpose is lost. Also read: Yoga for Financial wellness – DhanSukh Kriyas

So before answering the question of what next. It’s important first to accept and appreciate the fact that you have achieved what many people are just fighting for and dreaming of, and many may not have even started working on the same. 

Acceptance is important as it lets you think beyond routine goals, otherwise you will just keep grinding yourself in the work to save more and more without any direction. Acceptance only lets you enjoy and live the life you want for yourself. 

Let’s start with being grateful for what you have achieved. The goal achievement should not make you arrogant but more humble as to if you are the chosen one who was given the powers to make life as happy as you want it to be and now can work towards the bigger goal. 

Be grateful to the friends, family, employer, employee, financial advisor, your coach/mentor, teacher and all other people who you think have supported you in your whole journey. Remember, the people who judge you or criticize your efforts also have played a positive role in this journey. 

Now is the time to move from Goals to Purpose. Upon achieving financial stability, individuals often find themselves at a crossroads. It’s the time to be in Pause and Introspect to rediscover one’s passions and purpose. What activities ignite enthusiasm and joy? Whether it’s art, philanthropy, education, or a previously neglected hobby, now is the time to invest time and energy into meaningful pursuits that align with personal values.

PURPOSE may sound like a big word, and it may have different definitions for different people. To me purpose is something the impact of which is going to be beyond you. This video of jay shetty may guide you on Purpose. 

The Objective of doing work completely changes when your focus is on purpose. To achieve your goals you work to earn, and save. When the focus is on purpose, you work to create Impact. If you love doing your current work then now you have to think about how your work can bring a positive change in other people’s life, and help them achieve their life goals. Remember , you have a bigger responsibility now, if only you can feel that. Read more: Focus is No Longer Enough – You need Mindfulness

If you are in your business, rather than working in it, you may start building it bigger, not just to make more money but in such a manner that it will bring betterment in the life of staff and customers who are working with you. You work for their goals. 

Till now, you have been trying to bring productivity in your work, so as to earn better. But now, work in such a way to Give better. Value your Relationships with the people around you. 

And Do note your Giving attitude will make you more money, so never stop investing 🙂

Depending on the quantum of money you earn and save, you may go for structural philanthropy work or may join some NGO to contribute towards a better cause. Engaging in philanthropic activities, supporting charitable causes, or even starting one’s charitable foundation can be a deeply rewarding endeavor. Making a positive impact on the community becomes a legacy that transcends financial success.

You may give yourself more time to pursue your passion which went on the backburner due to the pressures of life otherwise. Learning is a lifelong journey, and with financial goals achieved, there is an opportunity to delve into areas that were once considered elusive. Read more: How to achieve financial goals

Pursuing education, attending workshops, or engaging in intellectual discussions can be incredibly enriching. This commitment to continuous learning not only broadens horizons but also keeps the mind sharp and engaged.

You can rework your routine and make health and wellness a priority.Allocating time for regular exercise, adopting a nutritious diet, and prioritizing mental health contribute to a holistic well-being. Consider exploring activities like yoga, meditation, or outdoor adventures to nurture both body and mind.

Explore Travelling. With financial independence, the world becomes a vast playground waiting to be explored. Traveling provides not just leisure but also valuable experiences, cultural insights, and personal growth. Whether it’s a cross-country road trip or an international adventure, travel fosters a broader perspective on life. However, travel needs money too, you may have to sit with your financial planner to relook at the numbers and fit travel expenses into it.

You may like to start your own business, and get into entrepreneurship. This itself could be a purpose for many, for the ultimate goal of bringing change in the lives of people associated with this venture. This may not be driven by financial necessity but rather by the desire to create, innovate, and contribute to society in a meaningful way.

But here is a word of caution that Business does not only need money. It needs Passion, Process and Perseverance. You have to give time to learn the modalities of work and then only should jump in it. There is no harm pursuing your Passion at this point when you are secure on your financial goals…but do not try to mix your personal finances with business finances and thus save for this goal separately. Have a business coach who can guide you, attend webinars, learn and then go for it. Also Read:4 tips to manage personal finances, the corporate way

Alternatively you may try Mentorship or a Coaching Business. Sharing the knowledge and experiences gained over the years can be immensely gratifying. Becoming a mentor or a coach allows individuals to guide others on their journeys, contributing to the growth and success of the next generation. It’s a way to leave a lasting impact on both personal and professional spheres.

There are many other ways you may see and work towards your life post achieving your financial goals. But the whole point of financial wellness is that you should now operate from choice not from fear, doubt or judgment. 

Appreciate your efforts of having worked towards your goal with dedication and process and having achieved them. However, this is also important to understand that life is uncertain, so you also need to be prepared for eventualities and thus  the saving and Investing should also not stop at all. It should continue in the same structured manner, and not being overconfident about the same, and taking risky calls. Though the Asset Allocation may need to be reworked. Keep creating a buffer to manage life’s other plans which we don’t see as of now. Follow core and satellite approach. Read more: Core and Satellite Portfolio- for better Investment Planning

Conclusion:

The transition from a financially-driven life to one filled with purpose and passion is a unique and exciting journey. My advice is to embrace this phase with open arms and an open heart. Beyond the confines of financial goals, life offers a plethora of opportunities for growth, exploration, and contribution. 

By rediscovering passions, cultivating learning, prioritizing health, and engaging in meaningful activities, individuals can craft a post-financial-goal life that is not just prosperous but deeply fulfilling. 

It’s a journey of self-discovery, contribution, and embracing the abundance that life has to offer.