Many advocate investing in real estate rental properties as a proven method for getting there. Of course, the challenge is getting to that point.
Regardless of what course you choose to take, the bottom line is that when you no longer need a job to support yourself, you can live life on your own terms, thereby living it to the fullest. Perhaps they may decide to go back to school and get an advanced degree to satisfy their thirst for knowledge and position them to make a greater contribution to society. It may even open the opportunity for some to pursue entrepreneurship for the first time with the safety net of having a passive income backstop. However money now is no longer a big motivator, so the nature of the work and how fulfilling and enjoyable it is rather than the compensation provided by the work is what will drive their decision process. For some, they may choose to truly retire early and travel the world, spend more time on a hobby, enjoy time with family, and/or pour yourself into a humanitarian, religious, philanthropic, or some other social cause that they are passionate about.Īlternatively, some may decide to continue to work. Generating enough passive income to cover your living expenses can enable you to quit your 9-5 job and open up a world of possibilities to pursue with their newfound financial freedom.įinancial freedom looks different for everyone.
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