Ask Away Blog: What To Do WIth Your Money After Achieving Your Financial Goals

What To Do WIth Your Money After Achieving Your Financial Goals

Wednesday, July 29, 2020

 

So you have achieved the financial goals you had made for yourself like successfully sticking to a budget and building up a savings fund.  Maybe you even paid off your debt and you're so proud but you are wondering what to do next.   It's hard to keep going towards financial freedom when you feel there's nothing you're working towards.  That's why today I'm going to talk about several other things you can do with your money to stay on track and build a better future for yourself.



Invest
There are so many options for investing whether it's wholesaling real estate or investing more in the stock market.  No matter how you choose to invest your money to make more money in the long run, it helps to work with an expert in the field.  Do your research and find the one that works best for you before reaching out.  You should never navigate a new field of investing on your own especially if you don't have expertise in that field, because that's how a lot of financial mistakes are made.   And the cool thing about investing is you can do it with things you already have an interest in.  Maybe you love real estate, want to invest in the stock of your favorite company, or want to flip houses in a neighborhood you adore and grew up in.   Maybe you want to start making money off a second that you use for vacations but in the months you aren't there you want to rent it out to others.  This can be fun and very rewarding if you know what you're doing.

Keep Saving
You should do this anyways no matter what else you do with your money.  Always keep saving.  Maybe you have a very long term goal of moving into another house some day.  So start saving for that goal now.  Even if you have no specific goal in mind, just keep putting that money away.  You can contact your bank or credit union to see what savings accounts they offer that you can make money back on each month.  It's kind of like investing and saving all in one.  Remember that there are always many things to save for like big emergencies with your health, your home, or a life situation like divorce.  There are also other things that you can save for like your children's college funds, vet expenses for your pets, and future home improvements. 

Give Back
Of course you don't always have to give money in order to be giving back because you can also donate your time and energy but if you are really passionate about a certain cause, you should look into helping fund that cause for the future.  There are monthly donations, one time donations, and even supplies that an organization or charity may need.  You can also donate your money in a way where you help others for free by purchasing meals for hospital staff, teaching supplies for a classroom, and plenty more.  The possibilities are really endless.

So don't lose sight of your financial goals just yet. Keep going with them.  Keep going and you'll continue to achieve even more with your finances!





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