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You’re doing everything right — living below your means, have a sufficient cash reserve, and are taking advantage of your tax-deferred retirement accounts to the full extent. So what’s next when you still have discretionary cash flow left over?

First of all, this is a good problem to have and you should congratulate yourself for not falling victim to lifestyle creep!

When deciding on how to allocate additional cash flow towards a worthwhile goal, consider the following:

  1. Is there a shorter-term goal you have outside of investing for financial freedom (retirement)?
  2. Do you have a business idea you’d like to pursue? Investing in yourself is often the best return on investment.
  3. Real Estate – consider adding a rental property to your portfolio for income generation.
  4. Taxable Investing – keep it simple by continuing to build up your investment portfolio with tax-efficient investing.
  5. Enjoy life in the present more — travel more, go out to dinner more and invest in experiences!

From an investment standpoint, continuing to do more of the same is often a great option! Sometimes, as our net worth and incomes rise, we believe adding complexity to our investments is a natural form of progression.

This is not the case!

If you’re looking to use your money to enjoy life more in the present, consider what your money dials are.

Think about the things in your life that you can outsource, because you:

  1. Don’t enjoy doing them.
  2. Want to free up your time for things you do enjoy.
  3. Want increased convenience.

Time is our most valuable commodity, freeing it up is a form of wealth on its own!

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