With the new FIRE (Financial Independence, Retire Early) movement becoming more popular every passing year, many professionals have been drawn to think about how to improve their financial expectations. In times of uncertainty like a global pandemic can be, not many entrepreneurs will think about investing, and most families are in saving mode. However, there are low-risk options that can help you improve your finances and life-quality horizon for the future.
Make sure you read my Beginner’s Guide To F.I.R.E (Financial Independent Retire Early)
Start or monetize a side hustle to save more for your FIRE journey
Everybody has a passion or a skill that has always been there, yet never used properly. This is the time to leverage your capabilities and turn a side hustle into a profitable business. Such an extensive project might require you to plan, calculate how much you can practically invest in the venture, and rethink your work environment.
However, while many professionals are adapting to the new way of working from home, this new trend might not go away in the nearest future. Therefore, starting early to think about your soon-to-be business can give you an advantage over the competition. Even if at the beginning the profits are not as much as expected, they can still help improve your finances.
Going back to school
Arguably one of the scariest thoughts for many professionals, going back to school can turn your life around. You might be able to graduate in a field that can help you improve your current career or even start a new one from scratch. Undoubtedly, applying for a college course might require a substantial initial investment, yet you should not underestimate how modern technology has made this once-unthinkable step.
Indeed, any professional – no matter the age – can undertake courses online at their own learning pace. Many older workers actively opt for this option as they might have better financial means to afford the related expenses and a more precise idea regarding future goals.
Plan ahead
If you are getting closer to retirement in your FIRE journey – or you are thinking about a drastic turn in your career, you should start thinking about the kind of life quality you are wishing to live after leaving your job. This thought might be a scary one for most workers who are also the breadwinners of the family. However, starting to save up in advance and planning future expenses is crucial.
Have a plan B in place before you FIRE
While thinking about the future might be scary in such moments of uncertainty, it is essential to have a plan B in place. Indeed, nobody can be sure right now about what the state of the global economy will be once the lockdown restrictions are finally lifted.
However, this could be that many workers might lose their jobs, while many others will be repositioned or asked to work remotely permanently. For experienced business people and young entrepreneurs, bankruptcy planning can also be a viable option. While you might never have to make the most of it, this can help you be ready for any unforeseen event. Ultimately, starting to think about turning a side hustle into a profitable activity or a plan B to deploy in the hardest moment can offer you unparalleled peace of mind.[:nl]With the new FIRE (Financial Independence, Retire Early) movement becoming more popular every passing year, many professionals have been drawn to think about how to improve their financial expectations. In times of uncertainty like a global pandemic can be, not many entrepreneurs will think about investing, and most families are in saving mode. However, there are low-risk options that can help you improve your finances and life-quality horizon for the future.
Start or monetize a side hustle.
Everybody has a passion or a skill that has always been there, yet never used properly. This is the time to leverage your capabilities and turn a side hustle into a profitable business. Such an extensive project might require you to plan, calculate how much you can practically invest in the venture, and rethink your work environment.
However, while many professionals are adapting to the new way of working from home, this new trend might not go away in the nearest future. Therefore, starting early to think about your soon-to-be business can give you an advantage over the competition. Even if at the beginning the profits are not as much as expected, they can still help improve your finances.
Going back to school
Arguably one of the scariest thoughts for many professionals, going back to school can turn your life around. You might be able to graduate in a field that can help you improve your current career or even start a new one from scratch. Undoubtedly, applying for a college course might require a substantial initial investment, yet you should not underestimate how modern technology has made this once-unthinkable step.
Indeed, any professional – no matter the age – can undertake courses online at their own learning pace. Many older workers actively opt for this option as they might have better financial means to afford the related expenses and a more precise idea regarding future goals.
Plan ahead
If you are getting closer to retirement – or you are thinking about a drastic turn in your career, you should start thinking about the kind of life quality you are wishing to live after leaving your job. This thought might be a scary one for most workers who are also the breadwinners of the family. However, starting to save up in advance and planning future expenses is crucial.
Have a plan B in place
While thinking about the future might be scary in such moments of uncertainty, it is essential to have a plan B in place. Indeed, nobody can be sure right now about what the state of the global economy will be once the lockdown restrictions are finally lifted.
However, this could be that many workers might lose their jobs, while many others will be repositioned or asked to work remotely permanently. For experienced business people and young entrepreneurs, bankruptcy planning can also be a viable option. While you might never have to make the most of it, this can help you be ready for any unforeseen event. Ultimately, starting to think about turning a side hustle into a profitable activity or a plan B to deploy in the hardest moment can offer you unparalleled peace of mind.