What's Next When You Don't Have to Worry About Money Anymore

Kraig | February 28, 2014 | 18 Comments · Doing What You Love

Remember how relieved Forrest Gump was when he learned he didn't have to worry about money again? "That's good", he said. "One less thing".

dont-have-to-worry-about-money-anymore-sm

That's sort of how I feel these days. It's becoming more and more likely that I too will never have to worry about money again.

Here's the reality: I am debt free with five years of living expenses in savings and investments. I have a location independent business that earns income from seven different sources and can more than pay for my life now and my fiance's and my life together after we get married in September.

My fiance also is debt free with a nice chunk of change in savings and investments and an income that can support us both on its own (if needed).

The one thing that secures the fact that we are fine financially is that we both know how to manage our spending. Once the habits are in place, they become part of your life. I've been living below or within my means for over 5 years now. This is now who I am.

The Truth Is, I Don't Have to Worry About Money Anymore

So the truth is, I don't have to worry about money anymore. I don't even need any more jobs. I just did some predictions of my income this year based on January and February and I'm on track for a $40,000-$50,000 year, which means there will be a bunch left over for growing my already nice sized savings/investment portfolio.

Now, I don't take this quite as casually as Forrest Gump does. Sure, it's one less thing. But, unlike him, I'm pinching myself saying, "HOLY CRAP", I don't have to worry about money anymore.

And this is a good AND BAD thing....

So you're probably thinking... "Did Kraig just say not having to worry about money is a bad thing". Yes, I did and here's why...

Not having to worry about money means you now have to actually figure out what to do with your life.

And that's not an easy thing to do.

Not Having to Worry About Money Means I Have Some Hard Decisions to Make

As Tim Ferris says in his famous best-seller (and a book I HIGHLY recommend reading), The 4-Hour Workweek, "Busy yourself with the routine of the money wheel, pretend it’s the fix-all, and you artfully create a constant distraction that prevents you from seeing just how pointless it is."

See, most of us, throughout the majority of our lives are constantly making major and everyday life decisions based on money.

We believe we need more money so we can buy our next car, or our next house or next vacation. But what happens when we finally have everything we want and need and extra money left over?

What happens is we need to face reality and it's a harsh one. It's the harsh reality that we now need to make actual decisions on what to do with our lives... And we don't have money needs there to make the decisions for us.

Remember being asked "If you won the lottery, what would you do with your life?" We all think we'd know the answer to that. In reality, it's not so easy.

Over the past year, I've slowly and surely built up my business from just two to three hundred dollars per month to two to three thousand dollars a month.

I've done it based on money reasons. I needed to support myself with my income so I didn't burn through my savings and lose my options, freedom and independence.

Mission accomplished.

Now More Than Ever, I've Got Many Options in Front of Me

Now, I've got a business that supports me and I've got even more options on what to do next.

Here are just a few of them:

Scale my service business, Mathias Media
Scale my advertising, affiliate and online course business
Start an entirely new business
Get another full time job
Do nothing for a while

As you can see, I've got many options (and believe me, I LOVE options!). But, it's challenging to make these decisions without having the crutch of "money needs" to make the decision for you.

Throughout this year, I'll likely do one or two of the first three options I mentioned above.

It will be an interesting adventure that I look forward to sharing with all of you.

Question for you: Are you currently doing what you're doing because of money needs? Are you "distracting" yourself, like Tim Ferris described, from making real decisions on what to do with your life?

Leave a comment below with your thoughts.

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18 Comments

Ashley says:
February 24, 2015 at 10:43 AM
Love this! I'm not quite in a place yet where I don't have to worry about money, but I am super happy to be pursuing self-employment and not staying in a full-time job just to have financial security. And you're so right about living below your means and how that just becomes habit. It would feel really uncomfortable for me to start ramping up my spending now that I'm so used to being pretty frugal!
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:20 AM
  Hi Ashley, Thanks! Way to go for making things happen for yourself as well. You've worked very hard at it. Keep up the great work! Take care,
Jennifer says:
February 24, 2015 at 10:52 AM
This post was very informative and inspirational to me. Great post.
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:18 AM
  Hi Jennifer, Thanks for stopping by. I checked out your site and it seems like we have a lot in common. I sent you an email as well to connect. Perhaps, we can chat sometime. I'd love to hear more about your goals. Looks like you're very motivated to "escape the 9-5 bondage". That's great, because you have to be to make it happen. Talk soon!
Sue says:
February 24, 2015 at 11:08 AM
My husband and I are actively taking steps to simplify our life, including trying to sell our cottage, and a possible arrangement in the near future to sell my and my brothers' parents' farm. Our car will be paid off in THREE MORE PAYMENTS, whoo! hoo! And we are taking the steps we need to take to never, EVER have a car payment again! As well, while renovating our 50 year old home, we have made choices to have that expense over within 6 months, further freeing up even more cash. Our goal in the quite near future, is to be living off no more than 75%, and working toward 50% of our net income. My husband's parents never taught their children much about finances other than to live at your means. I was always taught to live BELOW your means, and my husband finally gets it. Our future is looking very bright! One of my life mottos is "Cash Is King"!
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:21 AM
  Hi Sue, Thanks for stopping by. It sounds like you're making serious progress with these steps you're taking. Congratulations on that. I'm sure it will pay off big in future dividends. I'm glad to hear your husband finally gets the benefits of living below your means. That itself is enough to promise of a good and money problems free future. Take care!
Carrie Smith says:
February 24, 2015 at 11:33 AM
That moment when you realize you have arrived. That you have enough and you're reaping the rewards of all your hard work. Congrats Kraig! You deserve all your success. Can't wait to see what's next. :)
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:17 AM
  Hi Carrie, Thanks so much for the kind words. All I did was follow in your footsteps on jumping ship to this whole own business thing. You've done very well for yourself as well as far as I can tell and that's super exciting. It's not without its challenges, is it? Here's to another great (and challenging) year ahead of us! Take care,
Caitlyn says:
February 24, 2015 at 11:57 AM
This post was just what I needed. I often find myself stuck in distraction mode. You really are an inspiration! You deserve everything you have worked so hard to get! -Caitlyn
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:15 AM
  Hi Caitlyn, I'm honored to have been some help in inspiring you to make things happen. It sounds like you're a very motivation person and I have no doubt that you'll get here too. Keep up the good work and let me know how I can help. Thanks for the very kind words. Take care,
Gen Y Finance Guy says:
February 24, 2015 at 9:50 PM
Sounds like a pretty good dilema to be in. Congrats!
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:14 AM
  Gen Y Finance Guy, Thanks. Yes, it's a great dilema (and I'm humbled to be able to be here), but it also brings about a new set of higher level challenges. Figuring out what you want to do with your life without the stress of finances, can be difficult. We aren't used to making those kind of hard decisions. Hope all is well with you. Take care,
Kennedy says:
February 24, 2015 at 10:28 PM
Quite Inspiring Kraig. For options, I doubt if you will ever go for another full time job.
- Kraig @ Young Cheap Living says:
  February 24, 2015 at 10:29 PM
  Kennedy, AGREED! I doubt it too! :) Just had to throw that in there and be a smart ass :) Take care,
Matt says:
February 25, 2015 at 11:02 AM
If you keep gaining momentum in your business, I'd bet you do even better than your projections. Way to go! I enjoyed your latest podcast btw.
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 11:04 AM
  Hi Matt, Thanks for the vote of confidence. You very well may be right. These kind of things are hard to predict, but this could be a fantastic year in that regard. Glad you enjoyed the podcast. Any thing in particular you'd like covered or discussed? Talk soon!
Julie Satterfield says:
February 25, 2015 at 12:17 PM
Hi Kraig, you are very inspiring and I hope one day not to worry about money. You are right on target, though, about what now? I have been a single mom to 6 children for 15 years. I've poured my life into them, homeschooling them, keeping us together financially. I have home child care which I enjoy, but for me it's what's now? The kids were my life and yes we were in a desperate place for a long time. But what to do now with an empty nest? How do I spend my time? What are my values? What are worthy goals? How do I have more friendships? What do I enjoy or would enjoy? How do I build a life from here on out? I am in that place now in prayer and trying to figure out what normal life is! And it would be the same way if I didn't have to work anymore. For sure I would go on more trips, but still the question would be how do I build a life that honors God and serves others and helps me grow and enjoy all that I was meant to be and enjoy.
- Kraig @ Young Cheap Living says:
  February 25, 2015 at 1:20 PM
  Hi Julie, Thanks for sharing your story. Those are deep and meaningful questions. Questions, that won't be answered easily. But, I believe you'll get them answered. The fact that you're asking them means you are seeking more from life and you want to make sure you're leaving your legacy, and that's great. Best of luck to you and keep us posted. Take care,