Think, why someone keeps posting about his #financialfreedom? It could be to increase followers on Social media which may provide him captive audience to start an online training program or speaking assignments or media coverage. Is your objective the same? If no, go back to the drawing board.
1. Look at their age. When did they started? A person may claim that he has achieved #financialfreedom please check how long that money survive, what formula he has applied of that money is going to survive life long. What is the life expectancy age he has considered? What is the cost of education, marriage he has considered for the kid/kids.
2. If above points are satisfied and you want to follow his path, do you think you can survive in that amount because your expenses, lifestyle could be very different than his. Always remember it is #personalfinance. Then comes the spouse’s opinion. Before quitting the job, please ensure that you and your spouse are on same page. Don’t be in hurry to declare yourself ‘Financially Free’ on social media. Neither that will bring in money nor the happiness for the family.
3. Think, why someone keeps posting about his #financialfreedom? It could be to increase followers on Social media which may provide him captive audience to start an online training program or speaking assignments or media coverage. Is your objective the same? If no, go back to the drawing board.
4. The day you decide to call it a quit at JOB, on that day you should be clear what’s your plan to keeping yourself engaged and that engagement should not eat into the wealth you have created. Your capital needs to increase at higher than the rate of #inflation. Don’t consider the inflation rate of government data. The inflation rate in education and medical expense is much higher.
5. Don’t consider Dividend income to run the house atleast not before you reach 45-50. God forbid if market/stock doesn’t perform for 3-4 years and which has happened many a times or the companies stop paying dividend then what would be your back up plan.
6. Lastly, very important point, how will you spend your day. If you remain idle at home after few days, you will start bothering other family members in their daily stuff. Remember you would be sitting freely they may not. Which may not be a great situation to be in.