This site is dedicated to the pursuit of Financial Abundance as defined by Money Boss in his post around the six stages of Financial Freedom. Financial Abundance being the last stage. At this stage, you have “enough and then some”. I used the word “Bounty” as in the old pirate movies when get “there”…. the “X” on the pirate map. Many of the blogs, sites and financial gurus, I read write about financial independence as the ultimate goal. Financial Independence is when you have enough funds or incoming to sustain the rest of your life.
For me, I would like to set the Bounty (reward/goal) toward Financial Abundance. Why?
- Flexibility – Be able to spend in retirement at similar levels as you spend before retirement. This is not to say anyone should go CRAZY on their spending. Oftentimes the first step in any financial plan is to live a frugal life and continue to live that life so you can ultimately outlast your money. I completely agree with the first step, but my goal is for the final step to be able to spend more. To take a saying from the Financial Guru – Dave Ramsey.
“If you will live like no one else, later you can live like no one else.”
- Financial Legacy – My desire is to leave a financial legacy for my kids and their kids. The legacy would be in the form of passive income streams, financial intelligence and assets. Growing up children of first generation immigrants my parent always ingrain in my psyche – “We work so hard so you will do better then us!!” I guess, that has never left me. It has morphed into “I don’t want my children to have finances as a stress in their life”.
- Charity – This may seems like a weird reason to get to Financial Abundance, because many would argue that you can be very generous in the prior stages. I completely agree! That said, both MrFB and MrsFB prior to kids have done a lot of volunteer hours towards charity. Abundance would let us do that in both time and significantly more financial means beyond what we are capable or comfortable doing.
- Never Retire! – At this stage in my life, I don’t see myself ever truly retiring. Don’t get me wrong, I do want to get out of the “Rat Race”. I see more of a transition from corporate life to managing my income steams.
- Lastly….as William Wallace utter as his last works … FREEDOM!! 🙂
Now in later a blog post, I will get into the story of Mr & Mrs. FB’s financial journey. Currently, we are in:
- Stage 3 – Financial Agency – in Money Bosses – Six Stages of Financial Freedom – “In this stage, you’ve eliminated all debt (including student loans and mortgage) and you have enough banked that you could quit your job at a moment’s notice without hesitation”.
- Baby Step 7 – Build wealth and give! in Dave Ramsey – 7 Baby Step Money Makeover.
Where are you in your financial journey? What’s your end goal?