You are Rich and barely have to work -What do now with all the freetime?

[jlwilliams]

There is a quote I have heard attributed to a local character but may be form somewhere else. Supposedly this fishing boat owner (they could make real money a generation ago) got into some trouble and was found to be penniless. When asked where his money was he supposedly said: "Some I spent on women and booze. The rest I squandered foolishly."

I certainly don't advise following his path, but the question asked brought the quote to mind.

If you have the rare gift of time and money at the same time, you can't go wrong devoting resources to bettering your health, your education, and your spiritual self.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jlwilliams]

This thread keeps coming back to mind over the last few days. I have to admit to spending a certain amount of time thinking about "what do you do when you have it all?" mind games. Call it a recurring daydream. Anyway, if you find yourself with a substantial passive income from your fastlane drive, you would do well to found a charitable organization. There are many reasons why the wealthy past and present do exactly that.

Operating a charity is a worthwhile pursuit. It gives you credibility in the eyes of others and a purpose every day. It also has tax shelter possibilities that are not to be overlooked. For a lot of people who make themselves successful to the point of not having to work, the lack of a place to go and a thing to do each day is a change they can't adjust to. If you have a foundation, you can go to the office after you work out; check on the staff (perhaps your kids, who may need a job while they work on getting their fastlane going) and attend events. It's something for you to do, and you help whatever cause you are passionate about. Many people, myself included, have posted in this thread in some way about perusing something spiritual. Nothing is 'better for the soul' than helping others, and nothing is more self directed than creating the vehicle that helps who and what you want in a way you define.

As an estate tool, charitable foundations are key tool used by the wealthy. Instead of putting money into a trust fund for your heirs, you put it into an entity that grows tax free forever and they can participate in it without conflict of interest and they aren't getting a hand out. During your life, the money you put into the charity is a tax deduction and while you no longer "own" the money you donate to your charity, you still control it. I can almost guarantee that you will do a better job of applying that money than the government would have, so why not take it out of the tax man's grasp?

 

[Durete]

Here are a few things that gave me the biggest growth spurts in my life:

- Live and work abroad.
- Travel the world
- Meet and work with different people, cultures, social statuses.
- Work on a cruise ship. (It's hard work, and it will change you for life.) a post about some of the things you'll learn;
https://www.linkedin.com/pulse/why-former-cruise-ship-employees-make-best-employment-sean-sassoon
(not my post)
- Start doing volunteer work for the people that weren't so lucky.(Yes it's not all about doing or not doing. not everyone gets a fair chance at life.)
- Start martial arts classes.
- Fitness. (I prefer calisthenics strength training)
- Learn how to dance.

As hemmingway said, there are a few things that every man should do in order to be called a Man;
Plant a tree, fight a bull, write a book and have a son.

Plant a tree: Do something good for your surroundings, give life.(Nature/people etc)
Fight a bull: Take a challenge that challenges you both mentally and physically.
Write a book: Share your knowledge, learn the knowledge that you need to have to share. Become an expert. (P.s. for the ones that take write a book literally; I'm talking about an actual Book here, not about some content marketing, promo ebook. An actual book that you hold in your hand. There are 999.999.999.999 Ebooks out there and 999.999.999.998 of them are total crap and not to be considered a 'book'.)
Have a son: Become a parent, become a mentor, a coach. Teach someone how to stand on their own legs in this world. Guide them, teach them how to be a man. etc etc etc.

 

[ilrein]

@jlwilliams that is a very cool idea.

I was the least likely person to start a charitable organization before you depicted its tax upside. Not to mention, all those socialist-altruists -- that society is ridden with these days, will sing your praises.

Sounds like a solid plan actually.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jlwilliams]

"Sounds like a solid plan actually." Thank you. And remember, those altruistic types are not only there to sing you praise, they are prime candidates to give to your cause.

This is actually something I've put a good deal of thought into. Here are a few more things you may want to know. A charity has to spend a certain amount of it's income each year, but that amount is less than the taxes a comparable portfolio would pay. So when you donate 10% of your income (which is now a personal tax deduction, even though you give it to yourself) you now have to pay out something like 5% of that to the recipients of your largess. That leaves most of it in the charity's portfolio. Now, not only are you donating all the law will allow to your foundation, you are raising funds and getting those afore mentioned altruists to contribute too. In short, you take pre tax dollars and invest them tax free, and get others to contribute too, and you pay out less than you would if you were paying taxes on it, AND YOU HAVE CONTROL OVER WHERE THAT MONEY GOES. You decide who it helps, so if you don't want to pay freeloaders like your tax dollars do, you don't give it to freeloaders. You give grants to who and what you have elected to help, not to the welfare class.


There are rules about how much you can pay yourself to do this, but the charity can pay you to run it, and pay your kids to work there, and so on. If you are financially set, you don't have to pay yourself. Again, you don't own the money but you do control it. You can build up quite a nut when there are no taxes coming out of it.

This is part of my long term plan. I have tasks at hand right now, but this is where I'm going.

 

[Lathan]

Travel
Woodworking
Gun range
Teach others
Start another business

 

[Silverhawk851]

The question I'm wondering is...what motivated you to create the business if
after accomplishing it, you don't know what to do?

...How did you stay poised without having an end goal vision?

I can't imagine that.
Interested to hear your view on this.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ilrein]

@Silverhawk851 what's your end vision and how does that align with what you're currently doing?

 

[Silverhawk851]

what's your end vision and how does that align with what you're currently doing?

Freedom on all levels for myself and others, provide massive value in life and leave a legacy.
Everything I do revolves around that.

"If a man knows not what harbor he seeks, any wind is the right wind." -Seneca

 

[ilrein]

“Would you tell me, please, which way I ought to go from here?"
"That depends a good deal on where you want to get to."
"I don't much care where –"
"Then it doesn't matter which way you go.”

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Alxander]

I'd go to a warm place where I can do water sports. Focus on your diet and do weight-lifting or cardio.
When you got wealth, health is #1 thing to focus on IMO.
Keep on improving yourself and keep having challenges, because retiring in your 20's will become boring after a while

 

[Unknown]

22 is not getting old. 22 is I just ate two cheeseburgers, drank a milkshake, and I'm going to play 3 hours of basketball now. After that I might stay up all night hanging out with my friends. If you feel old at 22 you're screwed when you hit 30 .

 

[WorldImperator]

I almost made it
business is running smooth and i only need 2 to 4 hours a day infront of the computer

can anyone recommend me some nice things to do with all the freetime?

specific things you normally dont think about and that grow you as a person

my age : 22
Im slowly getting old thats why Im asking

What I would do is:
- set up a second business or scale the current one to be best in town, state and than country...
- find some nice and stylish, but neglected building like small old factory, or just living building. But it has to be something, what is kind of unique and worthy. Restore it and make a business and cultural center in one place. Make is a place people want to live and spend their free time.
- start doing voluntary. Help people who really need it.
- start helping charities. Be careful when choosing one. Take the one, which is helping directly to the people, not the one which taking 50% of your donation for their administration costs. Than, make a workplaces for them in your company and give them better living. Thre are various reasons while people are really poor.
- do you have a hobby? Become a master at it. Whatever in the world you will do in a master level, you will also earn lots of money on this
- find out what is bad or missin in your local community anddo some public-private partnership and make your living area better place and people feeling happier

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[marklov]

Easy

SEA
Japan
Central Europe
Mexico
Africa

 

[Salem]

Travel man, travel. Meet new people

 

[WorldImperator]

Get with 5 different girls in each country you will visit looooooool

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ryanbleau]

Basically, what I do is consider an apocalypse style situations, and what skillsets I'd need to survive. Even if it never happens, it's a nice theme to keep me doing things I'm interested in (learning stock exchange never entered my list)

Things like:

• Gardening
• Beekeeping
• Archery
• Tailoring
• Beer brewing

are what interest me and are on my list. However, the things that (for me) would come first involve starting video/audio content shows... since that's really what "keeps me going".

Hell, you can even mix these things together in cool and interesting ways. Grow deadlynightshade, get your bees to harvest it (for some psychoactive honey?) and see what happens when you brew that into some mead.

I hate that this is the most amazing idea in this thread. Burning man would be even more awesome...

 

[Kelly C]

It boggles my mind when people don't know what to do with their "freetime". It's like those who don't need a job but have one because they wouldn't know what else to do. I really struggle to understand that. I have so many interests and so many things I enjoy doing that it would be extremely easy to fill the time I no longer needed to spend on making money.

If I had no clue - I guess I would try anything and everything to discover what I actually like/love (and probably what I don't like!).

I like the idea of being able to contribute to my community too.

 

[D11FYY]

Spend more time with my family especially elders, help out voluntary at Multiple Sclerosis Scotland, oh and also get some things ticked off my bucket list.

eg.
Shark diving in Gansaabi
Sky Diving in Dubai
White Water Rafting
Monaco Grand Prix
Visit Ko Phi Phi

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[novakdan5]

Dream bigger! If your goal was to have free time then you've already succeeded. Have you made $10 000 in a month? Make $100 000. Have you made that too? Make $1 000 000, $10 000 000... it doesn't end. Have you changed lives of 10 people this month? Make it 100, 10 000, 1 000 000...

It depends on your goals. If you achieve one, it's time to set another goal to push you. Something that will make it worth it. The greatest satisfaction comes when you help other people. But you can do whatever you want.

Take Richard Branson for example - that guy did all sorts of crazy things and risked his life doing them. But also, he's very big on helping people with his Virgin Unite.

What do you want? Aim foolishly high and you might just achieve that. Leave a mark, a legacy... make it BIG.

 

[mjmuk]

looking to go in few months. Bangkok? Chang Mai?

This is exacyly what I did ☺ still here in Chiang mai after 4 yrs

 

[ShadowX]

Find the meaning of life, why your here.

Everyone on this forum is going to die someday. Yes while reading this you hate me saying it. Sorry its the REALITY.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RogueInnovation]

If you wanna live well
- health
- relationships
- entertainment creation
- your own projects

I currently travel and use my free time on a lot of life enhancing things. One day business will accelerate and support all that, but currently I live better than most billionaires.

I study the biological sciences, talk to surgeons, study physiology, design art off it, understand all the science behind who and what we are and how to keep healthy. This works to decrease anxiety when facing health problems a STAGGERING amount.

I always work on bettering my relationships, my personality, my ability to endure crap and give.

I create entertainment for friends, help teach them what I've learnt in life, this can be through music, or writing or whatever else.

I develop projects to help my friends and my future family and society, pro-bono.


If you think there are limits, you really haven't looked.
I'm looking into helping create all kinds of things to help people, business is just a necessary tool so I can do it all in a responsible way.

And I've finally learnt, not to run away from the pain of that responsibility anymore but to embrace what it can help me bring forth.


When I have more money I'll build a big house, fly my friends around more, and work on my pro-bono projects.

 

[kph200]

You are rich and barely have to work then ask yourself - What color Ferrari should I buy??

 

[GuestUser140]

Here's some homework:

http://earlyretirementextreme.com/wiki/index.php?title=Long_list_of_things_to_do_when_you_retire

http://bucketlist.org

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Timbonitus]

I would travel around, live in different countries in Asia for a few months at a time, visit my family in Canada, and travel around. Then I would learn a new language, learn proper Chinese, and then Spanish, or whatever other language. I would also be investing in new business ideas and start-ups. There's so much people can do with a lot of cash and free-time.

 

[jason91]

I almost made it
business is running smooth and i only need 2 to 4 hours a day infront of the computer

can anyone recommend me some nice things to do with all the freetime?

specific things you normally dont think about and that grow you as a person

my age : 22
Im slowly getting old thats why Im asking

Hey dude, wow great job for only 22. You can mentor people like me so we have a great circle to become filthy rich I'm in E-Commerce / SEO / Internet Marketing - could use an experienced mentor.

 

[EvanOkanagan]

I always thought it would be cool to get a badass motorhome and travel around the US for half a year or so

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GMSI7D]

I almost made it
business is running smooth and i only need 2 to 4 hours a day infront of the computer

can anyone recommend me some nice things to do with all the freetime?

are you serious ?

i'm sorry but i can't read something like that without being angry and smashing apple on the table

the only thing i want in my life is to have my time back

the only thing i want is being able to say when i wake up

" thanks god i'am free, my time is mine, the day is mine, i can do all i love to do "

i don't even want to be super rich, i just want to be free and spend every day as i wish: nature , reading etc.

i need multiple lifetime to do all i have to do

 

[Paul Thomas]

• Read
• Go to breakfast, coffee, lunch and dinner with people I actually enjoy and not for an obligatory job purpose
• Take a physical interest of mine to the elite level (or amateur elite): bodybuilding and/or boxing
• Date LOTs of quality girls
• Try not to drink/party too much
• Learn as many languages as possible and meet people from diff cultures while traveling
• Eventually have a kid with one of said quality girls
• Whatever else i wake up and feel like doing
• Telling anyone who tries to/thinks they can control me or my time to f&*) off, or just laugh in their face