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Debt-Free and Bored: How to Manage Life After Debt Freedom

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debt-free and bored

You are probably still daydreaming about what it might be like to be debt-free. Surprisingly, many of the people I chat with once they reach financial freedom, find it a bit boring. That is usually the case with reaching a goal. What does the villain do once he or she finally conquers or destroy the planet? Here are a few things to consider if you’re debt-free and bored already.

What it Means to be Debt-Free and Bored

You may be thinking, “how can you be bored with being debt-free,” but it is possible! The road to debt freedom is anything but boring, it may even be exciting once you get the flow going. So, once you pay everything off, some individuals find themselves wondering, what next? You dedicated your time, energy, and made sacrifices to one day not have the heavy burden of debt over your head. But now you suffer from boredom or feeling empty because in your unconscious mind, you naturally miss the challenge and constraints because it became part of your life.

Many people actually slip back into debt at this point (almost as if they are looking for another financial challenge). They’ll begin doing things they never would have done before paying things off. So, why now? We could get into neuroscience, dopamine, biochemicals, and how the brain respond to sudden changes that reduces stimulation, but to keep this on the surface, you’re simply bored and looking for another rush.

Financial freedom is a great feeling but it also removes structure from the financial management aspect of your life if you’re not naturally good with money. When doubling down and budgeting to pay off debt, you knew where where funds were being allocated and typically have a few problems to solve. But, once you’re debt-free, things can get a little boring after a while. You may now start wondering if you could now finally afford that new vehicle or vacation. There is nothing fun on your credit report to look at, and you start to get an itch. What you’re doing here is looking for activities fill the void left after destroying your debt.

How to Remain Debt-Free and Feel Excited

If you want to stay debt-free without the urge to accumulate unnecessary and uncontrollable debt, it can be difficult.  Here are a few things you can do if you find yourself debt-free and bored…

  1. Plan something you have to save for. Whether it is a vacation or a new car, you can always find something exciting to save up for. If not having a new financial issue to solve is the problem, finding a reason to save can help with your boredom and return to a more frugal mindset.
  2. Try your hand at real estate. If you don’t know where to start, check out currently discount courses from renowned author and real estate investor Robert Kiyosaki.
  3. Become an even smarter shopper. There are tons of freebies and great deals to take advantage of in the credit card points and airline mileage space. The Chase Freedom Unlimited is my favorite no annual free credit card. You can earn a $200 bonus after you spend $500 on purchases in the first 3 months. Simply use the card to cover your everyday purchases and you’re well on your way to pocketing $200. Click here to view all the benefits and sign up today.
  4. Take on DIY projects. Homeowners can take advantage of the freed-up cash they have from paying off their debts to make some improvements around their home. Maybe not that dream bathtub you’ve always wanted or  a full kitchen rehab, but small beautification projects and updates within budget can bring on a renewed feeling of accomplishment.
  5. Invest. Generally, once you’ve paid off your debt, you can start looking at different ways to invest and to accumulate wealth. The stock market can be an exciting rollercoaster ride if you’re feeling bored and need a new challenge.
  6. Bet on yourself. Maybe you’ve always wanted to quit your job and travel or start your own business. Without any debt attached to your name, you can bet on yourself. Take some of that extra cash and put it towards your next adventure, whatever it may be. Start a website or a blog.
  7. Donate. Now that you can, responsibly donate some of your money to good causes. Take time out of your day to volunteer your time assisting the needy. Help a loved on or even strangers struggling with their debt. Tell your story to others and provide inspiration.
  8. Find new challenges in life. You aren’t bored because you’re debt free, you’re bored because your brain crave a new focus. You placed all your eggs in the debt reduction basket and now have no use for it as you’ve reached your goal. Try a 26-week savings challenge that could make you $10,000 richer in 26 or 52 weeks depending on your allocation.
  9. Cash Free Debt Free. As the term suggests, one of the best ways to prevent a debt relapse is to remain cash-free. Not cash-free as in the lack of income, but cash-free as in keeping your money occupied and out of mind. If the stock market isn’t your cup of tea, try high-yield savings accounts and CDs. Raisin.com provides exposure to FDIC insured institutions offering high-yield interest rates above 5%. I like Raisin.com for its easy to use interface and access to multiple institutions to diversify your funds without creating multiple accounts across different banks. Click here and enter my referral code earlm014354 to earn up to $125 in bonus cash when you sign up and meet the deposit requirements.