About a week ago I noticed a really interesting question that a really well known personal finance thought leader asked in a Facebook group that we’re in. Basically, this person was wanting more clarity on the idea of what Financial Independence Retire Early actually looked like/was for people who attained it. The F.I.R.E. movement and financial independence in general is something that I’ve given a lot of thought and I wanted to share what I found surprising about how I imagined my life once I attained F.I.R.E.
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What’s F.I.R.E.?
Before we go any further, let’s do a quick touch base on what the F.I.R.E. movement actually is. Basically, it’s the idea that retirement can be attained once you’ve saved and invested enough money to allow you to withdraw your living expenses from interest earned. Or, to make it a bit clearer:
“F.I.R.E. peeps focus on saving and investing as much money as possible so that they can have the option to kick their jobs to the curb, keep working, or live off their invested earnings instead. Preferably achieving this milestone well before 67 years old (current retirement age).”
HELL YEAH!! Now, many people get caught up in the stories of 29 year olds who spent the last 10 years saving like ninjas and hitting that number (a couple of million) and living of their earnings. I actually have decided that these early retirement stories are a distraction to older Millennials and GenXers who are years away from retirement and could attain F.I.R.E. well before 67 years old.
Anywho, I really love the concept of F.I.R.E. but, it’s a much more complicated process for those of use who have to kick debt to the curb in order to aggressively save, invest, and earn more in order to hit these numbers
My Current Financial Reality
I realistically think that I have 2 years of fairly intense debt repayment to go. This year I should be able to kick the last of several smaller debts and then be able to focus on paying off the rest. Once I finish with that process, I will then be able to save a pretty high percentage of income in order to meet these goals.
It has taken me a number of years to actually believe that I could attain financial goals such as:
- Debt freedom
- Earning more
- Understanding complex financial concepts
Given the amount of mental financial work that I’ve had to work through I’ve spent a lot of time fantasizing about my future financially awesome life.
How I Envision My Life after F.I.
Umm, it would be exactly the same as it is now with a few differences. I actually really, really love my lifestyle. I love working for myself (even thought it’s hard). Lifestyle flexibility ha been a game changer for me and I never want to go back to a regular 9-5.
Here’s what my life looks like now and some of the changes that I would like to make.
- Personally-It has been wonderful having the time to actually hangout with the people that I love. And, have the energy to do it. When I was commuting, I was absolutely exhausted all the time. And, I as anxious and angry too. Currently, I exist in a fairly constant state of zen-like chill. I kid you not. I’ve noticed that I’m fully present when I’m with people and it has made a big difference in my relationships. The ability to go hiking, biking, sitting on the patio for happy hour or coffee whenever I want rocks!
- Mental Health-No longer do I suffer from anxiety attacks and the depression that I was dealing with has gotten much better. There are still moments when I get a little down, but, it’s not like before.
- Physical Health-The migraines are gone. Instead of getting them every week or so, only extremely stressful situations seem to trigger them. And, I’ve finally begun working on kicking those extra 30lbs to the curb.
- Living Space-In the next year I would like to renovate and rent out the Hobbitshire. It needs quite a bit of work but, it will be a nice rental for a graduate student. It’s an awkward property but it has sheltered me from the storm that is life and I feel blessed to have it. It’s now time for me to live in a new space and use it to earn money towards my future retirement.
- Personal Life-I’m looking forward to dating. I’m done with being single LOL! And, this is something that I’m actively focusing on. No, I’m not online dating-I hate it. I’m focusing onn going outside of the house.
When I hit F.I. biggest difference won’t be in how I live my life-it will be the fact that I will have the flexibility to do what I would like to do and live how I would like to live. In my entire life I’ve never been free financially and that is the biggest difference that F.I. will bring to my life.
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I get the anxiety of a full-time job. Flexible time is a wonderful thing!
I just never knew when the proverbial shoe would drop.
I’m glad you got a hold of your anxiety. It’s no joke. You sound like you have a good plan going right now. You’ll be out of debt sooner than later.
The anxiety was a big issue and it was made worse because of life stuff.
I love the picture you painted of your life. You are happy with what you have and where you are but hopeful that it will get even better. So many are busy chasing happy so they don’t acknowledge what they already have. I’m so happy you’re no longer suffering from anxiety. That is no joke.
The anxiety really sucked and made it hard to think clearly. I like my life now-I just would like more cash LOL!!