Category: Financial Independence

Financial independence can be an emotional journey. Budgeting, debt payoff and investment can guide make your life just one percent better.

The goal of financial independence is simple: have enough passive income to cover your living expenses. Once you no longer rely on a job for money, you have the freedom to do what you want with your time.

Financial freedom does not necessarily mean leaving your job. Many financially independent people continue working in fields they love. Some start their own businesses. Pursue the arts, or philanthropy.

Financial independence does give you the most valuable, non-renewable resource in the world: time. You can always make more money. You can not make more time. This precious resource of time will be invaluable in your journey.

The pursuit of financial independence on your journey to a life that’s just one percent better everyday can be a difficult one. Like most things, your attitude is critical, and will make or break your experience.

And while the idea of exposing your finances might be stressful, even emotional, it is bound to provide vast relief once you rip off that initial band aid. How you making your finances work for you, and work towards your future, depends on where you are now. But there are some common guidelines.

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Socialize on a Budget Like a Bad Ass

With some creativity, you can turn expensive day-to-day entertainment expenses into frugal social activities and socialize on a budget.

Spending and socializing are pretty synonymous in our culture. The entertainment budget category for most households is just under the three big ticket items: housing, food, and transportation. Eating out at nice restaurants, drinks at swanky bars, movies at the theater, concerts, amusement parks, and the mother of all entertainment… vacations! These experiences are a blast with friends. But they are hell on your budget. When getting control of your finances, this entertainment category can be one of the biggest hurdles. But you don’t have to be a hermit to go down the path towards financial independence! With some creativity and shifting of your mindset you, too, can socialize like a bad ass on a budget!

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Why I Chose Real Estate to Achieve Financial Independence

Why did I choose real estate to achieve financial independence? It gives me more control over cash flow and ROI than I get from index funds.

My path toward financial independence is at odds with the majority of the financial independence/retire early (FIRE) movement. Many FIRE advocates stress investing their savings in the stock market – specifically index funds like VTSAX. Save until you have 25 times your annual spend stashed away, then withdraw 4% of the dividends annually. There are finer points like rebalancing your portfolio, but that’s it in a nutshell. It’s easy, effective, and once achieved, takes very little time from your day, leaving you with the opportunity to retire early and enjoy life. But this crowd typically would not use real estate to achieve financial independence.

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Cook Like a Bad Ass On a Budget

Learn some key tips and tricks, and cook like a bad ass on a budget

For our second date, my partner wanted to cook for me.

A full menu with appetizer, dinner, and dessert was in store. I was impressed, and told myself I’d go easy on him. I’d had boyfriends try to cook for me in the past, only to sneak in some fast food on my way home. But I promised to approach this dinner date at my place with an open mind. It was sweet how he was trying to impress me. The least I could do was go easy on him.

When he came to my front door with a blowtorch, I had concerns.

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Financial Independence

Budgeting, debt payoff, savings and investment pave the way for financial freedom.

“Real wealth is not about money.

Real wealth is: not having to go to meetings, not having to spend time with jerks, not being locked into status games, not feeling like you have to say ‘yes,’ not worrying about others claiming your time and energy.

Real wealth is about freedom.” 

Tweet from James Clear
Author of Atomic Habits

The term “financial independence” always felt like something rich people did.

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Real Estate Investing and Corporate Nonsense

Real estate investment gave me the freedom to leave a toxic corporate boss.

I had almost no idea what I was doing during my first real estate investing experiment.

Worse, I didn’t know how little I knew at the time. If I did, I may not have dived in as quickly as I did. And for that, I’m grateful.

After some cosmetic renovations, I moved into my unit in an owner-occupied triplex. Immediately some maintenance requests came up. And questions about paying rent. Oh, and one unit’s lease was coming to an end in a couple of months… how would I find a lease!?

I thought the hard part of real estate investing was behind me. Turns out, managing a rental property is a whole other skill set. And I had barely scratched the surface.

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An Experiment With Minimalism Across the Pond

A new job gave me the opportunity to experiment with minimalism across the pond

Happy thirtieth birthday to me.

Let the death march begin.

It’s okay, I had fun in my youth. Shenanigans in my teens, going for something between goth and heavy metal. Dating a local musician, going to shows, becoming the unintended groupie. And my minivan really rounded out the persona.

I embraced the academic world, took a range of classes – philosophy, world religion, literature, biology, psychology, statistics. Even stayed up late reading great works, and made time to go to a few shows every semester. Slipped away and reunited with my high school friends over drinks and live music.

And then I became a corporate whore and suburbanite.

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My First House and Settling for the Suburban Life

Buying my first house was a combination of luck and discipline.

The corporate Koolaid tasted delicious.

I broke my tooth six months into my new job. Paid time off was available to me to to visit the dentist, and insurance covered some of the cost. Every two weeks, a deposit came into my account like clockwork. It took a few months to stop thinking like an hourly employee, wondering if I’d have enough money for my bills, for my rent. Worrying that my schedule would be cut one week, hoping for overtime the next week.

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Good Grades in College ≠ Job After Graduation

Study hard, but understand good grades doesn't guarantee a job

In college, I kicked ass. Unfortunately for me, I had no idea good grades don’t guarantee a good job.

I completed a dual major in four years, while working 20-30 hours a week. I was part of a few college organizations. Becoming the secretary, and eventually president, of the Student Psychological Association at my campus was particularly fun and challenging. I kept a 3.75 GPA and graduated magna cum laude. I completed an undergraduate research thesis (a project typically reserved for master’s students) to get first-hand experience implementing, analyzing, and reporting on psychological experiments. My research paper for this work was published, and I even presented the results at a couple of conferences. I found an entry-level position in “my field” during the last year or so of my college career to best position myself for my first adult job.

The entryway to my career. The path towards “success.”

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