Is A Life Without a 9-5 Job Possible for Me?
Personal finance health check
My husband, Denis, and I realized about a year ago that our years of smart personal budgeting could buy us a life without the need for a job we don’t enjoy. However if we had just known sooner, what we know now we really could have pushed back our early retirement by many years if not a decade. I want to share my journey with you so that perhaps you can get to FIWO (financially independent work options) sooner than we did.
My first step into taking control of my financial life was a simple conversation with one of my 1st bosses. He was selecting his 401K options and he asked me if I had selected any. I said no, because I needed the money. When he showed me that at 27 years old, he had more than a 100K in his 401K I was floored. At 21 years old I was shocked that someone so young could have so much money. After this conversation I started directing money to my 401K. Because I now had less spending money each check (do to money going pre tax to my 401K) I had to really focus on my cash flow each month. To track this I set up a personal budget based on things I needed and then wanted. (more on this break down in my next post - “It’s ok to fail”)
As the years rolled on I met a nice man, had cute babies, and had far less time to do with as I please. I noticed that the only time I was going to ever spend with my sons and husband was nights and weekends. Before family life I looked at money as the ultimate goal, now it seems to be that time itself is what i hope to have more of. Up unto this point I had been looking at my life in the traditional way (go to school, get a job, have a family, work for 90% of my day, buy buy buy, then die), but instead I needed to again adjust my focus.
Adjusting the focus for me was identifying what in my life that made me happiest, and identifying the things that took me away from this "happy" of spending time with my family. For me, the biggest thing that took me away from my "happy" was what I previously thought was the most important thing in my life, my work. But there was no way I could stop working...or could I? Well, if you have a home, and are able to pay for food now, then getting to a place where you no longer have to work may be closer than you think.. This blog is not so much about the movement called FIRE (Financial Independence Retire Early) or what I like to call FIWO (Financial Independence Work Optional), but more about financing your "happy". Think of it this way: personal finance health is like running the first mile, FIRE is like finishing the marathon and the “happy” is the joy in running.
So let's start running the first mile. However, perhaps I should back up at this point and explain a little more about what experience I have that qualifies me to preach on this topic. When I was 22 I bought my own home, started funding my 401K, and established a budget that allowed me to save a quarter of a million dollars before I was 30 (which now I know is not that great), and am now along with my husband, am in a position to have a work optional life. By focusing on your spending and not your earning, you can achieve this as well.
I am not a financial planner, but rather I think of my husband and I as sound thinkers on how to save and spend money. My goal for this blog is to provide an adjusted view from the traditional ideas of life and share what could be possible.
This path can be for anyone! With dedicated daily work on your personal budget, this path can be yours as well. The next few posts will focus on the power your personal budget has on retiring early.
My reading recommendations to start your journey:
Books (pro tip, don't buy these books, rather download the Libby app, attach your public library card, and read for free.) Here are 4 books to kick off your reading adventure. (more to come on future blogs)
Your Money or your Life by Vicki Robin
Quit like a Millionaire by Kristy Shen and Bryce Leung
Podcast
MadFientist
ChooseFI Podcast
Blogs
Millennial Revolution (by Kristy Shen)
