Life, Liberty and the Pursuit of Financial Freedom

credit: Flickr, Tony Fischer

credit: Flickr, Tony Fischer


Back in May, I went to Florida with my wife and our then almost 2 year old son. We just wanted to get away for a few days for some rest and relaxation, plus, we wanted to take advantage of not having to pay for our son’s airfare before he turned two. It was a little difficult for us New Yorkers to get accustomed to the change of pace, as we’re used to rushing around everywhere. One evening when we went out to dinner, my wife was grabbing some stuff from the car and was blocking a gentleman’s path to his car which was parked next to us. She apologized and said that she would just be a moment. He responded by saying, “don’t worry, I’ve got all the time in the world. I’m retired.”

I’m definitely envious of that. My normal schedule consists of drop-off and pick-up of my son, and in between is my 9 to 5 job and the hour plus commute each way. Then there’s dinner, dishes, maybe some TV and work on my blog (yea, I know I haven’t done much work on my blog), shower and sleep. The next day, I wake up and get to do the same thing all over again. Over the weekends, there are errands to run like grocery shopping, laundry, and visits to our parents. Sometimes with all the things on the “to do list,” I wonder where we find time to work! The last year or so, I’ve been somewhat obsessed with reading about those who have attained financial freedom/financial independence/early retirement. It would be amazing to have the time to do what I choose to do. For all the early retirement critics, it is not just have about NOT WORKING, rather it is about having the option to choose what to do with your time (which may include work, but work you enjoy or which is flexible).

During that trip to Florida, we also met a man who drove the trolley, busing guests to different parts of the resort grounds. He was excited to see my NY Giants t-shirt and said that he used to live in NY but that he is now “retired.” “If you’re retired, why are you working here?,” I asked. “I like working here, I get to meet people from all over the place and I enjoy it,” he responded.

Jim Collins wrote in a guest post of Mr Money Mustache: “It has never been about retirement. I like working and I’ve enjoyed my career. It’s been about having options. It’s been about being able to say “no.” It’s been about having F-You Money.”

I’ve noticed a lot more blogs and articles about people who have attained this elusive financial freedom at a young age, or who are on track to do so. It seems contrary to all the articles in the mainstream media which contends that most probably won’t be able to retire even at age 65. However, after reading the journeys of those who have attained financial freedom or who are about it reach that goal, I’ve realized that it is possible. I have never mentioned my goal of reaching financial freedom at a much younger age than the traditional age of 65 or even 55, which was always within reach for me as I luckily have a pension (though many of my colleagues still do not retire at 55 since they are unable to live on the generous pension amount). I want to reach financial freedom at age 45 in a little over 10 years. Yes, by April 2026 (before I turn 46), I want to have the option of not working if I choose not to. I have never mentioned this goal on this blog because I have many doubts about whether I can pull it off and I fear failure. But sometimes you need to have ambitious goals. “When you reach for the stars, you may not get one, but you won’t come up with a hand full of mud either.” – Leo Burnett.

One final anecdote from our trip to Florida. On the flight home, I overheard a little girl a few rows back crying. Fortunately, little LRC did pretty well on the flight. The little girl yelled to her mom, “I want to do what I want to do!” I chalked it up to a little girl’s temper tantrum, but then when I thought about it, she said what we all probably think inside. We want to do what We want to do. It’s just that we’ve grown up and realized that that just isn’t possible. But what if you found out that if you attain financial freedom, that sometimes, you CAN do what YOU want to do.

Are you doing what YOU want to do? Are you pursuing financial freedom?

Recommended reading:
Check out this inspirational cartoon which starts by saying, “Creating a Life that reflects your values and satisfies your soul is a rare achievement.”

David Cain writes on his blog, Raptitude: How Much of Your Life Are You Selling Off?

Paula Pant is doing what SHE wants to do by designing her lifestyle to fit her passions

An attorney leaves her big law job to pursue her passion as an illustrator.

The blogger at Tawcan writes about his fight for financial freedom.

Justin from The Root of Good writes about how he has spent his 2 years of early retirement.

37 thoughts on “Life, Liberty and the Pursuit of Financial Freedom

  1. Justin @ Root of Good

    Thanks for sharing my 2 years of retirement story!

    I like that quote from the retired gentleman saying “I’ve got all the time in the world”. I had the same experience recently at the dentist. Our dentist loves talking and telling stories, and I got caught on the way out the door with one of his long ones. Then the receptionist intervenes and says “Dr, I’m sure the patient has somewhere he needs to be right now.”

    The truth is I didn’t mind chatting and didn’t have anywhere in particular to be. No need to rush or hurry. But once the dentist stopped talking, I smiled, said goodbye and walked out the door. I didn’t want to get into my whole story of my early retirement. Otherwise I would be there the whole day. :)
    Justin @ Root of Good recently posted…July 2015 Financial UpdateMy Profile

    1. livingrichcheaply@gmail.com Post author

      No problem…your early retirement story serves as motivation. And yea, time is definitely at a premium for me so I’m a bit envious of that.

    1. livingrichcheaply@gmail.com Post author

      It’s such a powerful goal and definitely what drives many of us.

  2. DC @ Young Adult Money

    Simply awesome post, and kudos to you for putting a date on the calendar where you want to be financially independent. I also like working, but it would be soooooo much better if I had the option not to. I think it would really free me up to pursue some of those business ideas that are either too risky, that I don’t have enough time for, or that dont’ bring in money fast enough. It would be nice to not have to pursue income-producing activities for once and be able to pursue things that may not make money today but could result in a big payday down the road.
    DC @ Young Adult Money recently posted…10 Ways to Tighten Your Grocery Budget without Clipping CouponsMy Profile

    1. livingrichcheaply@gmail.com Post author

      Thanks DC. You seem like you have some great business ideas that you should pursue. But I’m sure they’re time-consuming and difficult to pursue when you have a full-time job.

        1. livingrichcheaply@gmail.com Post author

          I wish I could think of a business plan in something that I’m passionate about. I figure if it can generate some income, then I don’t necessarily have to be truly financially independent before I leave my job to pursue it.

    1. livingrichcheaply@gmail.com Post author

      Thanks…it seems more real now that I’ve stated that goal and it’s on your list too. Oh, and I really love that cartoon sketch. Very inspiring!

  3. Kristin @ Brokepedia

    I think it helps to put a date on your financial independence goal–that’s a huge step. (And speaking of MMM, one of his readers created this “time to financial independence” calculator that’s pretty neat for figuring out what that date is: http://mustachecalc.com/#/calcs/time-to-fi.)

    It’s something I’m working toward, too, but I’m not brave enough to put a date on it yet. Good for you–it’s totally achievable, and I’m rooting for you.
    Kristin @ Brokepedia recently posted…Paribus Automatically Saves You Money on Price DropsMy Profile

  4. Fervent Finance

    I’m doing what I want to do, which is pursue financial independence. I’m impatient though and feel at times the journey is moving too slowly. Maybe I’ll be able to quit the grind a little earlier one I obtain F-U money, whatever that amount may be, before FI. Maybe that will allow me to take a job with a more 9-5 schedule and no take-home work. That would be nice. But those usually pay less. Or maybe I’ll find a side hustle that covers my living expenses and then some? There are a million options to get there! Keep on keepin’ on Andrew.
    Fervent Finance recently posted…Why CPAs Are Terrible With Their FinancesMy Profile

    1. livingrichcheaply@gmail.com Post author

      Yea, there are a lot of moving parts and while 10 years isn’t a long time…a lot can still happen. I’ve been contemplating side hustles, and I’ve just gotten into rental properties so we’ll see how that goes. I know what you mean about being impatient though! Just don’t forget to live in the moment: http://www.livingrichcheaply.com/2015/01/05/live-for-today/

  5. Stockbeard

    +1 for the F-U Money! I’m pursuing financial independence to, but I’m at a stage where I hope it will come much. much earlier than 2026. Not because I can financially afford it, but because I’m in total job burnout now and want to leave the 9-to-5 behind, as soon as I can.

    Good luck with your goals!
    Stockbeard recently posted…Can you stay the course in a market correction?My Profile

    1. livingrichcheaply@gmail.com Post author

      Good for you! When is your financial independence date? I’ll have to stop by your blog. I’m pretty addicted to reading about the pursuit of early FI!

  6. Mr. Utopia @ Personal Finance Utopia

    Ah, yes, the beautiful dream of attaining financial independence and freedom before you are too old to get out of bed to enjoy it. So many of us have that dream. The fine line separating those who achieve it from those that don’t seems to be continued smart work, discipline/dedication, and some luck.

    So, what is your plan of attack to reach financial freedom within 10 years, Andrew? Or are you saving that for a later post? 😉
    Mr. Utopia @ Personal Finance Utopia recently posted…Stock Market Crash – Do not Panic!My Profile

    1. livingrichcheaply@gmail.com Post author

      Yea, I’ll have to put that in a post. But mainly just saving and investing as much as I can, while cutting expenses. I’ve also recently gotten into real estate and bought a rental property. Hopefully that turns out well.

        1. livingrichcheaply@gmail.com Post author

          Kansas City, MO. Lease was just signed in September and yes it is cash flowing but it’s still very early in the investment. I’ll let you know how it works out in the future.

  7. Tonya@Budget and the Beach

    I don’t think retirement is what the media makes it out to me. Remember the movie About Schmidt? They made it look downright depressing. I think we have to take can’t and should out of our vocabulary. Just because it’s not easy doesn’t mean you can’t. Just because someone else is doing something doesn’t mean you should. I’m not at a point where I could just retire early and live off passive income or anything, but I do enjoy at least 50% of what I do and know at some point it’s the work (the blog) I want to be doing regardless if I had FI or not.
    Tonya@Budget and the Beach recently posted…Financial Odds and Ends: Vol. 6My Profile

    1. livingrichcheaply@gmail.com Post author

      I think enjoying what you do is very important. It’s not about not working…just doing things that you do like. Now you just have to work on the other 50% =)

  8. Abigail @ipickuppennies

    Alas, ours is a very slow road to financial freedom. I don’t know that we’ll be able to retire at all, let alone early. We have too many expenses that knock us down. (Like the impending $25k dental implant bill that’s looming in the future. That’s 1/3 of our mortgage. That’d be a down payment for a rental house around here!)

    But one day if we can get some rental property to generate passive income and we have enough time in between crisis expenses… yeah, financial freedom is a good goal.
    Abigail @ipickuppennies recently posted…#FirstWorldProblems part 2My Profile

    1. livingrichcheaply@gmail.com Post author

      I just bought rental property recently and I’m hoping to generate passive income as well.

    1. livingrichcheaply@gmail.com Post author

      Good luck to you as well. Are you solely relying on dividend paying stocks…it seems like you would have to build a very large portfolio of dividend paying stocks for you to be able to live off of it.

  9. Vanessa @ Cash Cow Couple

    ” I want to have the option of not working if I choose not to. I have never mentioned this goal on this blog because I have many doubts about whether I can pull it off and I fear failure. But sometimes you need to have ambitious goals.”

    Kudos to you. Seriously. Way to face your fear of failure by telling us what you want, even though you don’t know if you can achieve it or not. That is brave and commendable.

    Like you’ve pointed out, there are a lot of financially free bloggers out there. This is awesome because it means there is more information. Information is power when it comes to achieving incredible things.
    Vanessa @ Cash Cow Couple recently posted…Betterment Review – Now Offering Tax Loss Harvesting and Retirement AdviceMy Profile

    1. livingrichcheaply@gmail.com Post author

      Thanks Vanessa! I think that putting it out there makes you more accountable and motivated to achieve those goals. And it’s great that there is a lot of information out there. The blueprint is already out there…no need to reinvent the wheel.

    1. livingrichcheaply@gmail.com Post author

      Enjoying what you do is pretty awesome. You spend such a big portion of your day/life working…it would really suck if you didn’t enjoy it. I’m sort of in the middle…can’t say I enjoy it, but don’t really hate it either. My commute does suck though.

  10. Jpost

    Must say…there are many people who want financial freedom but somehow only a very small percentage of the population ever achieve this goal. The reason is that their minds have not been conditioned with the correct empowering thoughts. The truth is that even if an average person wins millions of dollars in a national lottery, they will inevitably lose it all because their minds have not been proportionally grown to the size of their recent good fortune. Btw very nice post..i have enjoyed reading all of it..thanks for posting your own experience…:)

  11. Pingback: New York Times: 7 Essential Money Questions Sure To Start A Conversation | Living Rich Cheaply

  12. Pingback: 10 Years In A Life | Living Rich Cheaply

  13. Pingback: The Pension: My Golden Handcuffs | Living Rich Cheaply

Comments are closed.