“I want every day to be a fresh start on expanding what is possible.” Oprah Winfrey
Hello and Welcome to my blog!
I am heading off on an adventure to Financial Independence and I’d love for you to come with me. What is Financial Independence I hear you ask? well I’m glad you did as it just so happens that this post is all about that and little old me…
What is FIRE?
So FIRE is a clever little acronym meaning Financial Independence Retire Early. Basically its putting away enough money to quit your job and retire early. Simple right? errrmmmm well maybe…..
What is Financial Independence?
Before we start let me start out by explaining I’m not a Math or numbers person. I’m just an average girl living an average life so we will have no technical jargon here (unless I let Mr Fire write it but I doubt that for now as It takes me a few listens to truly get my non financial brain around it)
So back to the question,
Wiki’s take on it is:
“You have enough wealth to live off of without working”
Thanks Wiki! The idea is that you squirrel away money into assets and investments and they generate an income (or wage if you like) So you are free to live the high life whilst all your money stashed away is doing the hardwork by bringing in the income. Sounds easy/scary/exciting right?
Some people go extreme and save 67% of their monthly income and live very frugally and others take a more relaxed approach by keeping a careful watch on what they are spending on luxuries (starbucks anyone?)
I guess you could also say that Financial Independence is slightly different to everyone. For me, I have always seen money as a burden (more on that on future posts) The most important thing about FIRE is that it isn’t about making millions to support a lavish lifestyle, just simply enough to pay the bills and enjoy freedom.
So Financial Independence in a nutshell is being free and not tied down to your day job. Its important to remember that money does not equal freedom
Why doesn’t everyone aim for Financial Independence?
Basically I think as it takes too much work and doesn’t seems achievable. We are not taught that it is ever really an option. Most of us are raised to believe that if you get a job and work hard then you reach retirement earlier than about 60. But this is not usually the case. We have to reeducate ourselves, see the world differently and in some cases become a different person than who we started out as. Its going to be hard to correct our consumer ridden ideals that have been instilled in us from birth. We are taught from an early age that buying things make us happy. My example is pocket money, you basically get paid for performing duties you don’t want to do just to get money in return to buy something to make you happy or that you want (notice not need) Sound like a familiar concept? Ahem….
Its hard to correct your thought process now we are adults, it requires growth, improvement, education and strength and that is on top of your day job.
The hardest thing to learn is money doesn’t not make you rich. Money can not buy happiness, family,love or friendship
So how do you do it?
Good question, its a learning process and I haven’t learnt it yet. Ha bet that surprised you. I don’t have all the answers but i’m happy to seek them out and learn. I’m not one of the many bloggers out there who are already sitting pretty on Financial Independence hill teaching others about their ways and that is no disrespect to them either especially as I actively read their blogs on ways to make it happen for me! I’m out here in the trenches with you getting shot at from all angles trying to make it through. There is one difference between us though and I want to get it out the way:
I’m a fraud
Wait what? well I am and I’m not in some ways. I quit my job. Yep thats right I no longer work and I don’t claim benefits (not that is anything wrong if you do, I just dont). I can hear your tutting and stomping your feet as you go to close your laptop or smartphone. But wait! come back! I haven’t won the lottery or have rich parents to help me. Nor do I have a rich relative, husband or Trust fund waiting to be tapped. All I have is a supportive partner who spotted it before I did that my day job was literally killing me. Not metaphorically but actually. It was making me so ill my hair was falling out, I was having panic attacks left, right and centre and I was dam right miserable. I got so ill that I actually cracked a rib coughing a few months back. I’m a single parent,Domestic Abuse survivor, PowerPoint nerd and completely obsessed with stationary. Eighteen months ago I was homeless.
For the next few months I will be living off my savings and after that? Hopefully I will have enough income generating sources to live off.
So join my journey, whether its to see me fail miserably (sob!), support me (horray!) or even to see what works, what doesn’t and then draw your own path to Financial Independence. I welcome you all.
Want to know more about me? Check out my About me page (I may even put my picture up to scare you at some point)