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- I used to be bad with money, but the FIRE movement helped shift my focus to saving more.
- When I got a new boss who didn't value me, I quit my job even though I was earning six figures.
- Thanks to FIRE, I have enough "FU Money" to last me two years while I pursue self-employment.
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In the fall of 2015, I pulled my credit report and took a look at my total debt: $30,000. At the time, I was living in New York City and mindlessly spending money under the false idea that I would deal with my debt at some undetermined point in the future when I was making more. Then I discovered the FIRE (financial independence/retire early) movement, and it completely changed my life.
I reoriented myself to value saving and investing over spending, which led me to dig out of that $30,000 of debt in 11 months. From there, I started saving 60% of my income and over the next five years, I was able to fund a two-month trip to walk the Camino de Santiago (a 500-mile trek across Spain), buy a house by myself, and fund my own business (the EconoMe Conference).
I settled into a plan to reach financial independence by 40, and it was going really well. Until it wasn't.
I decided to quit my 6-figure job
A huge asset I had on my path to financial indepdence was my relationship with my employer. I saw my income more than double over nine years, I was granted a two-month leave of absence to go to Spain, and I was permitted to work remotely before this was the norm. When it comes to full-time employment, I felt that I hit the jackpot because I didn't feel the kind of restriction on my time and energy that pushes many people to pursue FIRE and quit their jobs.
However, that all changed about a year ago when I got a new boss. The company culture and work dynamic shifted, and it was made very clear that I was no longer valued. The party was over for me, so I quit.
If I was solely focused on reaching financial independence as quickly as possible, I'd probably have kept my head down and tolerated this new environment in exchange for the six-figure salary that would have gotten me to financial indepedence in the next six years. I hear this theme in the FIRE movement a lot. It goes something like this: "I hate my job, but I'm only X years away from FI so I'll just tolerate it for now."
I instead decided to embrace a concept I'm calling "fi-lexibility."
This concept is about recognizing that pursuing financial independence is about so much more than actually reaching financial independence. If reaching financial independence is about opening up the option to retire early, "fi-lexibility" is about seeing the options you have now, while you're on the way to even more options.
I have enough to pursue self-employment
I looked over my finances and decided that while I wasn't financially independent, I still had enough money to quit my job:
- I had "FU Money" (or "Peace Out Money," for the polite among us). This is like an emergency fund on steroids: Two years of living expenses liquid and easily accessible.
- I was "Coast FI," which meant that I had enough money in my retirement vehicles to grow to what I will need for traditional retirement without any further contributions. This calculator helped me confirm my Coast FI status.
- My side hustle as the host of the Optimal Finance Daily Podcast covered one-third of my monthly expenses, which would help stretch my "FU Money" even longer.
My current finances still require me to work for my livelihood, but I no longer need to tolerate a less-than-optimal work environment. So for the next year, I'm giving self-employment a try. Maybe I'll figure out a way to cover my expenses with complete autonomy over my time. Maybe I won't and I'll deplete my savings a bit before I throw in the towel and look for another full-time job. Regardless of the outcome, I have the financial bandwidth to try.
On my journey to financial independence, I've stumbled upon a surprising irony: The best part about pursuing FIRE might not be actually reaching it. The ability to seize the opportunities presented along the way to financial independence is where the real magic lies.
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