What's YOUR version of financial independence?

Money affects all of us. It’s something we all have to deal with, but we're often not taught about when we're young. We either need our parents to teach us (and if they haven't been taught, how can we expect them to?), or we have to figure it out on our own. It still baffles me that something so pivotal to all of us isn't taught in schools!

Your Path to Financial Independence

Financial independence may sound like an unattainable dream, but it’s not one-size-fits-all. Your version of financial independence will be unique to you, just as mine is to me.

I know people who aim to retire at 30, while others love their work and plan to continue as long as possible.

Your goals might include:

• Starting your own business 💼

• Saving enough to take a year-long sabbatical to travel the world 🌏

• Reaching a point where you can comfortably work part-time 👩‍⚕️

• Staying in work but saving so you can retire at 65 and spend lavishly 🍾

These are just a few options. Whatever your dreams, with a little planning, they can happen!

Identify Your Goals

The first step on your journey to financial independence is to work out what you want.

• What does your ideal day/life look like?

• What kind of work would you love to do? How much do you want to work?

• Where do you want to live?

• Who do you want to spend time with?

Dream big on these! It's great to have big dreams to go for, as they say you often overestimate what you can do in a year, but underestimate what you can achieve in 10.

After the big dream, come up with a good enough goal. What's the minimum level you want to live?

Once you've established your goals, we can work together to figure out the financial requirements for that lifestyle. We will create a plan together to help you achieve your dreams and set small, manageable steps to get you there.

You likely won't hit your goal immediately, but with dedication and effort, it can happen sooner than you think.

My Financial Independence Journey: Coast FI

My version of financial independence (FI) is Coast FI. This means having enough money invested so that with the power of compounding interest, your investments should grow enough to cover traditional retirement at a set age. In the meantime, you only need to cover your living expenses.

How does this resonate with you? Have you looked into the different types of financial independence?

Look Out For Other Opportunities

Sometimes, opportunities come up that allow us to jump towards our dreams in a different way than planned. I am close to my Coast FI number and was going to continue working in my corporate job and be a money coach on the side until I hit this number and could go money coaching full-time.

But then, an opportunity came up to start a second business in the travel industry.

Having been in the industry for 12 years, I had many contacts and a lot of knowledge. I assessed the pros and cons and ended up quitting my prior corporate role much earlier than planned. That meant a sizable difference in my savings, but I knew that with the two different roles and income streams, I could still save towards Coast FI when things picked up.

Without the savings behind me, there is no way I would have been able to do that.

Create Your Dream Future

You may want to become Coast FI.

You may want to go for full FI.

You may want to stay in your current role but save a lot more than you currently do.

Whatever you dream of for your future, you can make it happen!

I would love to hear more about your version of financial independence and what your dreams are. Send me an email or DM me on IG and let me know!

If you need some help working out your version of financial independence and how to get there, book a Q&A here today and let's have a chat to see if we would suit working together!