7 Key Insights on Financial Independence Gained from Over 150 Interviews

7 Key Insights on Financial Independence Gained from Over 150 Interviews

I’m thrilled to bring you a guest post from Julie today!

Julie, a 29-year-old from the Pacific Northwest, is on a journey to financial independence. She loves dogs, wine, and cheesy reality TV shows. She co-hosts the FIRE Drill podcast, sells on Etsy, and blogs at Millennial Boss. Last year, she earned $40,000 online, in addition to her day job. Now, she teaches others how to start blogging or an Etsy side hustle at GoldCityVentures.com.

Once, she was a girl without any marketable skills, burdened by student loans and holding a liberal arts degree. She lacked the confidence to take action and spent far too much on clothes, filling two closets with outfits she never wore.

One night, while mindlessly watching Netflix, she came across a personal finance blog that inspired her to take control of her life. She formulated an aggressive plan and paid off about $25,000 in student loans in just one year. She also switched jobs, cut back on spending, and started her own blog to track her financial journey. Through blogging, she gained the confidence to put herself out there and opened an Etsy shop, which provided extra monthly income.

Last year, she made an additional $40,000 with her side hustles on top of her regular job. Now, she’s on the path to financial independence and plans to retire early in her thirties. That girl is me, Julie, a 30-year-old dog lover living in Seattle, Washington. By day, I work in tech, and by night, I host a podcast where I discuss money and side hustles with interesting people.

I never thought I’d want to retire early, but I’m glad I found this community. With my first baby due in August, I’m grateful for the options that saving aggressively and earning more have given me. I still can’t believe I host a podcast about money because I used to be terrified of public speaking. Just recalling the time I had to recite a passage from Othello in my 10th grade English class makes me sweat.

Here are seven truths about financial independence that I’ve learned from interviewing over 150 guests on my podcast, Fire Drill:

1. Value-based spending wins.
When I first started saving, I worried about every dollar spent, cutting out all ‘extras’ from my budget, even things that brought me joy or allowed quality time with loved ones. Now, I’ve reintroduced some fun into my spending, even if it means reaching financial independence later. The key is that only you can decide what’s valuable to spend money on.

2. Walk before you run.
I wasn’t financially savvy in my twenties and felt overwhelmed by the concept of financial independence. I tried to learn everything at once and consumed endless blogs. Looking back, it would have been better to take things slower. The most important principle is saving more than you earn and investing the difference. Start there, and you’ll be fine.

3. Earning more will get you there faster than spending less.
Cutting back on spending helps, but I made the most progress toward financial independence by changing jobs and starting side hustles. There’s a limit to how much you can save, but the potential to earn is unlimited, especially if you’re open to side hustles. I now teach others how to blog and sell on Etsy to boost their income.

4. There are people like you doing this too.
I had a preconceived notion of what people pursuing financial independence looked like and how they spent their money. I was wrong. People from all different backgrounds are on this journey. It’s inspiring to find diverse stories, and I’ve made it a point on my podcast to showcase a variety of experiences. Representation matters.

5. You can actually meet friends online.
In 2015, I attended an event in Ecuador called the Chautauqua, where people from the financial independence community came together. It was my first time doing something like that, and it was amazing. I made many friends and continued to seek in-person meetups. Facebook groups can help you find local financial independence communities for swapping tips and making motivated friends.

6. It might take some time to get your partner on board.
When I first discovered financial independence, I was hooked, but my now-husband wasn’t. I made the mistake of overwhelming him with dense articles and abruptly changing our spending habits. Eventually, I realized I could pursue it alone. A few years later, he’s now fully on board, though not as obsessive about the technical aspects. Patience can help when getting your significant other on the same page.

7. It’s not about money at all.
At first, my journey was all about money—saving, earning, and investing. But over time, I realized it’s about designing the life you want to live. Whether it’s traveling, spending more time with family, or pursuing personal passions, the money part is straightforward, but figuring out how to spend your time is more challenging.

My top downloaded podcast episode features a 50-year-old artist reflecting on two decades of early retirement and whether it was worth it. He offers an honest look at the life he chose versus corporate success. Listening to his story can provide a deep understanding of financial independence.