A Personal Odyssey to Financial Freedom: An Uncommon View

A Personal Odyssey to Financial Freedom: An Uncommon View

No one ever says, “I can’t wait to wake up at the crack of dawn to work a job I don’t like with no strategy to escape this loop.”

Let’s be real: we all dream of the day we don’t have to rely on a job to support ourselves and can be financially independent. But let’s face it, financial independence means different things to different people. There’s no one-size-fits-all definition.

For me, financial independence means reaching a point where I don’t need to work to support myself or my family for the rest of my life. Though I enjoy working, to me, it also means being able to work without the financial stress that typically comes with a job.

Another crucial aspect of financial independence for me is being healthy. You might think this has nothing to do with not working for “the man,” but hear me out.

Healthcare is expensive—not just insurance, but also doctor visits, medication, and treatments. It costs a lot for a healthy person, let alone someone unhealthy. So, if you can control your health, it can help you manage your wealth.

What’s the point of becoming financially independent if you neglect your health? Or worse, what if your pursuit of financial independence sacrifices your health? Like me, you probably want to enjoy a high quality of life while becoming financially independent and especially after achieving it.

Implementing a Healthy Lifestyle

Although we can’t control everything about our health, many studies show that diet and exercise significantly affect our overall well-being. Before I set out on my journey to financial independence, I realized that maintaining good health was essential, and I encourage you to recognize this too.

However, merely agreeing with me won’t change anything; you need to take action. I’m not here to tell you exactly what you should do, because everyone is different. Still, I hope to motivate you to reconsider your approach to health, particularly regarding diet and exercise.

Yes, diet and exercise will improve your appearance, but more importantly, they will make you feel better. I’ve always led an active and healthy lifestyle, but that might not be the case for you. This could be outside your comfort zone.

So, I encourage you to step out of your comfort zone. You don’t need to run a marathon or stick to a diet of just cabbage and celery. Just like how compound interest exponentially grows your retirement account, healthy eating and exercise will provide cumulative health benefits in your life.

If It Sounds Too Good to Be True, It Probably Is

We live in a consumer-driven society. Companies and influencers use marketing to show us the life they think we want. I fell for it too. I spent every dollar I earned trying to keep up with the Joneses, going out every night, buying expensive clothes and watches, and taking costly trips.

After a while, I realized something: I wasn’t happy despite all this spending. The people in ads and influencers seemed happy, but I was not. I thought I was living the dream life, but I wasn’t satisfied.

I realized this lifestyle was built by society, not by what I truly wanted. All that spending led me to $28,000 in credit card debt by age 25.

I needed to make changes but didn’t have a time machine. So, I researched and created my first budget. I set spending limits for each category (I didn’t pinch pennies or skip coffee). This helped me control my money and get out of debt.

Here’s what I did next: I transferred most of my credit card debt to a new card with 0% interest for 18 months, included savings in my budget, and adjusted my spending to fit my budget. Every month, I reviewed my finances and made tweaks. In a year and a half, I was debt-free with some savings.

I strongly recommend starting and using a budget; it’s a powerful tool for taking control of your life.

Further Steps Toward Financial Independence

401(k) Match: Throughout my career, whenever possible, I’ve invested in my employer’s 401(k), always contributing enough to get the maximum match. It’s a tax-advantaged vehicle, I get free money from my employer, and I benefit from compound interest. I plan to keep contributing to get the maximum match and suggest you do the same if possible.

Roth IRA: Five years ago, my wife and I each opened a Roth IRA, contributing $100 monthly. Our goal was to max out contributions within five years, and by year two, we did. If you don’t have a Roth IRA, open one and start contributing. It offers control over your account and leverages compound interest, helping you invest in your future retirement.

Fixer-Upper Flip: We bought a fixer-upper when we got married. Though it was highly stressful and over budget, we learned a lot and expect to make a good profit when we sell. This experience taught us about home renovations and property flipping for future endeavors.

Start Your Own Journey

Everyone’s path to financial independence is unique. While I shared my journey and recommendations, you need to determine what works best for you. I hope you enjoyed reading about my experience and wish you the best of luck on your journey.