It’s been eight years since planting my financial independence flag in 2012. I want to share with you some thoughts on how life after financial independence.
Before neutering my day job income, I feared whether I was doing the right thing financially. What I realized is that the fear of running out of money in early retirement is completely overblown because we are adaptable and resourceful.
Nobody here is too proud to work a minimum wage job if disaster strikes. Nobody here is too selfish not to help out a family member or friend in need. Surely, nobody here is too lazy not to hustle. You will find ways to make things work. Do not worry.
Here are three main points I want to share after achieving FIRE.
Life After Financial Independence: Lessons Learned
1) You change for the better.
There’s this wonderful term called “F U Money” out there that’s idealized by people who can’t wait to have it. Who doesn’t want to have enough money so they can tell their micromanager or high school bully to shove it where the sun doesn’t shine? I know I did. But the reality is that having enough money makes you more empathic towards other people’s struggles. Your insecurities melt away once you’ve achieved your goals.
If you look at the Financial Samurai archives between 2009 – 2012, you’ll notice a more irreverent tone with lots more comments on each post (see Most Commented Posts on the right column on your laptop).
Now, despite the site being 10X larger, there’s less comments on each post partly because less people are agitated by what I have to say. I’ve spent much more time listening to other people’s perspectives and taking them into consideration when writing a post. I’ve also spent a lot more time responding to comments with less snark. You’d think the opposite would happen.
Having money makes you care more, not less.
2) You realize financial independence is just one stop.
Life is like a juicy mystery novel. You don’t want to die before reaching the last chapter because that’s where you THINK the excitement and satisfaction lies. What a shame to never find out whodunnit. The reality is the greatest excitement resides right in the middle where you’re struggling to get ahead. It’s just hard to see when you’re in the mix of things.
The last chapter in volume I is rarely satisfying because you realize there’s volume II to look forward to. You simply put your past behind and look forward to a new challenge. In my case, the next volume is starting a family and doing everything possible to be a good father.
3) The greatest reward is helping other people.
Once you achieve financial independence, making more money starts feeling like a game. It’s fun to tinker with new income generating methods because there is no downside. But sooner or later you’ll find the joy of making more money to be meaningless. It’s why there are plenty of unhappy rich people. They haven’t fully tethered their wealth towards a cause they are passionate about.
I want to help as many people achieve financial independence ASAP before and after I die. The internet is the best way to achieve this goal because access to my site is free and the content will live on forever. Everybody has something valuable to share. Don’t worry if you can’t afford $50,000 a year in college tuition where only the wealthiest or smartest people with the most connections get to attend. Today is about giving access to everyone who wants to learn.
Every single comment or e-mail from a reader who says how an article I wrote helped them lead a better life gives me a “power up” to keep on going. It’s easy to do nothing once you’ve taken care of yourself and your family. But I see the readers here as an extended family.
Here’s a handwritten note I received that I’ll cherish forever. I know financial independence is an inevitability for her and her wonderful family!
Keep On Fighting For FI
Life after financial independence is great. The sacrifices you make today will be worth it. I have no regrets sharing a studio with another fella in my early 20s in order to save money. Yes, it was embarrassing bringing people over at times, but who cares.
I have no regrets waking up by 5am to work on my side-hustles before work in order to one day break free. Yes, hearing the alarm go off when it’s pitch black outside while you’re in the middle of a lovely dream is painful, but you’ll get used to it.
You will regret more of the things you don’t do than the things you try. Once you find that wonderful purpose, you’ll go on forever. Keep on fighting!
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Your blog inspire me more and more each day. My husband and I decided we want FI when we got married at 27, the plan is to retire at 38 yrs old. If we cant completely retire at 38 years old, atleast we already have passive income and wont be afraid to lose our 9 to 5 job. The journey is not straight though, we dont have any idea how we can achieve it at first, we tried stocks, tried to acquire real estate but having a very little money to start, and no finance background, we saw very little movement in our net worth. But the compounding is really powerful, we just realized this year that it’s achievable to retire when we reached 38. But since it’s still 4 years ahead, my question now is how to enjoy your journey while waiting for your FI. I tend to be impatient and was thinking about it everyday.
When calculating net worth are planning retirement, how do I value a $43,000 a year pension with a 50% survivorship and COLA? I see this as being of great value. If my company were not providing this I would be tempted to buy an annuity as part of my income stream.
Could you reply to my e-mail I listed when making this comment please?
Hi NOAL,
Here’s your answer! I wrote the post just for you and others with pensions.
See: How Do I Calculate The Value Of My Pension?
Sam
I’ve recently discovered your site, and find your frank and personal discussions helpful. Thanks a ton.
I’m a 52-year-old lawyer and have worked 6-7 days a week for almost 30 years, working myself to the point of some very lucrative years (just into 7 figures) in the past ten. But now the work is less rewarding, and frankly I’m less busy. That would have freaked me out in the past, BUT in the past five we have paid off our house and invested more than half of my income. We have like $4.5M invested and $6M net worth (Chicago, not SF, so a decent modest house doesn’t cost $5M!). (I also have a 529 holding $325K for my 11-year-old son, so I think he’ll be fine for college.)
So I’m kind of calm about working less, and am thinking of just NOT working for a while instead of sweating about re-tooling myself. I love the idea of more time with my son while he enters the challenges of junior high and high school. Your site is calming, because it gives me the confidence to know that if you plan well, you CAN stop working and focus on living.
I frankly don’t know any other lawyers who have quit this way, and I wonder why. I do think most get caught up and spend too much, so maybe nobody can afford it. Keep up the good work. Whether I can convince my wife it’s cool for me not to work is another question….
Great to hear! Very honorable and impressive of you to work 6-7 days a week for almost 30 years! I could only last for about 13 years before I had to press the eject button. Please spend time reading all the older posts and going through the Retirement category etc.
Focus on living! See: The Fear Of Running Out Of Retirement Is Overblown
And for fun, see: How To Convince Your Wife To Work Longer So You Can Retire Earlier
I’m sure she’ll enjoy the read!
I have actually begun suggesting that my dear wife could go back to work (she’s been taking care of our son) in her science field. To be honest, she isn’t very receptive! No surprise. But it’s possible. I think it would soften the blow of having me around the house all the time. We’ve never lived like ALL DAY with each other all the time. It will be stressful for a while, guaranteed.
Thanks again!
Inspiring stuff Sam.
I have zero regrets about quitting my job this year and pouring my heart and soul into my blog and other pursuits.
None.
My own mother just decided to walk away too from full-time work to work on a part-time gig. She’ll keep working on the side for the time being.
Good luck in ’17!