Tag Archives: Financial Independence

Financial Freedom is the “New and Improved” Retirement

Below is a guest blog by financial educator, Chartered Professional Accountant and money coach Patricia Gass, who tweeted me that “You inspired this” and granted permission to post on the Hub.  I do that below with only slight edits and formatting tweaks because I can use all the help I can get at this stage, but please check out the actual blog at Patricia’s site, Let’s Talk About Money. She is @gasspatricia on Twitter.

Let us indeed talk about money! Naturally, I would have preferred that the title were “Findependence is the ‘New and Improved’ Retirement,” but we’ll have to go with what Patricia actually wrote. We can however agree that we both dislike the word Retirement. We suggested during Launch week that the word Retirement should itself be retired!

And that’s how Patricia begins her blog:

By Patricia Gass, CPA, CA

image
Patricia Gass

I’ve always hated the word RETIREMENT.

For me, this term comes with unpleasant images of failing health, unwanted naps and uninspiring leisure activities without purpose. Ouch! Maybe I’m too sensitive? Maybe it’s because my father lived only a year of his retirement “dream” before his sudden death. And for him, retirement was something he had longed for for quite some time. A hard-earned reward for being a productive and valuable employee for 45 years.

When I voluntarily left my corporate job several years ago, I didn’t know what to call myself. I tried the word “retired” but I would get strange and curious looks from people. “What do you do all day? You look too young to be retired” many would say. While I suppose the latter was meant as a compliment, it still made me feel uncomfortable. Less valuable to society. Idle and no longer needed. I must work on my mindset!

A new life chapter

But here’s the thing; I was happy … VERY happy! I left my job because I had a choice (financially speaking). My job was no longer giving me the satisfaction and fulfillment that I desired. I couldn’t imagine 5, 10 or even one more year of the same stuff. Achieving financial freedom (or close to it) opened up a whole new and exciting chapter of my life. I couldn’t wait to get started!

While I no longer needed to search for paid employment (although a little income is always nice), I knew I wanted to do something meaningful. Does paid employment mean greater value for society? The reality was that I wanted and needed time to figure out what meaningful meant to me. Little did I realize that the opportunity to help people, strengthen relationships, give back or volunteer would give me greater satisfaction than a higher salary!

The Gift of Time

From my own experience, the gift of time is a wonderful thing. That’s what you get when you achieve financial freedom. Money no longer becomes a big factor in your decisions. The world is full of endless possibilities … so many things to see, do, learn, explore and enjoy. Some need money, but not all do.

Financial freedom is a worthwhile goal at any age. I admire the many people today who are doing what it takes to make it happen. Especially the thirty and forty somethings that want it sooner,  not later. Maybe one day, it will become fashionable to build wealth rather than spend it?

I think my husband (who is also happily “retired” and proud of it) said it best …

Retirement (aka financial freedom) is about doing more of what you love and less of what you hate.

I couldn’t agree more.

Thanks to Jon Chevreau and his new Financial Independence Hub (worth a visit!) for the inspiration for today’s post.

Proud founder of the blog, Let’s Talk About Money, Patricia Gass, CPA, CA, provides personal finance coaching and education to improve your money skills. Follow her on linkedin, twitter or pinterest.

 

My road to Findependence: Guest Blog by Sheryl Smolkin

sherylholdingrufus.
Sheryl Smolkin and Rufus

By Sheryl Smolkin

Special to The Financial Independence Hub 

Almost 10 years ago, at age 54, I took early retirement from my job as a pension lawyer and Canadian research director of an international benefits consulting company. I locked the door of my downtown office for the last time on a Friday; on the following Monday I started my new career as editor-in-chief of an industry magazine.

My new job paid only about one third of what I earned before, but I left with a defined benefit pension (albeit reduced by about 30%) and retiree health benefits so I was prepared to take the risk in order to try something new.

With the benefit of hindsight, I can say it was a totally audacious move. I knew how to write peer-reviewed, factual client publications but didn’t have a clue about the economics of running a trade magazine or how to turn a bunch of disparate articles into a cohesive product.

Hard work but fun, and I learned fast Continue Reading…

Happy Money vs. Findependence

text happy moneyWhile more and more financial pundits seem more inclined to retire the term Retirement, it’s by no means clear what the preferred term should be. Obviously I’m biased since I’ve invested six years in the term “Findependence,” culminating in this web site, the Financial Independence Hub. Over the weekend, we linked to Roger Wohlner’s site and his reposting of a one-year-old posting by me arguing the case for Financial Independence over Retirement. And last week, we posted financial planner Jenya Rose’s piece making the case for Happy Money over Findependence.
I then responded to that piece here at the Hub and now Jenya has reposted that piece over at her own site. She announced this on Twitter on Monday, with this gracious tweet:
responds nimbly to my post that argued is moot if you have Happy Income Touché! :)
Love that use of the hashtag in front of #Findependence!

Financial Independence or Retirement … Which is the Better Goal?

wohlner
Roger Wohlner, TheChicagoFinancialPlanner.com

The Chicago Financial Planner — aka Roger Wohlner — ran a guest editorial written by me on his blog this weekend. If it looks familiar, it’s because the Hub ran it earlier in the weekend under a slightly different headline. Why Financial Independence is a Better Goal than Retirement. That blog was picked up a year ago by the Retirement and Good Living Blog.

I had also run a guest post on Roger’s blog a year ago after the U.S. edition of Findependence Day was published in 2013. After all, both the U.S. and Canadian editions of the book are set in part in Chicago!

After an exchange this weekend on Twitter about the above post, Roger offered to run the blog as a followup to the first one but indicated he preferred to run his own headline. He chose the one used in this post, which is a bit more neutral. So if you missed the earlier one,  please do check out Roger’s version. Apart from the headline, it’s also different because of an extensive preamble Roger wrote to introduce it, with comments about the “Findependence” movement to which this site, The Financial Independence Hub,  is dedicated.

Posting on Twitter as @rwohlner Roger is one of the most followed Certified Financial Planners (CFPs) in the United States. You can also find him listed under our “Getting Help” tab.

What do you think? 

As I posted this Monday morning, there were three comments about the article on Roger’s site. After you read them, it would be great to get some reader feedback about these two terms (Retirement vs. Findependence) here at the Hub. Also note another post from this morning: 5 fears you shouldn’t have about retirement. Read them over and ask yourself how many of those fears would still apply if you substituted the phrase “financial independence” for retirement.

While we’re still tweaking our discussion forums, registered users should be able to use the Comment feature below. If anyone attempts to do so and is having difficulty posting a comment, please email me at jonathan@findependenceday.com.

10 tips to simplify your way to Financial Independence

life is simple but we insist on makingit complicatedIn many ways, financial independence is intimately linked with the related themes of voluntary simplicity, inconspicuous consumption and what we call (in the books and e-books) guerrilla frugality.

This blog from Midway Simplicity was published a couple of years ago but nicely picks up on all these themes.

Here at the Financial Independence Hub, we often cite the definition of Financial Independence found at Wikipedia.

But the author of today’s linked blog also has a nice definition:

“Becoming financially independent means having enough money, so that it doesn’t become the main concern or worry in your life. It means having enough money to freely live your life on your own terms. It means that the paycheck doesn’t have control over you anymore and that you can experience life freely and openly.”

Hard to argue with that definition.

So how to you achieve it? The secret is simplicity itself:

“… You achieve financial independence when your income is significantly higher than your needs. 

To achieve that you have to either:

  1. Reduce your needs.
  2. …or increase your income.”