I’ve written before about my modified pursuit of FIRE (Financial Independence, Retire Early). The twist is that I’m striving for FIE: to be a Financially Independent Entrepreneur. It’s an idea that I haven’t been able to get out of my head lately. Here’s why:
For as long as I’ve been writing this blog I’ve had a goal to achieve financial freedom by age 45. I’ve also declared a goal of reaching $1M in net worth by the end of 2021, the year I turn 41.
I’m on pace to achieve that, perhaps slightly ahead of schedule. More importantly, though, is a realization that my so-called side hustle – the online income earned from blogging, freelance writing, and financial planning – has far surpassed my full-time salary. Simply put, I could leave my day job tomorrow and still pull in enough income to meet our spending and savings goals.
So what’s holding me back? A few things. The security of a full-time job with benefits. A wife and two children who depend on my income. A $200,000 mortgage. The angst of where my next freelance contract will come from (and when it will be paid). Navigating the constantly changing online world while trying to earn a living. Having enough of a cushion in the bank in case things go sideways.
Never been busier
I think about all of those things. But the reality is my business has grown by nearly 50 per cent this year. I’ve never been busier, and I know there’s plenty of opportunities I’m leaving on the table because I can only do so much on evenings and weekends.
If you’re familiar with Dragon’s Den pitches, the dragons always ask the entrepreneurs if they’re into their venture 100 per cent, or if they’re still entrenched in their day job just in case their big idea doesn’t pan out. Invariably, the dragons pass on pitches where the entrepreneur isn’t fully committed to his or her venture. They want the founder to be all in.
I’m not saying that I’ll be taking my talents to Dragon’s Den anytime soon. The point is, as an entrepreneur, there comes a time when you need to be all-in to realize your full potential. It’s funny, but I’m scared to go all-in right now, even though I know that I earn enough income on the side to replace my salary and continue to live the same lifestyle.
What I’m trying to wrap my head around is the additional earning potential if I can dedicate even 10-15 more hours a week to my online business. The more I think about that, the more sure I am that I can make this work financially.
I like to wrestle with big financial decisions by talking them out here on the blog. It’s a great platform for these kinds of discussions. And while I won’t throw out a date or deadline as to when I plan to make this transition, know that it’s been on my mind for some time and I’m getting very close to pulling the trigger.
Financially Independent Entrepreneur. I like the sound of that.
In addition to running the Boomer & Echo website, Robb Engen is a fee-only financial planner. This article originally ran on his site on Oct. 5, 2019 and is republished here with his permission.
