First off, I can’t thank this forum’s participants enough for their contributions to this community. I wouldn’t have evolved to the person I am today without those that have contributed so much. Thank you!
About me
26 yo Male
INTJ
$195k current NW
Engineer
$125k total compensation (base, bonus, 401k match, pension)
Low/Medium COL area
FI Journey = 2.4 years
FT Work = 4.2 years
My story up until this point is quite typical in this neck of the woods. An engineering degree led to a corporate job that I almost immediately disliked. I wanted out. I found my way out through MMM and then ultimately ERE. The FI mindset is firmly in place, increasing my NW is on autopilot, and I’m at a point that I don’t worry about my financial future. I’m at barebones FI and I can easily find part time work that covers my expenses. This “issue” we call FI (that most people take decades to sort out, if they ever do) has been sorted out early in my life, partly from mindset changes and partly from privileged high income opportunity. Now I’m bored and need a new challenge… such is life as an INTJ I suppose.
Why am I starting a journal?
1. I’ve gained much-needed inspiration from reading and following others’ journals, so I’d like to begin contributing to others like my younger self.
2. To track my mindset as it evolves, which of course I would love some feedback on, especially since I don’t have any non-virtual, like-minded peers to bounce ideas off of.
3. I’ve had plenty of beers and finally worked up the courage.
Immediate Thoughts
It took me 3 years to achieve $100k net worth and I remember what a monumental milestone it was for me. Just over a year later, I’m now approaching $200k, which I really don’t care all that much about, but the feeling of independence has really set in this $100k ‘round for some reason. More so than the first, as well as the third, I’d imagine. I think this mostly has to do with the fact that I know I could live a barebones (to me) existence on $200k. Does that mean I’m FI? I’ve stopped caring about that question and it feels good.
That’s all for now. I Look forward to participating.
JayBC's Journal
Re: JayBC's Journal
Why I’m pursuing FI
I crave freedom.
For example: I will refuse to perform a task if I feel like I don’t have a choice, or even if I feel someone expects me to do it. However, given a choice (or at least the perception of one), I love to produce and add value to others’ lives. This may seem strange to some, however, I’ve noticed that if I treat other people this way (give them a choice) then I’m much more likely to get the response that I want, even if it involves a lot of work for that individual. So, I feel like I’ve proven that I’m not alone, although, I do feel that many people fail to realize the importance of choice.
Anyways, I finally realized that the only way to have a choice as to what job I do, or even the tasks I do within each job, was to be financially independent from the income that the job provided. So through personal preference and logic I stumbled upon MMM and ERE, which cemented my desire to be financially independent.
My Goals
I plan to reach FI ($400k, based on current spending level) in the next two years. After that, I plan to work part time in some capacity indefinitely, mostly for the challenge, but partly for the income.
Reasons for semi-FIRE approach:
1. I thrive in challenging environments, but I suck at creating those types of environments for myself, especially through hobbies. In other words, I’ll likely always prefer working (although only very part time) due to the challenge that it adds to my life. I don’t necessarily dislike work, but I certainly dislike the rigidity of a traditional 9-to-5.
2. From what I’ve read it seems that most people continue to earn money even after they retire, early or not, so, from a financial standpoint, I feel like I should plan on doing the same.
3. Ability to jump back into full time employment if needed/wanted during a downturn.
4. Potential for future family.
Reason number 2 is actually the biggest motivator for choosing the semi-FIRE for me. The reason why I don’t jump ship on full time employment now is because I want full freedom of choice. There’s no right or wrong answer, this is just seems to be the best fit for my personality.
I crave freedom.
For example: I will refuse to perform a task if I feel like I don’t have a choice, or even if I feel someone expects me to do it. However, given a choice (or at least the perception of one), I love to produce and add value to others’ lives. This may seem strange to some, however, I’ve noticed that if I treat other people this way (give them a choice) then I’m much more likely to get the response that I want, even if it involves a lot of work for that individual. So, I feel like I’ve proven that I’m not alone, although, I do feel that many people fail to realize the importance of choice.
Anyways, I finally realized that the only way to have a choice as to what job I do, or even the tasks I do within each job, was to be financially independent from the income that the job provided. So through personal preference and logic I stumbled upon MMM and ERE, which cemented my desire to be financially independent.
My Goals
I plan to reach FI ($400k, based on current spending level) in the next two years. After that, I plan to work part time in some capacity indefinitely, mostly for the challenge, but partly for the income.
Reasons for semi-FIRE approach:
1. I thrive in challenging environments, but I suck at creating those types of environments for myself, especially through hobbies. In other words, I’ll likely always prefer working (although only very part time) due to the challenge that it adds to my life. I don’t necessarily dislike work, but I certainly dislike the rigidity of a traditional 9-to-5.
2. From what I’ve read it seems that most people continue to earn money even after they retire, early or not, so, from a financial standpoint, I feel like I should plan on doing the same.
3. Ability to jump back into full time employment if needed/wanted during a downturn.
4. Potential for future family.
Reason number 2 is actually the biggest motivator for choosing the semi-FIRE for me. The reason why I don’t jump ship on full time employment now is because I want full freedom of choice. There’s no right or wrong answer, this is just seems to be the best fit for my personality.
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classical_Liberal
- Posts: 2283
- Joined: Sun Mar 20, 2016 6:05 am
Re: JayBC's Journal
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Last edited by classical_Liberal on Thu Feb 04, 2021 11:12 pm, edited 1 time in total.
Re: JayBC's Journal
Hi jbc. I discoverd your journal because I searched for "finance" and "freedom".
Your goal to semi-retire seems logical to me. I also want to try out those things in a transition phase from full-time work to FIRE.
What I think about is: What's the difference (for you) between Financial Independence and Financial Freedom?
I ask because it is obvious that you pursue FI and crave for freedom. When I google for it, most of the websites say that you have more capital with Financial Freedom. For myself I also pursue independence AND freedom. Well, is there a difference monetary or financially? Have you thought about it also?
BTW: Thank you for your update and I am looking forward to the next post.