Financial Independence: What I Would Do

A few weeks ago, I was at the gym and I realized that I have been spending my weekends running, playing multiple sports, going for happy hour with friends, reading, and writing code for fun.

You know what would be pretty cool? Being able to do that full-time. I could find some other sports! I could read and analyze books. I’m sure I could find smart people to talk to to keep my brain active.

That’s how I see financial independence. Being able to play sports 24/7. I’m pretty sure I’m the strangest software developer ever.

But what do I need to get there? I need passive income to the tune of about $2,000 per month or $24,000 per year without a mortgage. I’m clearly quite far from that point now if my passive income goal for 2012 is $1,000 TOTAL for the year.

I would love to be FI by the end of 2020, but I’m not sure how possible that is considering that I not only need to build a decent-sized investment portfolio, but I also need to buy a condo or a house in cash or with a large down payment and pay off the mortgage. My net worth current projection for mid-2020 is in the low $700,000 range so maybe it is possible? Who knows.

Readers, what would you do if you were financially independent?

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15 thoughts on “Financial Independence: What I Would Do

        • Hmmm, I think health care is the one sticking point that makes me think about retiring abroad. Maybe 2k/month is still doable by that measure? Tell us what your health insurance plan is! :)

        • My plan is that once I reach FI, I will move to a country with universal health care. If I need to work there for a few years to pay into it, I’ll do that. But otherwise, I should be golden.

      • >> My plan is that once I reach FI, I will move to a country with universal health care <<

        Ya know, I've thought of the same plan, but I don't know enough about becoming a citizen of another country yet. It's definitely something I was going to look into more in the future. I traveled to England a couple years ago and I liked it there. I could see myself living there one day, perhaps.

  1. By “financial independence”, I take that to mean that I don’t *have* to work. So if I didn’t have to work and money was guaranteed, I think I’d also spend more time playing sports, and more time traveling… but I’d also want to continue to work. I’d continue working with MyBodyTutor, because it’s a lot of fun for me. I’d also like to get involved with something like Khan Academy, to use my web development skills to help spread free education around the world. I think that’s a cool mission.

    • That’s exactly what I mean! I kind of think that I will continue working for at least a little while after I reach FI as well, but I definitely think it would be pretty cool if both my partner and I could stay home to raise the hypothetical kids. Honestly though, unless I’m a Director of Something Pretty Cool, I might be happy to stop working, though I think it would be awesome to be able to spend a ton of time promoting the STEM field for girls.

  2. Big picture, I’m not sure I’d do anything so different from what I’m doing now. However, I would love to have more control over my time. It’s be great to work extra hard and long some days and then have the freedom to not come in for a day or two! This time of flexibility has always sounds appealing to me, but even more so now that I have kids.

    It will be so interesting to find out if $700k still makes you feel FI in 2020. I remember I used to think about my ‘not have to work’ number a lot when I was in my 20s and now I feel like my number keeps increasing. I definitely need to rethink this a bit, otherwise we might never get to our number!

    • I totally agree with you on control over your time! I love that I can work on Saturday or Sunday and then not work “40 hours” during the week sometimes – I work more efficiently when it’s quiet, but I still need to be in the office when everyone else is though I can leave early if I’m done my work already!

      I think that your number keeps getting larger because you keep adding more costs – one kid versus just you and your husband, second kid versus one kid, a house versus a condo, etc. But once your kids leave the house and are done college, you will (hopefully) have lower costs and your FI number would go back down. My parents are so happy that my sibling is finally done college and they’re no longer spending any money on us! With a house paid off, both cars paid for, no more kid spending, and my mom already retired many years ago, my parents have a ton of flexibility.

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