Financial Independence. Early Retirement. Perpetual money-making machines. I could go on all day with different FI (Financial Independence) buzzwords and catchphrases. But each person must answer for themselves why are they pursuing financial freedom or financial independence.
Despite what many bloggers say, the pursuit of financial independence will take years and there will be time when you feel like giving up and living the normal (ie. broke) American lifestyle. Which is why we believe that until you start with answering the question why, you will never achieve this goal. Thus every family on this path must determine their own: Why of FI.
Our Goals
At The Compounding Interests, our why of FI can be summarized as a desire to pursue our vocational and life calling without the encumbrance of being reliant on a paycheck.
We believe God has called us all to spend our time purposefully and for many that means meaningful employment. As such, we may hit our own FI numbers (25x our yearly expenses) yet still continue to work in a fulfilling job.
Alex may hit his FI number and choose to spend considerable time traveling, discipling teenagers, or in pursuit of additional education. I simply wish to optimize the time that God has given me and use that time for His glory. Troy’s why of FI looks different from Alex’s but that doesn’t make one better than the other.
Make it Personal
Personal finance is simply that, it’s personal. Each person must determine what their why is. Why are they willing to delay the satisfaction of purchases for a goal that is potentially years or even decades away?
The primary reason our families are keeping our expenses low, avoiding debt, and shoveling as much money into tax-advantaged accounts, is to reclaim as much of our time as possible. Time is the most precious commodity that we own and as it is finite, it is absolutely essential for each of us to maximize as much of it as possible and not feel tethered to a salary.
Now is the Time
Money and the ability to earn it is limitless, but time is the one commodity that once it’s spent, can never be recaptured.
Time is the most precious commodity we own…
Troy (on behalf of every human being ever)
We’ve never heard anyone say on their deathbed that they wished they had spent more hours in the office away from their families. Meaningful work can be a blessing, but as with many good things, we as humans are prone to overly focusing on the good and missing the best for us.
It must be said that while we want to advance God’s kingdom, we also anticipate enjoying the freedom and flexibility that is associated with a fully funded lifestyle.
Enjoy the Ride
We enjoy traveling, going on mission trips, seeking out new adventures, and we want to make those items occur with regularity, even while working. We have been blessed beyond measure and our hope is to extend that blessing to others by use of our finances and time.
God has called us all to make the world look a little more like the way He originally intended for it to look and to make the most of the time we have been given. Our why of FI is to pursue the work and life that God intends and to enjoy the blessings of life along the way. We would love to hear your why of FI in the comments below!