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Smart FI Sprint Podcast EP 001: What is Financial Freedom?

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Welcome all of my fellow learners! I hope you’re ready for the journey of a lifetime. We’re going to begin the show by discussing what financial independence is, various ways of getting there, why I want to pursue it, and why I think we all should strive for financial freedom. Come along for the ride!

The first episode ever of The Smart FI Sprint Podcast is here! I’ve been pretty nervous, as I’ve never endeavored to do something like this before. However, I think this will turn out to be a great thing for all of us in the long run! This episode consists of the following information:

  • What is financial independence?
  • Why am I so interested in it?
  • How you get there.
  • Why I think it is important.
  • What it is about.
  • What it is not about.
  • Even if you don’t want to pursue it or can’t, the good it can do you.

Show Notes

  • What is Financial Independence?
    • It is generally defined as: Having sufficient personal wealth to live, without having to work actively for basic necessities, or where your income from your assets is greater than your expenses.
    • I like to call it Financial Freedom. Even though Indpendence and Freedom mean basically the same thing, Freedom has a much stronger connotation of living life on your own terms and not having to be forced into a subservient role of enriching others for the rest of your life.
  • What is it about?
    • Discovering your passions
    • It allows you to follow your dreams, freeing you up to pursue your hobbies and become a master at what you do, or it allows you to travel, or just sit around if you so desire.
      • It is truly about flexibility
    • Simplifying your lifestyle
      • Enjoying cost effective things
        • E.g. hiking, camping, outdoors, biking, etc.
      • Reducing spending and consumption
        • Our society is about earn, earn, earn, so you can spend, spend, spend, but people rarely ever stop to question, “is it all really worth it?”
        • In reducing consumption, you do a positive for yourself, others, and for the planet
        • Becoming less materialistic allows us to focus more on ourselves and our relationships
    • Even if you can’t reach FIRE (Financial Independence/Retiring Early), it gives you a great attitude toward finance, money, and what really makes you happy.
      • It will give you the ability to maximize investments and everything else so you can enjoy your golden years, if you find yourself locked-in for a late (see typical) retirement
    • “What would I do if I didn’t have to work for money?”
    • For me it is about:
      • Being able to do what I want when I want, like:
        • Writing fiction
        • Writing and discussing personal finance and economics
        • Picking up new hobbies
          • E.g. wood-working
        • Being able to stay indoors on a cold, snowy day with a mug of hot coffee or hot chocolate and reading the newest, best-selling horror fiction novel (and watching everyone else scurry off to work in the cold)
  • What made me pursue Financial Freedom?
    • Not a materialistic person
    • Don’t want to work the 40 hour, 9-5 grind for the rest of my life
    • My degree in economics
  • Ways to reach Financial Independence
    • Increasing income as fast as possible
    • Investing in stock market
    • Investing in real estate
    • Gaining income in other ways
      • Selling/arbitraging items on Ebay and Amazon
      • Building/flipping houses
      • Hobbies such as wood-working
    • Getting raises, a new job, promotions
    • Active income
      • See “gaining income in other ways” above
    • Passive income
      • Investing in stock market
      • Niche sites
  • Financial Independence isn’t about:
    • Having enough money that you can consume more than you did prior to retirement
      • Not about being a typical retiree with a corvette, a second house, eating out every day, and buying lots of cool stuff
    • Being lazy. You can’t be if you want to retire early
      • You can’t follow the same worn out path of working all day, coming home and watching tv for four hours
  • I want to do this podcast to help myself stay on track with my goals, but also to assist everyone out there, however I can
  • I want to help people become fiscally responsible and financially literate
  • It pains me to say, but finance and money control our lives. However, instead of being negative and stressful forces, we can put these instruments to work for us

-That Learning Guy

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