I talk quite a bit about my own efforts to attain Financial Independence (FI) and the reasons why it’s important to me. Today’s post is going to be a little different. Below you’ll read about some huge news in the Personal Finance community, which all happened on Monday (12/18/2017). And behind these stories are five real people. Their actions illustrate the flexibility and fun that financial freedom offers. I hope you’re as inspired by these amazing examples of financial independence as I am.
The Flexibility From FI
Jonathan Mendonsa is one of two excitable hosts of the Choose FI podcast. His backstory includes starting his career with a huge amount of student loan debt. He realized there had to be a better way and looked for a different path. This led him to the personal finance online community and to starting a podcast.
And what a podcast it is! It’s my go to listen as soon as it’s published each Monday and Friday. The topics range from how to cut your grocery expenses to investing with low costs. They talk tax optimization, business building and finding balance. Except for their occasional talk about fasting, (seriously who wants to skip food altogether?) I absolutely love this podcast!
Jonathan uses the techniques discussed on the show to drastically reduce his living expenses. This lower spending allowed him to use extra money and pay off his student loan and car debt. His annual expenses are now down to about $30K per year and if you listen to him on the podcast, he’s happier than ever.
In episode 054, Jonathan announced that he quit his job as a pharmacist. He will now focus on building his online business full time. The impetus for the switch was asking his job for some unpaid time off and being rejected. By having a low expense baseline and two years of savings built up, Jonathan realized he could take a chance.
Freedom is the opportunity to tell work FU when they don’t give you the time off you want. As a regular listener to Jonathan’s work, I’m confident that he’s going to come out ahead here. His business will be a success. He also knows he can always go back to being a pharmacist if needed. Jonathan is not FI today. Yet, his financial freedom from low expenses and some savings has given him the ability to take a risk. He left his job to build a business he’s passionate about.
Congratulations Jonathan. Myself and many of your other listeners are inspired. I can’t wait to hear more about your journey.
RockStar Finance Was Sold
On the same morning that Jonathan announced his big news, I woke up to read that Rockstar Finance had changed hands. If you are not familiar with Rockstar, it’s not “just” another personal finance site. It’s the best of the best, and curates the greatest personal finance content from around the web. You can read the features each weekday on the home page or receive them via email. Getting featured by Rockstar is a goal for all personal finance bloggers (subtle hint). Check out the site and sign up for their daily email list, you won’t regret it.
The Freedom of FI
J. Money, the owner and founder of Budgets Are Sexy, was the seller of his “other” site, Rockstar Finance.
Why did he sell this amazing site? He has a baby on the way and wants to be a stay-at-home-dad. He no longer wants to split his time focusing on two sites and has decided to keep only his first “dot-com” baby. Working on two sites won’t allow him to be the parent and husband that he wants.
Interested to see what life decisions look like when you are close to financial independence? Read his write up in the sale here: Why I FIRE’d Myself From Rockstar Finance. His ability to focus on what’s important in life is absolutely inspiring to me. He sold an amazing resource and did so for all the right reasons. Getting himself ~$100K closer to FI in the process can’t hurt either!
The Fun of FI
So imagine you retire at 52. You have all the money you need. You already run a successful personal finance website. You are living the dream. Everything is going so well you have over $350K in cash in the bank and no plan for it. What do you do next? You buy Rockstar Finance of Course!
OK, so who bought Rockstar? It was the one and only John from ESI money. His site is known for its series of millionaire interviews. If you want to become a millionaire, it’s great to read about others who have accomplished it.
John is already FI and has his own reasons for buying the site. Here is his write up: Why I bought Rockstar Finance.
His reasoning includes buying a business he enjoys. One that allows him to give back to the personal finance blogger and reader community. It allows him to be location independent and not require full time effort. He’s even considering passing it down to his children one day.
What a beautiful example of the fun you can have when you own your time and have the resources. Why not buy the shining jewel of the Personal Finance community?
The RE of FIRE
In all the excitement of the news above, I realized I needed to add one more accomplishment announced on Monday. For those that don’t know, the acronym “FIRE” stands for Financially Independent, Retired Early. Tanja and Mark who write over at Our Next Life have achieved their FIRE goal. They quit their jobs and retired early at 38 and 41 years old. Monday was their first day without jobs. I’d like to share with you their first blog post after freedom. Check it out here: We Retired Early // Our Next Life Begins!! What a crazy amount of inspiration out there in just one day!
What a News Day!
Congrats to all five of you and thank you for the inspiration. I can’t wait to see, hear and read about the great things to come.
Shameless Self Promotion
Want to get to FI yourself? Check out my post about how you can and will get there without sacrifice! All you need is prioritization, intentionality and focus.
Even though you now know about all these other great resources, doesn’t mean you should stop reading Winning Personal Finance. Sign up for my email list below and never miss another post. Let’s become financially independent together!