We all know the saying, “time is money.” When I work an 8-hour job in an office, my employer compensates me for my time. For him, this is the price he’s willing to pay to get tasks done. For me, it’s the amount I’m willing to accept as a fair trade-off for the routine of waking up early and sitting in the same spot for 45 hours each week.
As I’m striving for financial independence, I’ve managed to save up some money that gives me a passive income every month. Because of this, I don’t have to go to the office daily or adhere to a strict morning schedule. To enjoy this kind of freedom, I’ve made certain compromises. I earn less and live with less, choosing to forego things others might not want to live without. Essentially, I value my time and my life over money and material possessions.
This is my way of embracing financial independence. Your dreams might be different, and you might reach them sooner or later than I do. For instance, Jacob from Early Retirement Extreme lives on $7,000 per year. Personally, I wouldn’t be content with that. I enjoy traveling, staying in hotels, and dining out. On the flip side, I currently don’t have a house, so I save money on rent and utilities. You might prefer to have both housing and travel.
In the future, I will probably want both too. I can’t see myself traveling constantly with kids without having a stable home for them. Maybe we’d travel for a year, but eventually, I’d want them to have a place to settle.
Interestingly, people often assume I spend a lot of money each month because they see me traveling all the time, and it looks like one long holiday. But actually, I spend less than half of what most people do each month. I’ve made conscious decisions to live without permanent housing, a car, or a cell phone plan. I use wifi at cafés, stay in budget hotels, camp in national parks, and opt for picnics and cheap snacks instead of dining at expensive restaurants. This lifestyle does come with its costs, but it allows me the freedom I cherish. I couldn’t bear being tied to a job any longer, and now, I’m celebrating my financial freedom.