Hey everyone, my friend just started the blog FI in Korea to document his own journey on the other side of the world. Here’s a preview of what he thinks of financial independence:
Essentially, the term refers to a state at which a person can do whatever the !@#$ he or she needs to be happy without having to actively earn money by doing something he or she does not want to do.
Well that just about sums it up – the reason why anyone would want to “retire” early. It’s not so we can sleep in and watch Netflix all day. It’s to take our lives to fulfilling new levels.
Ever wondered why people work until age 65 when they don’t have to? Maybe because everyone else does? My friend aptly points out the foolishness in waiting that long. For all we know, we could be too old and decrepit to finally enjoy our golden years. Why not actively save and invest now so we can enjoy them sooner? Much sooner?
I started this blog four months ago with a net worth of $75,000, and now I have $107,000. You might think that it’s easy for someone to save this much with a lawyer’s salary. But for many people, a higher income means both higher spending and higher debt. You’d be surprised at how much lawyers and bankers spend on restaurants, booze and travel. After all, you live only once right?
Of course, I’m not saying that spending money is bad. If someone told me that he or she chose to go with the YOLO model after carefully considering financial independence, I would respect that. The point is, spending money on things you value is okay and even encouraged; spending money just because everyone else is doing it is not worth giving up 30, 40 or even 50 years of your life working for the man.
Having lived in Korea for two years myself and knowing the heavy consumerist culture there, I’d be interested to read more about my friend’s financial adventures. So feel free to pay him a visit and let’s welcome him to the community!