I have a few different ideas about the kinds of blogs I want to start, but I think the first one will be a financial independence (FI) blog (A Term from the book “Your Money or Your Life.”
What I’d like to do with it is, starting from the data I collected last month, track my progress to FI. I’ll post articles I find, tips I come up with myself, books I’ve read, website reviews, and pretty much anything else that is related to becoming financially independent.
I was a little surprised to find out that there aren’t many resources for learning about FI. I thought I’d be able to find articles about other people that broke the chains of salaried work. Quite often even the “rich” are still busting their asses. I want to put a stop to that.
What Does It Mean to Be FI
There are a bunch of goofy terms around FI having the “I” stand for things like intellegence and… stuff. Well, they’re not that silly, the point is all it stands for is being able to live off of money you get passively (through investments.) That means you don’t have to work anymore (but it doesn’t mean you’ll stop working.)
Isn’t That The Same As Retirement
Yes, and no. Retirement puts the wrong image in people’s mind I think. When I think retire, I think working for the same company for 40 years. Saving a little (or a lot) of money. And being old for a long time until you die :P.
When I think FI, I think retiring in 10-15 years (whether that will be true or not will be seen on the blog.) Simple living. And shite like that.
I hope the blog will be able to motivate others to join this quest.
The cool thing about doing it the FI way is you’re not constantly pinching pennies. You just spend money the way you’d normally spend it and track that spending. At the end of the month you ask yourself if you got enough happy out of what you bought vs the amount spent. Then you try to fix the problems over the next month and continue tweaking in this fashion until you find out how much YOU need to spend each month for bliss (that amount will vary from person to person.) If you’re really happy about spending $100US each month on sneakers, then cool, keep doing it. But you realize that you’re not getting your moniy’s worth out of that spending habit, get concious about it and change it.
I’ll save the rest of my ranting about this issue for the blog. I plan on launching it with this month’s YMOYL data.
Here’s last month’s data: “Your Money Or Your Life (YMOYL) Month #1”
[tags]FI, Financial Independence, Your Money or Your Life, YMOYL[/tags]