My Journey – Chapter 2: Searching for Answers

This article is part of the My FI Journey series – click here to access the full journey.

Looking for Answers to the Big Two

Two issues haunt me from the lost decade of my professional life: Busy Becomes Normal and No Financial Plan. To become less busy, I focus on becoming more efficient at work. I become obsessed with increasing my productivity.

Anyone who has experience with corporate life knows what happens next.

The reward for doing great work is more work! Not just that, I also get promoted. And this results in even more work!!

Thinking Upside Down?

Feeling a bit hopeless about the first area (Busy Becomes Normal), I decide to focus on the second area (No Financial Plan). If I become rich, I will not need to work insane hours / or need to work at all!

But what does ‘become rich’ mean?

I stumble across something called Financial Independence (FI). Wikipedia says – ‘Financial independence is having enough money to pay your expenses for the rest of your life. You can work if you want to, but you do not need to work for a living.’

This is an interesting concept. Instead of trying to become rich, why not become financially independent?

The Three Pillars of Financial Independence (FI)

I start digging deeper into FI. It seems there are three things one can do to achieve FI:

1. Earning: Earn More Money

I have no interest in this area. Not that I don’t want more money (who doesn’t). It is just that I am working a lot as it is. The idea of working even more or starting a side hustle does not seem practical.

Okay. So on to the next area…

2. Saving: Save More (or Spend Less)

I think I am doing a good job here. I am not an extravagant spender (MrsFiner will disagree with that statement). Maybe there is room for me to reduce my spending. But I don’t want to!

What is the point of working so hard and earning money if I cannot spend it as I want?

Right. So on to the last area…

3. Investing: Invest the Savings

Now, this is an exciting area. I am sure I can invest my way to fabulous wealth! After all, how difficult can it be to beat the market? Currently, my money is in the bank (fixed deposits), which hardly earns any interest. I can use that money to start investing.

It is decided then. I will work on Investing to improve my finances.

The Long Road

A simple back-of-the-envelope calculation reveals that becoming financially independent will take many years. In this age of instant gratification, that sounds like a long time.

There must be another way? More frantic search on the internet reveals many get-rich-quick schemes, multiple articles on how to make millions, etc. As expected, they are either scams or require working on a side hustle or, even worse – working on a scam side hustle!

It seems there really are no shortcuts to success.

Henry Kissinger once said – ‘the absence of alternatives clears the mind marvelously’. Seeing no other good option on the horizon, I decide to give this FI idea a shot.

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I am disappointed with myself. I was hoping I could come up with an idea to fix everything quickly! Instead, I landed on Financial Independence – which will take many more years! I am not sure I have the patience for this long journey.

However, my current financial lifestyle is not sustainable either. Henry Kissinger is right! So, I guess I am starting this FI journey…

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