It also isn’t a gold watch, in case you were wondering (but I do rather enjoy this one).

 

The ultimate currency in life is one that is finite, no matter who you are – where you are – what you do – or how much money you have this one puts us all on the same level playing field.

TIME

This is nothing new… That would be my first thought as well and rightfully so. But in the context of personal finance time is very important. Most people who discover traditional “FI” in this world today are getting taught to view it in a simple manner, the formula works like this:

Live on peanuts + Work like crazy =

Save 25X your income in VTSAX and “retire” thus control your time.

That math actually does work, but people are taking it as the only methodology which is viable and that just isn’t the case. Bigger pockets does a great job of showing you how this math can be shortcut by using real estate and I applaud them for that. My hope here is to instill that the business asset class is actually an even lower risk way to control your time though, and when you do that most people will see “retirement” is a much less appealing goal than “True Financial Freedom”.

 

This above picture doesn’t exactly remind you of the good life, does it? Hard not to enjoy the clever Bond reference I’ll admit.

 

You see headlines all over the internet of success stories that read “online business founder sells to Google for $50M and will never work again” which I agree makes for a compelling story to clickbait…. But you don’t read anything like “Jim starts a marketing business after his day job and earns an additional 50k per year, now he has the financial runway to pursue the entrepreneurial life and control his time moving forward”. That one just doesn’t possess the pizzazz that selling a company to Google does, but there are guys like Jim out there doing it every day and it’s much more likely you’ll be able to mimic Jim than the Google deal.

 

 

The beautiful thing about self-employment is that if you want to take a week off for that seldom family vacation in almost any case (assuming you’ve been financially responsible) you don’t have to ask anybody else for “permission”. You have the freedom to make that decision on your own. Some people are going to read this and say “Yes, but my boss Susan is so cool she would never say no to me” – which may be true. But Susan might not always be your boss, she could quit or be promoted. The next persona above you may be an evil guy named Billy who thinks vacations are for wimps. Sweet Susan may be there today and gone tomorrow, do you really want your future to be potentially controlled by Evil Billy? I’m going out on a limb here and guessing no. Hands down the best thing about controlling your money and work situation is the time it will allow you to do as you please. Whether it be travel, fishing, hunting, bird watching, or maybe your true happiness in life is “Netflix and chill” – the freedom to do that is what owning your time will allow for.

2 Comments

  1. Keli @ Yellow Brick Freedom on July 25, 2018 at 6:21 am

    Great post! You hit the nail on the head….it’s not about sacrificing everything to get to the ultimate goal of retirement – it’s about prioritizing what is important to you and finding a way to get there.

    • Beau Wilson on July 25, 2018 at 7:51 am

      Thank you Keli! I really dislike the whole scorched earth FI mentality people seem to be adopting in mass, it just seems so unappealing long term to me honestly.

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