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My friend Mindy, a year-old single mom, recently started dating Brad whom she met on a dating site. After al, Brad's profile said that he was a firefighter and helped out at the Little League in his area. Plus, his already extremely flattering photo featured Brad's pet Labrador, which, in Mindy's opinion, was the deal-clincher for her. Less than an hour into the date, Mindy knew the chemistry was undeniable. She was sure Brad was a good fit. But after nervously eyeing the check - and exchanging glances at each other - Mindy broke the awkward silence which felt like forever by asking, "Can I chip in?

Deceit is an action of concealing or misrepresenting the truth. So while a lie is a misrepresentation of the truth, withholding or concealing the truth is also deceitful. To be honest we must be open and not conceal the truth. This is the stance you should take in any relationship, new or old. One of the best things you can do is to educate others about FI and what it is really about.

Introduce them to some of the biggest names in the game. The FIRE movement is gaining momentum every day, and if you are able to get someone else on board then we can all help spread its awareness.

I wrote about what the FIRE movement is in this articleI believe that article is a great introduction to what is happening in some of our lives when we realize that there is a way out of the rat race. The easiest way to teach someone is probably through video.

If you have ever watched a good video about FI then show that video to them too. If you need help selecting a good video about FI then here is a presentation given by Mr. Money Mustache MMM. The video is on Youtube and is 28 minutes long, but jam-packed with information and comedy.

As far as frugality goes, stress the importance of maximizing utility for every dollar spent. That is the real goal. The difference between being cheap and frugal is maximizing our pleasure and limiting waste.

10 Levels of Financial Independence And Early Retirement - How to Retire Early

Surprisingly, it takes much less money and stuff to maximize happiness than what the rest of society seems to think.

All of our FIRE journeys are different. Although we can take somewhat similar paths, there is no one single way to go about it for everyone. Share your time frames and what got you into the idea.

Financial independence among couples is one of the new issue many newly married couples are discussing. Despite the common thought that married couples should share conjugal rights to properties involving assets acquired before marriage, it can be a wise step . May 30,   To be clear, financial independence is not about how much money someone has. It's about making good decisions with the money they do have. Reaching financial independence is the holy grail of personal finance. But what does financial independence really mean? In this post I'd like to determine the various levels of financial independence. That's right. Even in financial independence there is no one size fits all since everybody has a different desired standard of living. Contrary to what you may think, financial independence is.

Explain your biggest reasons for wanting to escape the rat race. Some of the biggest reasons include gaining financial security, traveling more, lowering stress, spending more time with family, pursuing careers you are passionate about, starting your own business, etc. Whatever your reason may be, share it with your date so that they can see that you have put a lot of thought into it. This will further build trust as they are able to see deeper into your character. If you are on the path to FI then your range might be even smaller.

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Not everyone has an open mind, and not everyone wants to change. If you are not with someone with a similar big picture then there will always be conflict. Now, I am not saying that you must enjoy everything the same. Far from it. Having some different hobbies and interests is a good thing because even couples need adequate time apart sometimes. The big picture items are a lot more important though.

If you are someone who wants to do extensive traveling and your partner does not then that is a much larger conflict of interest than if you are into hiking and they are into painting. The big picture values are at too far ends of the spectrum. The best thing that you can do when you are dating and seeking financial independence at the same time is to let your date know as soon as possible what your financial goals are. Start with educating them on the concept.

To me, financial independence is being able to live how I want without worrying too much about money. Things always come up. A new roof, new septic system, etc. Also, I want my kids to go to whatever college they want and not be burdened with student loans. I want them to follow their dream careers, not be cajoled into a career because of the earnings potential. Thanks for the mention! Fear of a big market crash is a big factor too.

Right on! Not having to commute to work and deal with knuckleheads is huge! I know you would never go back, and neither would I for less than. With Blockbuster money, thoughts of leaving the cold Midwest for paradise? Well I do when its coldspent 5 weeks last year visiting Oahu, Kauai, Maui, and the Big Island, 2 weeks sailing in the Bahamas, a week driving the French Riviera, a week hiking the Tetons, and spent Christmas through new years in Costa Rica.

I read a lot of blogs and there is this one Blogger who goes on every single other blog and shouts from the top of his lungs that he is a multimillionaire.

But he has no self-confidence because his wife still works. His writing oozes insecurity probably due to the lack of friends, lack of success from his site, and lack of purpose. I have to say I also read a ton of blogs and I am darned if I know for sure who you are talking about. I could guess but that would be rather inappropriate.

I do agree with your general point that screaming form the top of your lungs that you are a millionaire or stable genius. I guessed right, and mostly agree with your comment.

However, I am guessing he has no losing stocks. Who would after an 8 yr bull market? I think I have over 80 positions and they are all up big, no losers. Why are you being so rough on him? I recall an article about this very topic from a long time ago early s? These would be much higher today after adjusting for inflation. Perhaps that article was directed towards mid-level executives looking to escape the grind.

Now that living off passive income has gone mainstream these three levels have downscaled a bit. In silicon valley these days these three ranges inflate on the high end- maybe something like seven, eight, and nine figures blockchain FI?

I used the leverage from my financial situation to present my employer with an ultimatum about working conditions i. I control my location, schedule, and work contentand they seem happy to accommodate. Only works on mobile or iPad for some reasons. You are spot on and a talented writer. Living FI lifestyle is a total mental game. I want to be solidly in the middle - i. Right now I could hit the frugal FI button likely in the next year or so, but would not be happy there.

I like the idea of the continuum. My in-laws are shooting for blockbuster FI, but they both own tech businesses that are doing wellso their reality differs slightly from mine. Mostly because not many people pay attention to it. Like FullTimeFinance mentioned, it is not very good is to have the money if you are always worried about it.

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Meditation, sports, anything? I practice gratitude every day and play sports 3X a week. That helps with relieving pressure and staying fit and happy. Also pumped no gray hairs have sprouted out yet at The second half of my life will be all about finding ways to take it easy and increase productivity as well.

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I just want to get rid of the fear and pressure that comes with being dependent on money. The fear of losing a big client, or the pressure of having a competitor undercut me with prices, and always being on edge. Now I just have to keep building it. Always enjoy stopping by. Billy B. I hold rehab notes for real estate investors.

My cash utilization is also very high. My retirement job has a great following now, I rarely have enough capital to meet all the needs. I would suggest adding another dimension to your pyramid that would take into account geography. This dimension could be a plane stretching out into the distance from your 2-D pyramid. But you could live like a king for half of that or less in many parts of the country. Even lower if you go international to some geographies in Asia or South America.

I may have to post a visual graphic on Twitter to explain what I mean with the 3D pyramid analogy. Just light one of the fireplaces! Perhaps its biggest asset is fresh water.

Four lakes and close proximity to the Great Lakes is huge. With other parts of the country drying out, access to fresh water is only going to become more and more valuable in the future.

In fact, some clarity around before or after tax income levels would be helpful for all the dollar figures in this post. The new tax structure significantly affects people in the Blockbuster FI cayegory, mostly on adverse ways, so. Wife is retired. We are now somewhere between Baseline and Blockbuster FI. We are financially free. We have enough of investable assets to live the next 58 years but I am NOT psychological free because of my golden handcuffs to reach age 55 to double my pension and to get retiree medical coverage.

Since I am less than 21 months away to 55, it is a mental daily struggle to get thru the day, the week and the months. It is so depressing at work since all of my co-workers have been laidoff. Over IT ppl were laid off from to It can be stressful at times to support the IT systems by myself.

I have hobbies to help take my mind a little off the countdown clock. We take vacations so that I can get mentally away. Since I work from home, we try to go out at least once a week for lunch. Our annual expenses were 45K for many years. Inwe loosen up and we spent 70K. I went overboard by spending 10K on my hobbies this year. Since we are fearful of losing our financial nut, we play it safe.

We are not greedy. We strive for a min of 3. Inthe rate is 4. No more stocks since the dot com bubble in By age 60, we hope that it will generate K combined yearly. There is another re-org at work. Rumour has it that I am affected it. Since I am so close, Wifey wants me to work until 55 and I agree.

Since life always throws a curve ball, I rather be more financially secure. With 21 months left to go and being miserable, how about aggressively asking for a raise or a better project a sabbatical or a relocation for a new adventure? Not too much left to lose, except for your pension amount at your level of net worth. What is your fear that makes you not want to more aggressively ask for what you want at work to be more happy? Sam, I am not miserable, just less happy.

I will be in the same company this summer for 31 years. It is just that I am so antsy since I am so close to retirement. I have been planning my retirement and counting down since age Having no more close friends and a backup at work makes it a struggle to get thru the day.

How To Stop Money From Cramping Your (Dating) Style. Like Mindy, a lot of women don't have the leverage to decide how to proceed with a similar situation. When they're lacking financial independence, it can really throw a wrench in their dating lives. not to mention their relationships. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. r/financialindependence This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your .

It is basically no fun at work without my buddies since they were all replaced with Indian consultants. It has been over a year being on my own and I just have to get used to it. Many of my co-worker that were laid off are struggling to find another job. Some had to relocate to another state or commute daily to another state.

Some are still unemployed. That is why I am so appreciative to have the same job and I am still able to build up my pension. Losing 31K less pension plus 8K for medical is a total loss of 39K passive income.

Then we can stop buying munis and that 2M of principle can be used to buy a decent place in Hawaii if we choose to. Wife said NO to buying so I have to work on her. More money for my salary will not make me much happier. I just want to support my existing systems until they are rewritten externally or until I reach In fact, I am mentally prepared to not get any more raises or a bonus from this day forward and I am OK with it. I am not the poster boy suckup or the golden boy on the team.

Those guys work on the new stuff and they attend meetings all day to show how busy they are. They do the dog and pony shows to mgmt. I make K a year and I only work hours a week from home. When there are problems or after hours or late weekend work then it can be stressful.

I am the ONLY one that knows my systems so if they want to get rid of me than so be it. I just want to gracefully try my best to make it to 55 and just retire. My mgr just told me today that I am not being transferred. The other boss would have been a micro mgr and that could cause me to quit. My boss wants me to stay another years and he also wants me to work on something new so that I stay interested. Arg, no thanks! I suspect he knows I want to retire at 55 but I am not saying so.

Hang in there, Adam. Neither me or wife have pension or medical coverage, but we do have K and some prior HSA savings.

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Work wise i'm a bit fortunate to still work at a good company and managers, so it's not a big deal to continue working, although the work can be repetitive and lack of challenge, i consider that a blessing. Still, once you know the date it seems hard to keep still, but the anxiety seems more from the retirement itself what would I dorather than the current work.

I think for people who are fortunate enough to not worry about financials after retirement, our real challenge is the lifestyle choice and psychological change we need to adapt to. Thanks, Eric! We are very lucky to have pensions and retiree medical. This is why I need to reset my brain to appreciate what we have and to get out of my funk. Our company has gotten rid of many workers before age 55 so that their pension will be much lower.

Hence my anxiety. I agree with you about setting a date. I am just so antsy to get out. I have several hobbies to keep me busy so I wont be bored in retirement. I am OK just chillin in the house doing nothing. I also have many older co-workers and friends that are retired which we can visit. We also plan to travel. I love the Pyramid. I have this discussion with my wife all the time. My goal is to get to baseline FI before losing a regular income and hopefully have hobby income and investments take me to Blockbuster remember them?

FI later on. Pretty tough to make that happen without building and selling a business, inheriting a pile of money, or striking gold with a unique patent or crypto or something. Still, when we travel to expensive places, we naturally become more conservative with our money.

The Three Levels Of Financial Independence: Because Money Is Only Part Of The Equation

That would be funny if she brought an extra bag for groceries to bring to the American state of Hawaii, where they have groceries too! I forgot whether you mentioned you are still working part-time? I like this approach, although the numbers are a bit skewed at the top of the pyramid due to the cost of living factor. I think you can stand to drop those numbers by up to half depending on where you live.

I also assume you include traditional tax-advantaged retirement accounts when you talk about investable assets. We could reach blockbuster FI but that would require at least an additional 5 years of work, and the associated benefits would not be worth it in my opinion.

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Not so much for almost half the population of America that live in expensive coastal cities. Sure, you can live off less, but the whole goal of FI is to be completely financially comfortable.

What a new way of seeing financial independence. I never thought in this way. However, I see this more like a pathwhere you start on a budget FI and work yourself out until reaching Blockbuster FI. For me, true FI is where you stop worrying about the expected and the unexpected events that could eventually happen.

Can you share your thoughts on your small spending As a percentage of your net worth and whether you struggle to spend more?


That asset appreciation could disappear in the blink of an eye. Mostly public equities. I have massive gains, so reallocating capital means paying huge tax bills. You may have the same issue if you were to ever sell your business. My hands are somewhat tied due to tax liability. I also have close to 4 million real estate equity, but those are sitting on hefty capital gains as well. My cost basis is 1. The same applies when you calculate the net worth required for the yearly withdrawals at each FI level, you are not taking into account inflation, taxes and other costs, which could be misleading.

You are suggesting that because the risk free rate of return is 2. However, risk is a real thing and it affects investment returns, and everybody invests with different objectives in mind.

Whereas somebody who is pursuing financial independence would be better served in a balanced portfolio including stocks, bonds and maybe other asset classes. This portfolio is more than likely to return less than 2.

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These are minimum guidelines and I do talk about inflation. If your investable assets generate at least the year bond yield, you are by definition beating inflation almost all the time.

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And the year bond yield is the minimum of the 2. When did you reach FI, how old are you, and what type of risks are you taking with your investable income? Might input your response in an upcoming post! Just recently after the sale of a business. Even if you only invested in T-Bills maturity less than one yearand kept rolling them over, you beat inflation by 0. When you define income in this example is it the total of dividends and other passive income AND investment returns?

Seems to be so but I wanted to confirm. Good question. My original belief is all non-working INCOME, and not investment returns, nless one is actively drawing down principal to pay for life second definition of FI in the intro. This is an interesting categorization. I have never thought of FI this way. We will end up probably between Baseline and Blockbuster FI. Hubby and I have been talking about moving to a cheaper state for a while. Onwards to FI! The thing that always pops into my mind is fi is also psychological.

Even if you meet the math definition of fi if your still deeply worried about money has it really mattered? Even at Budget FI, without a car finance or mortgage, I consider that to be a very healthy financial position to be in.

The vast majority of Ameerica will sadly never get to even the first level. Their retirement will funded almost entirely by social security. We on this blog are not representative of the country and that is sad. They are now well off. The rest just kept making the same bad decisions over and over again.

We would be happy with budget FI. I have a blockbuster dream though.

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The anchor text is in strange place there because I intend to re-write about this at GRS, and would prefer the link juice to got to me, not haha. Each dollar we save grants us greater financial freedom.

There are a variety of major milestones. For instance, achieving positive cash flow earning more than you spend brings one type of financial independence. Getting out of debt brings another. And so on. folks might consider this leanFIRE. Lastly, I suggested that abundance was the level at which you can essentially do whatever you want without ever again worrying about money. ors would call this fatFIRE.

Jul 20,   And the term "financial independence" can apply to households, families, or couples as well as individuals. Talking finances in a relationship. The intersection between money and relationships is one of the most complicated things couples have to negotiate. More than one-third of couples argue about money on a monthly basis, and 13keep. Financial independence is a woman?s strongest weapon for a respectful relationship. That?s a big statement, isn?t it? Why does financial independence play a key role in your ability to attract men? Because it tells men that you can carry your own weight. It tells men that you won?t tolerate disrespect and abuse because you are . Why I became a Financially Independent Woman. When dating I also wanted to go in 50/50 because I wanted to pay my way and didn't want to take advantage. When my boyfriend (now husband) and I moved in together we didn't split things 50/50 as he made way more than me but I always wanted to pay my portion so we split things on a ratio.

I think too many people become over-focused on their number, on achieving what you call basic FI and I call independence. I think folks would be happier if they could take the time to appreciate their state, you know?

Anyhow, I do intend to write about this concept sometime soon. Looking forward to reading the post! I can barely remember 3. I had a really great year in but because I feel so far from my overall goal, it feels insignificant.

You can reach Blockbuster FI by selling your business and investing the proceeds in passive income generating investments. No more long hours of blogging, and more time to devote to your child and other pursuits? True, he could do that, but then what would he actually do? Finally, this could serve as a last defense against a great depression.

If stocks suddenly go in the negative, people are still going to have some free time to look stuff up online. This blog could then be the difference between him having to go back to work or being able to maintain some semblance of his lifestyle and still feed his family. They are both about the same size as FS. It gives me something to think about, because I do have a couple other sites I could simply leisurely write on. Could be fun to cash out.

The market - and the world itself - is ushawchapman.comedictable. One day you could also wake up to find your leading financial account hacked to 0 by some anonymous cyberspatial villain! Efficiency and frugality are honorable goals, just be careful not to sacrifice your enjoyment of life due to fear.

Devin - I agree with this wholeheartedly! I like to make wise financial decisions like everyone else and always look for a deal.

I wanted to at least partially break the chain of being tied totally to a market return. I worry less about market returns and more about the viability of the income stream persisting.

I am still a believer in indexing and market based investing. It is just that I no longer believe it is an all or nothing proposition. It is clear to me that a portfolio can achieve both. That way, I am not worried so much about the returns of the market as long as I have the buffer of passive streams of income. That is thanks to Sam. True, the world is a bit ushawchapman.comedictable. You would be fighting to eat and survive at that point, and money would be worthless. So, other than the world ending as we know it, you can be FI and have Your email address will not be published.

Don't subscribe All Replies to my comments Notify me of followup comments via e-mail. You can also subscribe without commenting. Sign up for the private Financial Samurai newsletter! All three levels of financial independence should meet the following basic criteria: 1 No need to work for a living because investment income or non-work income covers all living expenses into perpetuity.

Moving to a lower cost area of the world instead of living where most of your family and friends are. Downsizing to a small rental, small house, or even an RV or van. Delaying or not having children, which can really hurt the FI budget. Taking on a part-time job. Tweet Share Pin Comments Thoughtful article as always. Tom, How about examples? Greetings from Romania, Diana and Dan.

Awesome breakdown! Similar comment to many above: That 2.

rare good luck!

Hey Sam- Thanks for the post. Your asset appreciation should lead to more financial safety and more investment income. Ah a pension you have truly found the pot of gold at the end of the rainbow. Thx for the advice. Enjoy the breakout. What a time to be alive! Good morning Sam and happy Friday. LOVE this website!! Why do bloggers consider themselves retired? This is your business. You are a small business owner. Thanks, Bill.

We are not fancy people, prefer to vacation and visit family, walks, parks Medical is challenging, some non traditional options are health cost sharing, should this fit your life choices. Low tax property tax state, lower cost housing but highly educated area, good climate. High level Break down 5K Medical insurance 3K real estate tax 2k car insurance 20 year old, inexperienced driver, 3 cars, 1 high end 3k utilities 2k phones, network 6k grocery 1k prescription 25k ish remaining for eating out, vacation, gifts, gas, household, entertainment.

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I never spend that much, and I travel a lot! Recommend everyone take a look at it, very easy to use and very flexible for more complex situations pensions, annuities, investment style, social security Beyond the money, keeping busy is important, finding the niche.

Tell us more about the slippery slope of a troublesome life you speak of. Psychology is fun! Back to work for me. Just realized there is a voice over at the bottom! Great post Sam!

Enjoyed reading this one Sam. For and beyond, we will continue to keep it simple with stress free passive investments. Our goal is to have passive income x expenses. Awesome post and a dose of reality! Were already in budget fi. I will be somewhere between the top two when I pull the plug. Interesting thoughts Sam, But who in the hell would just want baseline FI? The average wage slave would be thrilled to achieve Budget FI.

Hope folks are nice over there! As you mentioned, Sam, this will vary by individual.

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