By In Financial Independence, Savings and Budgets

An Essential(ism) Approach to Financial Independence

I’m currently attending the DIG South Conference, which was created by my friends Stan and Sunny Gray, here in Charleston. It’s a fantastic event — so important to promoting new kinds of business in a South that could use it.

With those new kinds of business come new kinds of thinking about both business and personal goals. That’s where I found myself thinking about FI and FIRE as the opening keynote speaker Greg McKeown laid out his model for Essentialism. It should be a familiar idea if you are currently taking in the better wisdom of FI — you need to reduce and/or remove the unnecessary to truly be able to focus on your most important goals. You cut your needs to the essential. It was a simple message delivered with incredible enthusiasm and it really got me motivated.

(For anyone looking for a quick primer on McKeown’s thoughts on Essentialism, he did an episode of the Tim Ferriss podcast that’ll get you up to speed and motivate you as well.)

After the presentation, I got to chat with Greg a bit more and told him about the FI movement and he said something that I’ve been feeling that I’ll now share with you: while he saw the great value of setting goals to achieve financial independence at an early age, he wasn’t fully sold on the notion of retiring early.

“I don’t see myself ever ‘retiring’ because I’m doing something that I love and want to keep doing,” he said. In other words, he’s applied his essentialism practice to his career and found one that he wants to do, as opposed to having something for a period of time as a means to an end.

It’s a thought that I’ve had as well because I quite enjoy writing and consulting and hope that I’m doing it for a very long time to come. Likewise, I know my BofFI cofounder has become very busy in his “early retirement.” In fact, most of the people I see in the FI blogger community aren’t really retired at all, even if they say they are. They’ve simply found a way to gain financial independence and then “retire” from having others dictate their daily grind.

It resonated perfectly as I read more and more posts from smart, driven people who are convinced that they will be retired at 40, or 35, or 29. If you have that drive, then you will certainly not settle for whatever notion you may have in your mind of being retired to travel the world untethered to a dependent source of income for the remaining 40-70 years of your life. You’ll need to have something to keep you going. And if you find yourself doing well at cutting out the nonessential early in life, you’ll be able to do it again and again as you grow older. I think that’s ultimately what I took from McKeown’s presentation and comments — the ends don’t justify the means, it’s the means that will sustain you before, during and after your FIRE journey.

Now I’m off to read the book so I can soak in some more essentialism!

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