Take the First Step, Choose Financial Independence and early retirement. If you have found this page then I have to assume you have taken that first step toward financial independence. You are now taking your next steps by looking for ideas, advice, and directions from those who have made the same decision and journey before you.

                The journey of 1000 miles begins with a single step. Lao Tzu

You first step is a life changing choice. Taking control of your financial life now for a better tomorrow. It doesn’t matter how much money you make. This choice will no doubt benefit your future self regardless of how far and how long you are on the journey.

Once You Choose Financial Independence

Remember why you made this choice.

The first step, choosing to take the journey toward financial independence and freedom is usually born out of crisis or hardship. At least that was my case. No matter what your motivation was for making this choice I suggest you never forget it. Write it down, this is where I started a journal and progress tracking notebook or what I called my journey-journal. You want to recall your FI decision-trigger and any feelings and emotions behind it.

If you are not someone with a high income and a lot of spending waste to cut from your lifestyle then this is a journey over time and having your FI decision-trigger available in memory and readable may help keep you motivated during any low points on your way to the goal. Everyone hits a pot-hole or two on their financial independence journey. It will take sustained dedication to accomplish your goals and win the prize.

Have a vision of your destination, your goal.

This journey is difficult enough with a plan so don’t think you can just wing it. What is it that you want? For me I wanted to retire early when I was 50 and be free to even take on other opportunities that I could retire again from when I felt it was the right time, you know-retire early and often. I wanted to live a free life where I would never NEED to work but be open to it if I wanted to. Again, I logged this in my journey-journal.

What is interesting is as you are on your journey some of your vision may change and impact your plan for the better (easier) or make it a little tougher. In any case you need to understand and account for that.

Step back and look at your vision from a high level planning perspective. This is not where you plan on saving “X” amount and then walk away from your career. Believe me you will be planning that but at this point you don’t know what “X” amount you need to have saved until you know what your lifestyle will cost.

The journey is about more than money

Your journey and destination is about more than numbers. It is also about your dream lifestyle, passions, health, family, friends, and the freedom to live life on your terms. Once you identify these desires my advice is to include as much of them into your current life now while on your journey as you can because by doing so you get a clearer image of your destination lifestyle and costs.

I had trouble with some of that as it was impossible to have a balanced work and personal life in my first career but do what you can. If anything else my inability to get more personal life desires made me more motivated to succeed. There is a lot of living to be lived during your financial independence journey.

Set into action a sustainable plan.

Everybody starts their first step from a different place. You may have a large amount of debt to pay off or you have a lower-income and live paycheck to paycheck. Establish YOUR strategic plan that will work for you and takes care of what you need to take care of.

• You will need to set a frugal budget and track your spending.
• You will need to set a debt repayment plan and track your progress.
• You will need to establish a savings and investment plan and track your progress.

I tracked all of this in my journey-journal. I was old-school using a notebook. First page was my FI decision-trigger and lifestyle vision page. Once you open the journal the left side was journal entries and the right side page was monthly budget, debt repayment, and savings tracking.

The left side is also where I recorded mistakes I made, any obstacles or hardships that came my way, and changes in my plan or assumptions. Many things will change while on your journey because life is happening. Mine covered 11 years in all and during that time my son passed away, my two daughters went to college and then married, there was a grandchild born and we along with some of our desires changed too.

All of this is part of the journey and will alter some of your plans. Keep track, make necessary changes or corrections and stay the course. Learn from your mistakes and any obstacles you overcome. If you need to change your plan then do so. That is far better than abandoning it before you reach your destination.

Final Thoughts

The financial independence journey you have chosen will change you for the better. You will find a balance of living in smart-frugality and ramped-up savings and will see that your intentional lifestyle focusing on what is truly important and the things that brings happiness will end up being what your FI and early retirement lifestyle will be.

Take the time while on the journey to step back and take notes about what you are feeling and seeing along the way. This shouldn’t be a journey of total sacrifice but a smartly planned one where you continue to live a rewarding life.

You will find that it is just a change of mindset with calculated actions to break the chains of consumerist and employment slavery.

Can you remember what your FI decision-trigger was?