Financial Independence Is Plan B

My origin story is unique. Not because I climbed out of a simmering pit of debt. Not because of some side hustle that netted me a million bucks a year. I am unique because my path to financial independence was quite accidental (Ok, true, there is also PoF and Accidental Fire-but that put’s me in good company). Based on my experiences, I am going to claim something rather counterintuitive. Financial independence is not a goal! Financial independence is plan B. An escape hatch! It is a secret pathway, a hidden door, an option when things go south.

I know it’s easy for me to say this being comfortably FI. But if I have learned anything from this path, it is that retirement is not a goal. It’s a goal post.

Plan A

Plan A is life. It’s purpose. What were you put on this earth to become? Maybe a father or husband. Certainly a friend.

This purpose usually involves some kind of work. For me, it was becoming a doctor. I spent the first 2/3 of my life gaining the knowledge and skills to enter my profession. Not because it made me money. Not because it was a sure path to financial independence.

Being a physician has given me joy and pain. A consistent reason to wake up every morning and trudge out into the world. My experiences have lent color and emotion. I have been bequethed by my father an incredible gift. Everyday I have the ability to touch those around me and leave a mark.

I can say the same about my businesses and side hustles. While on the surface they may appear a ruse to increase the bottom line, they actually have been the food that has nourished me. The thoughts that race through my head when trying to sleep at night.

I wouldn’t give this stuff up for anything. Not even retirement.

Pulling The Rip Cord

A few years ago, work started to become less of a joy and more of a hassle. Electronic medical records where sapping my interaction with patients. Paperwork was piling up on my desk faster than I could discharge of it. Patients were angry, insurance companies stubborn, and every day was becoming more of a chore.

Financial independence is plan B.

Back in 2014, I looked at my financials and realized that I was no longer required to lean on my W2 income. So I exercised plan B. Not by quitting my job totally, but by whittling it into exactly what I wanted. I jettisoned the most bothersome aspects of my daily routine.

Is it perfect? No! But it’s fun enough to keep showing up every morning. And that is enough.

Don’t Throw The Baby Out

Even though financial independence is plan B, it would be silly not to prepare accordingly. In fact, I would argue that you should put as much effort into developing plan B as you do plan A.

Thus, you still have to live frugally and budget appropriately. I would still save a large percentage of income and learn about investing.

You wouldn’t want to rely on a faulty escape hatch.

In Summary

I strongly encourage you to look at your life and job as plan A. Go into the work place with every intention of enjoying yourself and changing the world. Don’t waste decades of your life being miserable and wasting precious hours.

You can never get those hours back.

Financial independence is plan B. Work on plan B in parallel to plan A. Have your escape hatch well-defined and mentally practice using it every once in a while.

And when plan A gets frayed, tangled, and torn, you will be happy that plan B is firmly in place.

Now all you have to do is learn how to avoid the one more year syndrome! But that, in itself, is its own blog post.

How about you? Do you see financial independence as plan A or Plan B? Are you going to quit the minute you hit a certain net worth or do you plan to stay in the workplace?