Redefining My Financial Goals

I used to think that financial independence was my goal. At least, my long term financial one. I have talked about purpose, identity, and connection in previous posts. But when it came to my economic situation, I thought it was pretty clear. Until now. As of late, I have been redefining my financial goals. I still have faith in the basic math that has become the dogma of the FIRE movement. Yet, sadly, I’m realizing that math is just not enough.

Besides the logical and mathematical side to this great quest, there is also an emotional one. Until I learn how to conquer these emotions, the calculus of financial independence no longer holds resonance.

Financial independence

I don’t care how you define financial independence. For some, it is having 25X yearly expenditures saved up. For others, it is having passive income streams that provide adequately for monthly expenses. And for a third group, it is simply the possibility of never going to work again for wages.

My point here is not to argue the finer details of what it takes to reach the mountaintop. Whichever mathematical reality you choose is fine with me. But attaining that predefined goal is far from the nirvana that we often make it out to be.

Unfortunately, for me, reaching my preset number didn’t automatically change anything. I didn’t go from being an indentured servant to unrestricted freedom. I didn’t feel any more safe, or more fulfilled, or even less worried about money.

And this is precisely why I am redefining my financial goals. I am not so much interested in financial independence a I am in financial freedom.

Financial Freedom

The two phenomena, financial freedom and financial independence, are not the same. Financial independence is a mathematical model. Financial freedom is actually emotionally separating oneself from the constraints and primacy of money in one’s life.

I am not there yet.

I have enough money to never work again, and yet I still worry about it on a regular basis. Stuck in the accumulation phase, I check my balances frequently and am acutely aware of what is happening in the stock market.

I may be independent, but I’m surely not free.

Why It Matters?

So what? Is the difference not trivial? Although for some it may be, it certainly isn’t for me. In many ways, I am looking for financial peace. I want to neither be the conquerer nor the slave. I want to coexist.

Redefining my financial goals may mean emotionally demonetizing. Letting go of the hit of dopamine that comes with making an extra buck. Being at peace with the accumulation phase and eventually letting go.

Reaching financial independence didn’t solve any problems in my life. My relationship with money was still unhealthy. Having a high net worth hasn’t been a game changer.

Final Thoughts

I am redfining my financial goals. I am going to try to pivot from financial independence to financial freedom. This state, of both mastery and indifference, will eventually require me to divorce my daily activities from earning potential and to demonetize.

In some ways I am already there. In others, I am lacking miserably.

But it is a goal that I am striving towards.