Reexamine Wealth purposefully has a double meaning, each a nod to the types of work required to gain Financial Independence. The first is the study of money, the second is the study of a good life. Each is important, but it’s easy to get the priority wrong. Money should always support life, not the other way around.
The Study of Money
You can’t outsource your own understanding of money. You can hire advisors and money managers, but ultimately the buck stops with you. You own the goals and the results because It’s your life and your money. You therefore need at least a working knowledge of money to be a good manager and steward of your wealth. This is the reason why many in the FIRE (Financial Independence Retire Early) community and others who are successful at building real wealth are do-it-yourself or “DIY” investors. There’s generally no better teacher than learning by doing. Immersion in a subject is required for mastery. It’s also important to realize, however, that the right teachers and advisors can provide value. They have experience you don’t because they’ve been through what you’re working through. They can identify and then help you recognize biases and gaps in knowledge. The most valuable advisors therefore combine the skills of teaching and coaching rather than just doing a task for you.
A comprehensive understanding of money ultimately provides the confidence to achieve audacious goals like reaching financial independence and/or retiring early. A cursory understanding will only get you so far, especially when others in your community, profession and family have opted for a more traditional path.
The Study of a Good Life
Financial Independence (FI) at its core is a study into your personal definition of a life well lived. The FI journey often starts with the idea that happiness can be achieved through a certain level of money. After all, then you can quit work and be free! At some point along the way this definition of happiness gets called into question. It’s at this point that the study of the self (or inner work) commences. FI requires removing attachments to accumulating money. It requires redefining purpose and meaning from working towards FI to actual life. There’s a mindset shift required of running away from work and instead running towards purpose. This can only be figured out through knowing, understanding and accepting yourself. The answers cannot be found externally, but coaches, guides, and community can help you see where you’re not in integrity and help guide you back.
Not only is there inner work required to build the financial position to get to FI, there’s another level required to arrive at FI, and still another level required to build a life with meaning after FI. This is what makes FI a great journey and teacher.
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