Financial freedom or financial independence, it goes by many names but I think the one that people think they know it best by is Retirement. Retirement by definition is the act of leaving one’s job and ceasing to work. Most people tend to retire in their later years around 65. This is usually when their pensions mature and old age security or whatever financial programs they have in place are able to be taken advantage of. But is retirement financial freedom? If you could retire earlier, would you?
In my opinion financial freedom is not retirement, it’s the ability to not depend on the pay cheque from a regular job to maintain your desired lifestyle. People seem to want to make Financial Freedom and retirement the same, but they are two different things.
If you haven’t read how about my journey to buy this house, you can check it out here – My first house – Buying in a Boomtown
Towards the end of March in 2014 I received some great news at work in the form of a promotion. Fantastic! It came with a nice pay bump, new responsibilities and it also came with a transfer to a different site for a new project. This was a camp only fly-in and fly-out site. Not so fantastic! As you know I had just taken possession of my house just five short months earlier. Now I need to rent it completely, not just the one room.
This transfer took effect immediately. I would be in a camp an hour north of town and would be flying out of an airstrip on one of the work sites. I wouldn’t even have the chance to drop by on my way to the airport to show the house to prospective renters, nor would I be available to deal with any issues that may arise from the renters. My only option was to find a Rental Management company ASAP! Read more
Here’s my starting point for tracking my financial journey of increasing my net worth to a point where I can say I’m financially free. I’m actually many years into the journey already, but there are a lot of improvements to make over the next few years. I’m going make quarterly updates for us to see and discuss my progress on becoming financially independent.