Financial Independence: So Who is This For?

We’re almost five months in on this project, but I’ve never clearly defined the intended audience for this content. As mentioned here, this site was launched to link the seemingly unrelated topics of personal finance and rock climbing. No doubt, the overlap on the Venn diagram of these two communities is going to be slim. So who is both willing and able to achieve a life of financial independence?

The Core Message

The basic premise of financial independence for us goes something like this: Save as much income as possible (aiming for at least 50%), and invest those savings in passive index funds. This very simple strategy will grow significant wealth, eventually relieving you of mandatory work decades ahead of traditional retirement age. We certainly didn’t come up with this stuff on our own, and I’d direct you to our Start Here page for some of our early inspirations of past years.

We’re Not Special

We’re far from financial gurus. When I started my career I knew absolutely nothing about a 401k, investing, taxes, or anything along those lines. Frankly, I thought investing was for folks who just wanted to get rich and spend more money. Nine years later we thank our lucky stars that we found the simple path of index investing, but we still default to others in the community for gaming that out.

If you feel hopelessly lost in the world of personal finance, so did we. If you’re starting from debt and can’t imagine working towards a 6-figure or even 7-figure net worth, neither could we. Learning the basics and taking action is well within your ability. We can teach an old dog new tricks, right?

What’s Your Natural Advantage?

Simple living, relative minimalism, and frugality are much more natural fits for the CC Family. Speaking generally, I feel climbers have a leg up here over most of society, as we already glorify life on the road and sleeping in the dirt. To have these traits as a natural tendency is an incredible advantage!

Many Americans — those conditioned to spending all of their (large) paycheck, accustomed to their place in society with nice cars and nice houses, accustomed to eating out five nights a week — are going to really struggle to even find the value in living a simple life. If you already have natural frugal tendencies, taking the next step towards securing your financial future is going to be a hell of a lot easier.

It should be noted that there are many paths to achieving financial independence—and even more options once you have achieved this goal—but we feel this simple strategy of saving and investing is the easiest and makes the most sense for us. You do you.

Who Probably Doesn’t Care About Financial Independence

We recognize that financial independence will always be a niche lifestyle choice. Despite the growing popularity, a few truths remain.

1. A lot of discipline is required.
2. A lot of planning is required.
3. A desire to understand money and (usually) investing is required.
4. Delayed gratification and a long-term outlook is essential.

So, obviously, I could make a list of different personality types who will care zero about this. Ah hell, let’s do it.

The True Dirtbag

Despite the title “Millionaire Dirtbag”, I strongly doubt that most true dirtbags will ever be willing to follow through on a life dedicated to financial independence. Can you imagine that dude in Indian Creek spewing about dumpster diving working a job that would allow for long-term savings of 50%? Me neither.

We can’t judge these individuals (although I most certainly do 😉 ). After all, aren’t we chasing the same dream? Aren’t we all aiming to have happiness and ultimate freedom in our lives? For me, I’d like to know I’m doing so with a financial safety net. But many folks out there find that having a strong financial base is mutually exclusive of a full-freedom lifestyle. We’re here to tell you that this is a false idea (more on that below).

Either way, those strung out on adventure and unadulterated freedom simply aren’t as likely to take the time to build the financial base, even if it means true and lasting freedom.

The Big Spenders

Big spenders also probably won’t be interested in financial independence. Some folks love their luxury. They love drinks and dinners out on the town, nice furniture, hair products, and brunch. Those are completely acceptable ways to spend money, so long as there’s a plan. We’re all about value spending, and it’s called personal finance for a reason. However, the simplest path towards financial independence is through frugality and at least a teaspoon of stoicism, so I think you see the conflict there.

If you have means to generate several million bucks in net worth, you’re good! You can easily support a 6-figure spending habit with those numbers. The reality is that most people won’t get there if they can’t identify with a life of simplicity.

Switching from a life of abundance to a life of simplicity is a major hurdle. I really commend those willing to make that switch; imagine all the ways in which life will be different. It’s easy to see how the perception of wealth has been propagated for years: expensive cars, huge homes, high-end clubs and memberships, cuff links. To switch out for a ’98 Honda Accord and a Target button-up flannel requires a pair, to use the parlance of our time. If this is you, let’s high five and get to work.

For any brave souls looking to cut some excesses from their lives, consider this simple quote below. It was true for the Romans, and it’s still true today.

“Until we have begun to go without them, we fail to realize how unnecessary many things are. We’ve been using them not because we needed them but because we had them.” –Lucius Annaeus Seneca

The Undisciplined: Keeping the Candle Burning

The undisciplined are going to really struggle here too. I really feel for those folks who have the best of intentions but can never quite execute on the long-term.

We see it all the time right? The zealous January gym member, the I’m-going-to-plan-out-my-meals-this-week lady, the “new project” guy. Yeah, these folks mean well, but you and I both know they’re not here for the long game.

Once the low-hanging fruit is picked, some folks are not willing to climb the tree or eat that questionably rotten stuff on the ground. And by the way folks, if you’re concerned about the expiration status of your food, slide it over this way. Let Uncle CC have a look.

But seriously, long-term motivation is a serious hindrance to achieving goals. Our recommendation: stay in tune with this stuff on a regular basis. I’d love to have you subscribe here for email updates and follow us on our journey, rife with struggles and real-life stuff. But even better, go check out the ChooseFI podcast. These guys put out two episodes per week, oozing with inspiration and motivation. Podcasts are easy for our simple, lazy brains. If reading is more your jam, Collecting Wisdom amasses personal finance articles in one convenient spot.

Who is Going to Love Financial Independence

Well that’s easy: anyone. I think we all can agree that having enough money to either not work or choose work on one’s own terms would be amazing. Am I right? We can quibble about the risk of early retirement and the 4% Rule and all that (all serious concerns), but being financially independent would be freaking cool man!

We’re nearly there and I already feel the strength of the F-You Money we’ve saved. I care far less about things that used to keep me up at night: layoffs, working assignments that don’t interest me, bad bosses, etc. Why you say?

When you no longer need a job, the ball is in your court. Even if I lost my job tomorrow, we would be just fine. Maybe not definition-FI, but just fine. Creating simple and sustainable habits have allowed us to grow decades of living expenses with surprisingly little effort. And trust me, it’s not because of our salaries. Plenty of our coworkers would be anything but “just fine” if handed a pink slip tomorrow.

Financial independence or not, you can take the same basic steps to at least put some margin between you and that next paycheck.

Finding that Person

I want to grab the attention of folks like the 2010-era version of Mr. and Mrs. CC. Folks who love adventure, who want to live a rich life, but also want some semblance of a career. These are the folks who can truly have their cake and eat it too. I’d love to hear from motivated recent college grads who are struggling with their conflicting obsession with rock climbing and their freshly minted engineering degree.

I remember that conflict very distinctly. I was 26, with a great job, and I wanted nothing more than to get a van and hit the road. My practical and logical side won the battle over my impulsive tendencies, and I stayed the more traditional path. In hindsight, I’m very glad I did. My only regret is not starting on a path towards financial independence sooner.

Life need not be a choice between becoming a 40-year cubicle drone and chasing one’s passions. I’m here to tell you, it’s not so black and white. Find a career that you reasonably enjoy and can—in combination with your mindful savings strategies—net a high savings rate. Do what you love on the side, and soon enough you can do what you love full-time. It sounds oversimplified, but it’s not much more complicated than that.

We’re also not the Fun Police. If you want to travel for a while, do it. Don’t want to work a corporate job? You don’t have to. We’re just as focused here on talking to people who are making life work around their passion, such as Justin Brown and Kris Hampton. There are ways to do this.

The Value Proposition

Our choice is simple: We’ve chosen to live a life a bit more career-dominated for a decade or less, and have the world as our oyster for the rest of our lives. Yes it requires discipline, and yes it requires a whole lot of planning, but the return on time invested is as sweet as syrup.