- At the age of 35, Brad Barrett decided to retire from his full-time job and launched a financial independence podcast.
- He notices four frequent errors made by retirees.
- Barrett highlighted the significance of mapping out life after retirement, extending beyond merely setting financial objectives.
This essay, compiled from an interview with Brad Barrett—who is the host of the ChooseFI podcast—has been fact-checked by Business Insider for accuracy regarding his career details.
My journey to
financial independence, or FI
It began when I secured my initial employment.
I started my professional journey at a major accounting firm. Luckily, I could reside with my parents, which helped me allocate most of my earnings toward savings rather than personal expenses like many of my peers who were acquiring individual residences or luxury vehicles. Frugality has always come naturally to me, and I have never felt compelled to showcase wealth for others’ approval. Instead, I focused on building financial security.
saving and making sacrifices
, such as relocating to Virginia rather than residing in New York City, to align with the lifestyle I desired for my future.
In 2015, at the age of 35, I stepped away from my full-time employment. Following this, I started a travel and rewards points website before introducing ChooseFI. Since 2017, this latter project has garnered over 70 million downloads.
FIRE, which stands for Financial Independence Retire Early, is a charming acronym that we frequently employed in the beginning stages. However, regardless of whether you work full-time, part-time, or not at all, the focus remains on achieving financial independence—attaining a stage where we have command over our own finances.
the only thing that counts in life
, which is our moment.
Among the numerous queries I receive from listeners or individuals who read our newsletter, there are four frequent errors I notice early retirees tend to make which lead to their dissatisfaction after achieving financial independence:
1. They’re retiring
from
something
A major type of error I often observe is individuals lacking clarity on what they wish to pursue after leaving their regular employment. During the period between 2013 and 2017, financial independence primarily focused on reaching a specific monetary target swiftly, with everything else being secondary. While things have improved, there still needs to be an adjustment in perspective towards thinking: “This isn’t merely escaping my current occupation; instead, it’s…”
dashing towards a life I wish to lead
.”
If it were simply about
arriving at a figure in a spreadsheet
For me, when I woke up the following day anticipating that my life was going to be amazing, I would have ended up being quite let down.
2. They aren’t experimental enough
I recommend that people avoid having one.
arbitrary number of hobbies
For their retirement years, instead, they ought to explore new opportunities and maintain a receptive attitude.
You might decide to spend the remainder of your days sailing across the globe, yet within a month, you may become so nauseous from motion sickness that you have to call it quits. However, this doesn’t count as failing; rather, it’s merely an exploration.
Retirement might last for many years. In the initial stages after leaving work, you could be quite energetic and engage in activities such as climbing mountains or walking the Camino. However, sustaining those activities becomes challenging as you reach 85.
This was an error I encountered during my own journey as well. Being occupied with bringing up my two young daughters left me little room for experimentation. I failed to fully engage with activities that bring me joy, such as watching soccer matches, and am currently working on rectifying this situation.
3. They do not find joy in achieving financial independence.
Many individuals struggle with discussing reaching financial independence since it involves a certain level of
other people’s lack of comprehension or envy
I’ve noticed individuals entirely avoiding the topic or fabricating some sort of occupation, such as “I work remotely as a consultant.”
Being honest truly matters, and there ought to be considerable pride in achieving financial independence (FI). The ability to declare, “I put in genuine effort. I diligently saved for what mattered most to me—my personal liberty to choose how I spend my time.”
You can share this information with compassion, potentially inspiring others to show interest in FI as well. Suppose you’re volunteering with Habitat for Humanity every Tuesday at 10 a.m., and individuals inquire why you aren’t at work; then, you could discuss it.
4. They hesitate for too long before quitting
The “‘one more year’ syndrome” remains a common error. This occurs when individuals postpone leaving their current job or transitioning to a new opportunity due to concerns about their retirement savings not being substantial enough. Often, these funds are actually sufficient, and folks tend to be overly cautious.
People don’t understand the
limited span of their existence
If we’re extremely fortunate, we might have six to seven decades on Earth, with an even shorter time enjoying good health.
Each day you choose to work beyond what is necessary means one more day spent without utilizing the sole resource you cannot replenish — your time.
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