Theoretically, financial independence is simple – calculate how much passive income you need, mix and match your strategies to achieve that amount of passive income, get to work, and over time, viola- enjoy the fruits of all your hard labor! However, I’m finding it so much easier to sit here and ponder all the reasons why I can’t do this, why I’m doomed to fail, and why we are going to be wage slaves forever. 😱ðŸ˜ðŸ«
I like to think that one day in the not so far future, I’m going to look back at this post and chuckle at how silly I’m being. However, I’d sympathize with the indolent part of my soul- because honestly, after being blessed with two young, sweet kids, who the heck really wants to choose to spend time on something else other than family? Is it too much to ask of society to let parents enjoy at least the first three years of each of their children’s lives without having to worry about how to pay for it? (Please don’t come for me, internet strangers.)
Nonetheless, my children are the main reason I want to work less on a 9-5 job and more on something for ourselves, for our family, because at the end of the day, all we will be left with are our memories, and I want to be ultra wealthy in the time spent with family department. I feel so much guilt these days because I can’t devote the time I want to with my younger child. Luckily, we work from home, so at least I get to eat lunch with my baby some times, but that’s not enough. I want more control over my time and how I choose to spend it. I hate trading time for money, and I just want my money to make money for me.
Now that we have two kids, time is so precious. I wish so badly that I’d had the foresight to have started working towards financial independence in my 20s, when I seemingly had all the time in the world. I have no idea how I squandered the time, but I sure regret it now. However, as the Chinese proverb goes, “The best time to plant a tree was 20 years ago. The second best time is now.” So all I can do is start working on a business. Simple, right?
Wait, but how do I start? Where do I start? There are so many ways to make money, which route do I take?
-Sigh. I do hope this blog will chronicle our successful journey to financial independence, not just a half hearted attempt. I know that we can do it, and we have to do it, because our kids deserve parents who will figure it out to spend more time with them. There are so many beautiful parts of the world to show them, fun experiences to share. I grew up in a low income household and I want so much more for my own children. In fact, it seems kind of selfish that I would even already have two kids without a solid plan for how I would provide for them. Turns out, just hoping things will work out on its own and lottery dreams is not a real plan. We are considering a third child, because that’s what we’ve always wanted, but honestly it’s unconscionable to even think about it, because we don’t have the resources to provide the life we would want for all three children.
Sometimes I look around (the internet) and am amazed at how people these days are still able to have 4, 5, 6, even 7 kids- how do other people do it? We do not want that many kids, but wow, how do the parents even have the energy? As I’ve gotten older, it’s really hitting home that this is our one chance at life. We are not promised anything beyond the time we have now, and even so there are no guarantees on how long this life will last. While I regret “wasting” away my twenties just enjoying life, traveling, and eating well (😓), I know that 10 years from now, if I don’t start doing something meaningful today, I will be sitting here typing out another blog post about how I should’ve started in 2023.
I know convention tells us to start one thing and focus on it, but I feel some pressure to make up for the last 10 years, so here is the plan for the Dandy family to reach financial independence. We will focus on three types of financial growth – businesses, real estate, and investments. We will be working on 3 businesses – an online product, a community based blog, and an e-commerce store. For real estate, we currently own our own home (with a mortgage), but we will buy a rental property this year. For investments, we will invest in ETFs through our 401k and growth stocks through our small brokerage accounts. We hope to be able to sell at least two of our three businesses, then perhaps keep one to have something to work on, as we are not looking to retire and do nothing- we just want to not have to work a 9-5 while our kids are young. I don’t think we would mind having to go back to a W2 job once the kids are a bit older, but we are definitely not down for the traditional path of working until you’re 70 and waiting until then to have control of our time.
Let’s get to work!