The Future of the Financial Independence Movement
The Future of the Financial Independence Movement
In yesterday’s post I talked about pivoting towards financial independence 2.0. This pivot involves moving away from the mechanics of FI and towards philosophy. Financial freedom is a life hack, a tool, a superpower. Its greatest benefit, however, is not what it is but rather what it can buy us. Freedom to pursue our unique purpose, identity and connection in life. While all this sounds nice, it leaves the future of the financial independence movement a little too amorphous.
If we are going to move forward as a community, we need a lot more than just philosophy. We need a concrete road map for where the fully funded lifestyle will take us.
Here are a few of my ideas.
Past is Prologue
The future of financial independence movement is still the past. One of the main tenets will continue to be to define the simple path to wealth and financial freedom. We cannot let go of our history nor ignore the width and breadth of expertise in financial matters.
Every day, new readers are finding the personal finance blogosphere. Podcasts are being downloaded at record speed. New converts still crave the basics. How to save, budget, side hustle, and invest will always be important topics.
If we abandon creating content around these issues, we will douse a bucket of water on all our progress. To continuously build and create community, we need to still speak to our newest members.
Support
One of my greatest take aways from attending both CampFI Midwest and CampFI South was that I no longer needed to learn the how from my community. I had already spent a lifetime learning how. What gave me the most pleasure was surrounding myself with a group of people who not only believed in the unlikely road that I have chosen to take, but can support me through the transition.
I am petrified. Scared of letting go of the accumulation phase. Afraid that I can’t properly define what is enough. While I know that I have to embrace the fear, it is hard to do it alone.
When we meet in real life we augment the proof of concept we find on-line. Not only do we have great role models of early retirement out there in the ether, there are actual living breathing people to pat you on the back and tell you that it will be OK.
Only after attending some of these meet ups did I realize how much I really needed that.
The future of the financial independence movement is providing islands of support.
Innovation
The innovative space in the mechanics of financial independence is contracting. There are only so many tips and tricks to maximize savings and decrease spending. There are only so many ways to hack your taxes. While utterly important to maintain this expertise, our boundaries are moving in other directions.
The future of the financial independence movement is using the mathematics of FI to win at life. Defining our unique purpose, identity, and connections to live better. To feel more alive. To maximize the one scarce resource we have absolutely no control over.
Time.
Final Thoughts
The future is bright. This movement is only just beginning. Yet any burgeoning community will struggle with growing pains. We need to pivot. Not by rebranding but by enhancing the brand we have already created. This includes both maintaining and clarifying the original message as well as continuing to grow.
The future of the financial independence movement includes embracing the basics, providing support, and innovating to help our members live their best lives.
I can think of nothing more noble.
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“The future of the financial independence movement includes embracing the basics, providing support, and innovating to help our members live their best lives.”
I think this is a good direction of travel and there’s a lot to unpack here. You’re correct that the tenets of financial independence are basic, the question then becomes why do so many people struggle with the basics? As for support, what support should be provided, when, how and by whom? What does it mean for someone to live their ‘best life’, and how can we tell if such a life is being lived. I think that it’s in answering these questions that the true work of the ‘Financial Independence 2.0’ movement, as you call it, lies.
HH
I agree. These are big ideas that need clarifying. The support is the human connection between like minded individuals. The “best life” is being purposeful about goals outside of money.
DocG,
This is one of my favorite posts. Like you, I often think strategically about how I can positively contribute to the FI movement. I think you nailed it. Attaining the FI milestones represents achievement, living happy and fulfilled indicates success. Having the pleasure of meeting you this past weekend at CampFI, I believe you are a valued spokesperson for our community.
Thanks David. These group events are so beneficial both personally and to take the movement farther.
Great post Doc G. In a totally unrelated, but parallel universe I started mentoring and being a mentee. I’m receiving mentor ship from someone while also providing mentoring to the younger/less experienced bunch.
In the FI community, it’s very similar. Some need mentoring and some need to be a mentor. But everyone can use a little support at some time or another. As a mentor, you’ll teach or encourage folks to do the right things. You’ll learn new things. As a menee, you can look at yourself from a different perspective. Maybe one that you didn’t see before.
Maybe it’s just the circle of life. You are posting about FI 2.0, and someone else is just learning that FI is an acronym and what it means. We as a community should be sensitive to all aspects of FI and the multiple p;pints on the individual’s journey towards FI. There’s a need for beginner, intermediate, and advanced ideas or techniques to continue to be recycled, reiterated, or retold.
The encouragement in the FI community that embraces you wherever you are on the journey is the strength of the FI groups, bloggers, etc.
The Richest Man in Babylon has been around for a long time. But it’s not until the story is told over and over again before those basic ideas set in for some.
I’ve read somewhere…”there’s nothing new under the sun”. :^)
I think mentoring is a great part of this community and we should keep building these relationships.
You are right on that pretty much everything that could be written about how to become FI is already out there.
There is only so many variations you can have of saving/investing more and spending less. And if that was all there was I don’t think personal finance blogs or podcasts would last more than a month.
I think the popularity and continued success is that people want to have personal examples and since each individual is unique each blog has a different perspective that people can gleam information from.
My blog started out with perosnal mistakes I make. Some are relatable. Some are not. But each reader can likely get something that is pertinent to them.
The more people who talk about their FI journey and especially the RE component the more people will be comfortable with the idea that this may actually be possible
Xrayvsn I think your content continues to push us with a deep exploration of “mistakes” and divorce. You have done a great job of pushing past the basics.
Great post. This is exactly where I am:
“One of my greatest take aways from attending both CampFI Midwest and CampFI South was that I no longer needed to learn the how from my community. I had already spent a lifetime learning how. What gave me the most pleasure was surrounding myself with a group of people who not only believed in the unlikely road that I have chosen to take, but can support me through the transition.”
The “how” is well established, the “why” is getting there, and now I’m ready for the “and then what happened?” phase. Which I think is when we get into: “Defining our unique purpose, identity, and connections to live better. To feel more alive. To maximize the one scarce resource we have absolutely no control over. Time.”
Sounds like you need to attend a CampFI!
i like writing and reading about the post-accumulation phase as we’re pretty close in my house. for instance, did we invest and earn enough to retire early and well just to spend a fraction of it? what’s 2 million bucks if you just live on PBJ sandwiches and delay gratification until death. i made the money in order to spend it eventually on something i value. the drawing down people i value most these days. you about to hang it all up and break into the piggy bank?
The drawing drawn path is becoming more and more a part of the conversation.
So what is it we “know”? I mean actually know, not just some projection. We maybe know something about accumulation. I don’t think we know as much as we pretend, but we do know something. How many of “us” have gone through deflation to death? How many have deflation contingencies in case the assumptions blow up? Why do you have the slightest fear in pulling the trigger? The reason is you can’t eat a mirage. You can eat a hamburger but not a mirage. So I would say start there with an honest discussion outlining what we actually know. FI 2.0 has it’s place but it’s prime territory for hucksters, book and system sellers, and in that case if 2.0 fails there is a place for carnage. In 1.0 if you fail, just keep working. In 2.0 if you fail your skill set maybe gone, or your brain maybe gone, or your health and keep working isn’t a real option. Just look at the residents of your nursing homes and trace that back to 20 or 30 year old bad decisions. Someone with COPD dies every 10 seconds worldwide. If you sell the truth you did people a favor. If you sell a mirage…
I think we know enough to be good. Not great. Good. The downside of being too careful is that you also lose.
This is lovely! I agree that once you really kind of nail down the basics, there’s some repetition in the “Life Hacks” that will get you to FI – so now it’s about what we do and how we remain engaged and productive post-FI. I’m still a ways away from FI, but I really see it as an opportunity to pursue passions and re-allocate my time, not to quit working and spend my days watching soap operas..
Before reaching FI is the best time to find your passion and purpose.
The majority will realize that nothing really changes. It’s just money. It comes and goes. Sometimes you get lucky and other times you don’t. Money will never give you meaning. Best to have had that cinched up by now.
FI is the only logical progression if you treated your finances with any modicum of care.
I agree. FI is an afterthought if you make enough and are thoughtful.
Great post Doc. I also don’t need to learn more about the money stuff, I did it all accidentally. But the rest is hard.
While I was reading I had a thought – what if all of us who have reached FI pool together to create a charitable foundation of some sort? That would be pretty darn cool!
We talk about charitable giving some at CAmpFI. I think you have a good idea.
Really enjoyed your spot on Doctor Money Matters! I, too, am an internist who was raised in scarcity by a single mom after my dad passed. Your story really resonated with me. I am very early in the accumulation phase but I imagine it is going to be hard to let go and retire. There is something about the Scarlet O’Hara “I will never be hungry again” mindset, that really makes it tough to take it easy.
The scarcity mindset is hard to overcome. Glad the podcast resonated with you.
Beautifully written!
One thing I’ve taken away from organising many FI meetups in London (often with up to 100 showing up) is that many people like the idea and buzz of FI. However, making it a reality in their lives is quite something else.
Support is a HUGE point as people need real people to ask questions about many basic things we take for granted.
Telling our stories in detail will help others believe. And here I’m referring to pitfalls, anxieties, wins etc.
It’s also worth noting that it’s not everyone who reads a blog about FI, that can actually take what they’ve read and action them. Many need handholding, which offers a great opportunity to create genuine communities.
If people can connect a real future outcome from where they are right now, FI starts to really become a reality in their lives. Making that connection needs multiple touch points.
I so agree. Community also provides proof of concept. When you see people out there doing it successfully, it surely helps.