Wednesday 1st December 2021
We know the ultimate goal is to become financially independent, but I started to ask myself, why am I trying to do this. What is the thing that I am actually looking to change? The answer was that I wanted to make work optional.
Much of this FI stuff is about attitude and knowing that by having an investment portfolio, you were giving yourself options. There is a term for this - it is known as “FU Money” - I will share the full definition here:
“FU money means that you have reached a state of financial stability, where you no longer rely on a specific job for a paycheck. You have enough money saved and invested that now you are the one in control as to whether you'll stay at your job or not.”
Note that the reference there is financial stability, not financial independence - this is important. FU money is the concept of building up enough money so that you feel you can leave your job if you want to, without fear. You have enough to cover your expenses for an extended period - not forever, but for long enough to safely find another job on your own terms.
Making work optional has been my purpose all along. There are times in my life where I love work, I enjoy getting up on a Monday and look forward to working. Then there are other times, where I would love nothing more than to be on the golf course 4 times a week, or just staying at home spending time with the family and doing housework. It sounds lame, but my real motivation for me trying to achieve financial independence is just to allow myself to make work optional.
I recently applied for what I would consider my dream job. It was a role with Hockey Ireland and the position was titled ‘Munster Development Officer’. The job objective was to help set up hockey clubs in Munster and promote hockey at grass roots level - it was pretty much exactly what I had been on a volunteer basis over the last 3 years or so.
I felt I interviewed well, but unfortunately wasn’t offered the role in the end. While I was disappointed, I knew deep down it was the wrong time for me to be taking such a role. It would have meant a significant pay cut and I wasn’t in the position yet to take such a drop in pay - I wasn’t in a work optional position yet.
I know that what I needed to do was work towards putting myself in a work optional position. This would mean working full time for a little longer, but I want to know that if a position like that comes up again, I will be in a better position to take it.
Alternatively, it might just mean taking some extended time off and rolling with the punches for a while, or taking on a software development project at a lower rate than normal because it is a project that I am passionate about , or just freelancing on a casual basis.
Fire Dave, Co-Host of The Limerick FI Meet Up Group set up a business recently to help people reduce their utility and internet bills. It is a great service and if you are interested in learning more, check it out here. Dave shops around for you and finds the best deal at no extra cost to you.
I will be presenting at The Limerick FI Meet Up Group on the 8th of December. It is free and anyone is welcome (it is online), so come along and hear me present.
I will also be speaking again at the next FIRE DAVE event on the 10th of January. The lineup of speakers looks great, so definitely check this out.
I will do another charity promotion, so if you use this affiliate link to purchase a ticket, commissions earned using this affiliate link will be given to charity (and I will announce the selected charity in February).
As a bonus too, use the referral code MIKE25 to get 25% off the price of your ticket.
|Portfolio Summary (as at 30th November 2021)|
|Monthly Portfolio Growth Report|
|Capital Gain + Dividend Income from Equities||€3,283.80|
|Real Estate Income||€606.95|
The table below shows the breakdown of my portfolio into the various asset classes:
|Portfolio Asset Breakdown (as at 30th November 2021)|