Financial independence can be a great goal to aspire for. It can free up lot of mental energy to enable you pursue things that really excite your without worrying about money. It can possibly give you time and freedom to do things you are truly passionate about. It can also make you not fear your manager, in case you are stuck in such situation!
However the path to financial independence can be a tricky one and it may sometimes be a tough call between enjoying the present versus saving for future. And in some cases financial independence may not even be a right goal to aspire for.
Don’t get me wrong here. Financial independence can be a great life stage one can hope to reach but then, you need to understand the cost it may possibly come at.
Here are 3 cases where, IMHO, one can be better off not pursuing this lofty goal of financial independence.
- Too much cutting corners (assuming fairly decent source of income) where you end up not enjoying even basic things in life. Clichéd it may sound, but balancing present and future, even though not too simple, is important. Reducing unnecessary expenses and cost of living can be a great enabler, but if overdone, it can be a double edged sword. So, don’t fret about that occasional coffee at Starbucks or that new pair of jeans once a while, as long as you are on the right path!
- Excessive worrying about the goal and getting obsessed with it at the cost of other things. Peace of mind is more important, even if comes at the cost of a lofty goal that may rob you of peace of mind. Isn’t it?
- No “planned” activity once you are financially independent. While it may be ok to explore later on, beginning with an “absolutely clueless” approach may not be the right beginning. Who knows, you may be better off living in the present rather than the utopian nothing-to-do financial independence land!
If any of the above holds true for you, how can you possibly find a middle path?
I don’t have any answers, but may be you can aspire for second best option – partial financial independence.
Anything else you think makes the goal not worth chasing? Do share.