The key attraction of financial independence for me is that it creates more time to do the things you want to be doing.

Many of us are only doing certain jobs and spending our time in certain ways because it is what pays the bills and helps us to get ahead. Even if this is time that is not enjoyable. That is the story for many New Zealander’s. There are people that truly are excited about their work, but I would say for the majority it is more of a chore than a desire.

With financial independence you spend your time how you wish without worrying about income. You can work if you like, but it doesn’t have to be full time. It can be work you love. It can be work that fits around YOUR schedule. A schedule that includes all the things that bring you the most happiness. Volunteering. Exercise. Sport. Time with family. Travel. Learning skills or instruments. Teaching. Writing. Whatever your desires are, you can go after them. This is infinitely harder with an unsatisfactory full time job.

You can always make more money, but you can’t make more time

When we are first out of school, we think we have all the time left in the world but not much money. So we go off and chase as much money as we can and work as many hours as we can. This is the time to chase money and get money working for us from an early age, to allow compounding to do its magic.

We probably don’t have a family and kids at this stage, nor a lot of responsibilities. We have a lot of leisure time that can be used to earn money so we can buy that car. Buy that house. And hopefully save too. Time seems unlimited.

The temptation to spend all your money will probably be there and that is perfectly normal. By spending all your money though, you are basically saying that I am happy to have traded my time for ‘things’. This will make it impossible to buy a house, retire early, or anything else productive that money can buy. The most productive of which is time.

If I could go back in time, I wish I realised this sooner. I spent all my income all the way through until my late 20’s. I valued short lasting happiness such as clothes, music, and beer. But there is nothing more important in life than time and freedom. Money can buy both if saved and invested in the right manner.

When we are in our 20’s and early 30’s we don’t mind working in jobs that we aren’t too passionate about. We are just happy that we have a job and are earning money. This is the time for you to take advantage of this period of your life and squirrel away as much as you can. At this age you want more money, and feel like you have all the time in the world. During this stage you should still have passions, but they are only part time. They may or may not bring in money.

As you approach your mid to late 30’s though, you may become a bit disheartened with your job. But thanks to the previous 10 years of aggressive savings, you will now be in a position to start pursuing your passions for income. At this age, time starts to become more important than money. As our years on earth start ticking down, time becomes more valuable, and how we spend that time.

We don’t want to spend our whole lives in unfulfilling work. By setting yourself up as early as possible, you allow yourself the freedom to start pursuing more fulfilling work and passions, even if it means lower pay. Without the hard grunt up front, this wouldn’t be achievable. So make the most of your hard work in your early years, and don’t waste all your money. Because money saved is your ticket out of the grind. The more you save, the sooner you can confidently do more of what you love.

As we age, money loses its importance and time gains in importance. Time is scarce and things become more valuable as they become more scarce. Think toilet paper or flour during the height of the Covid 19 pandemic!

Once you realise this, you realise you will want to spend more time on the things that you value in life.

In my opinion there is no point in earning more money that you will never need or will waste. Find your ‘enough’ point and work around that.

By wasting money we are effectively selling out on our future time. If you are doing this, you better love your job forever. If not, then start to give your time the respect it deserves by focusing on smart money moves that will allow you to live your best life today AND tomorrow.

If you need help with optimising your lifestyle, then get in touch today.

The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice. You can read more of my disclaimer here