How to Achieve Financial Independence

A key part of financial independence is being able to make your own decisions regarding your money. But what decisions are those, exactly?

To answer that, ask yourself these questions:

1. What do I most want to accomplish? Experience? See? Learn? What do I need in order to feel fulfilled?
2. What do I value most in my life? What do I want to protect?
3. What can I least afford to lose? What am I most afraid of losing?
4. What needs to happen for me to have peace of mind?

The answers to these questions determine what decisions you need to make. Think of it like taking a road-trip. Before you go anywhere, you first need to decide on a destination. That destination will in turn determine what roads to take, what supplies you’ll need, and how long it will take to get there. So in essence, the first step to financial independence is choosing your own life’s destination.

Choosing a destination can be a surprisingly daunting task. But it can also be a very enjoyable one! Take, for example, the story of John Goddard.

If you’ve ever read the book Chicken Soup for the Soul, you might be familiar with Goddard’s name (his story was included in the book). But in case you don’t know who he is, prepare to be amazed. He was the first man in history to explore the entire length of the Nile. Still thirsty for more, he also was the first man to ever explore the length of the Congo. He’s climbed the Matterhorn, lived among native tribes in Brazil, Borneo, and New Guinea (among others), and somehow found the time to learn how to fence, fly a jet, and play the violin.

How did he manage to do all these things?

It all started like this. One rainy afternoon, when he was 15 years old, he sat down at his kitchen table and wrote three words:

“My Life List”

His list consisted of 127 goals: Climb Mt. Kilimanjaro, Fuji, and Vesuvius. Visit every country in the world. (He made it to all but 30.) Photograph Victoria Falls in Rhodesia (where he was chased by a warthog). Dive underwater to explore the Great Barrier Reef. Visit everywhere from the Great Wall of China to the Taj Mahal, and 119 other goals in between.

Goddard died in 2013 at the age of 88, but not before completing 111 of the goals on his amazing list.

It goes without saying that Goddard is inspiring, but I think he’s a great example as well. While not all of us may “study native medicines,” like he did, or even want to, we all can sit down and decide what we really want in life. This is especially important when planning for retirement. With a little imagination and a little planning, retirement can be whatever you want it to be.

Works Cited

1. Bach, D. (2016). Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams. Random House.
2. Robbins, T. (2017). Unshakeable: Your Financial Freedom Playbook. Simon & Schuster.
3. Orman, S. (2009). The Money Book for the Young, Fabulous & Broke. Riverhead Books.
4. Vanderkam, L. (2014). What the Most Successful People Do Before Breakfast: And Two Other Short Guides to Achieving More at Work and at Home. Portfolio.
5. Ramsey, D. (2017). The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. Thomas Nelson.
6. Bach, D. (2010). Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age. Broadway Books.
7. Thakor, M., & Kedar, S. (2014). Get Financially Naked: How to Talk Money with Your Honey. Adams Media.
8. Grant, R. (2016). Financial Freedom: A Proven Path to All the Money You Will Ever Need. Lioncrest Publishing.
9. Lynch, P., & Rothchild, J. (2001). One Up On Wall Street: How to Use What You Already Know to Make Money in the Market. Simon & Schuster.
10. Hogan, C. (2020). Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too. Ramsey Press.