I look back on my own journey to financial freedom with great pride and satisfaction, as there was once a version of me who was extremely dissatisfied with his financial position in life.
And it’s that dissatisfaction that led to the turning point, as I was motivated to make the change.
There are quite a few ingredients that go into a successful run at financial freedom early in life.
You have to be young to start with, as you can’t retire in your 40s if you’re already in your 50s. You have to make a halfway decent income. You have to be able to get your expenses low enough in order to pump up the savings rate. You have to have a personal situation that allows for major life changes (such as a spouse/partner who’s supportive to a certain degree).
But I think there’s one ingredient that’s more important than any other.
It’s an absolute necessity – one must have this before they begin the journey toward financial freedom.
Will
One needs will.
Merriam-Webster defines will as: used to express determination, insistence, persistence, or willfulness.
If you’re not absolutely determined with every fiber of your being, it’s going to be a long, tough road.
I can tell you that. And it might not happen if you’re not totally committed. Even with maximum determination, it’s still very difficult. As such, giving it anything less than 100% makes it that much harder and more unlikely.
Will becomes a manifestation into knowing that you will do something.
Will isn’t just insistence. Will is knowing. Will is believing without doubt.
I will become financially free before my 40th birthday. I will do whatever is necessary. So on and so forth. You visualize what will come to pass – and then it comes to pass.
I used to imagine this future me who was already financially independent, writing away at the coffee shop, enjoying life in a very happy and carefree manner.
That future me became the me of today through action.
But you have to be persistent.
When others tell you that it can’t or won’t be done, you persist.
When saving becomes difficult, you persist.
When the stock market becomes volatile, you persist.
When working two jobs becomes exhausting, you persist.
I speak from experience.
I Willed Myself
People used to give me funny looks when I showed up to the car dealership via the city bus. Co-workers would make fun of me because I was eating ramen noodles for the 100th time in a row. Working 50+ hours at the car dealership and then going on to write and research investments at night was exhausting. When everyone was moving one way, I was moving the other. It was lonely. And it was hard.
But I persisted.
I willed myself forward, toward the me I wanted to become.
And I hit financial freedom about six years after I decided to seek it out with every ounce of effort I could possibly muster.
While there are drawbacks to the lifestyle, I consider the benefits to far outweigh them.
Desire is cheap.
Many people want the life they think will make them happy (or at least happier than they currently are). Everyone wants to win the lottery. We all want to be richer, healthier, and happier.
But very few people are willing to do that which is necessary (with 100% commitment) in order to bridge the gap between where they’re now at and where they ultimately want to be. They lack will, absolute commitment, and unending persistence. To want without the matching will is setting oneself up for failure and disappointment.
They may start the climb up the mountain, but then they stop. Life gets in the way. Or it gets too hard. Or something else occupies their attention.
And so you must persist. You must have will. And you must know that it’s going to happen.
It will happen because you will make it happen.
Conclusion
If I had to name one ingredient that’s more important than any other in order to reach financial independence early in life, it’s will.
Without it, it’s nigh impossible to become free very quickly.
One could get there in 15-20 years or so with much less effort. Then again, one could retire at 65 and live off of Social Security.
But extraordinary output requires extraordinary input.
And so if you really want to reach financial freedom early in life, relentless will is more important, in my experience, than any financial metrics you could possible think of. After all, many people out there make six-figure salaries but live paycheck-to-paycheck. Do they have the absolute will to change? I would think not.
Keep in mind, too, that the kind of will I’m discussing benefits one’s life not just in terms of reaching financial freedom. If you’re able to fully harness it, you’ll be capable of amazing things in just about every aspect of life. Moreover, it’s possible to direct that will as you please.
What do you think? Do you have relentless will? Has it served you well?
Thanks for reading.
Image courtesy of: Stuart Miles at FreeDigitalPhotos.net.
Hi Jason,
You are referring to grit here and this a fundamental quality to achieve success along with self reflection and assessment to ensure the pursuit is worthwhile and reasonable.
The mathematics and organizational design of your plan was sound so you weren’t just using grit in a poor scheme that was unsound. You really need both.
Thanks for writing this.
-Mike
Mike,
Yeah, grit is another term one could use for it. Having proper understanding/execution of the math side of the equation is pretty obvious, so that kind of goes without saying. But before you even get to that spot, you need to have will. It’s easy to figure out one needs to save 50%+ of net income and invest it intelligently; it’s another thing altogether to actually do that year in and year out over a long period of time.
Best wishes!
Interesting read and I generally agree. Having will is so important, and like you said, it impacts more than just your finances. For example, I recently decided to go back to the gym. Day one was a struggle. I’m currently on day 2 and I feel like I’m already losing will power.
Regarding finances, there’s an old saying that, “nothing changes if nothing changes.” Changing your will power with regard to your finances is definitely one of several key ingredients necessary to achieve financial success.
DP,
Yeah, definitely. If you’re able to properly harness will, it’ll likely positively affect the rest of your life. The gym is a great testing ground for that. I’ve been working out since I was 11, but I think I’m currently in the best shape of my life. Rocking a six-pack at 35 years old isn’t easy, but neither is a lot of this financial stuff. Gotta have what it takes. And not everyone does.
Thanks for dropping by!
Cheers.
ooh yes I do have relentless will. I am not the smartest person in the room, but I have drive and the will to accomplish anything i want, and my biggest goal is to retire before 40 years old while supporting a family.
FV,
If you have that relentless will, there’s nothing stopping you. 🙂
Best regards.
Hi Jason. I’m new to the dividend investing community (although I have been a fan of yours for a while). I definitely agree having a strong will is essential to achieving your goals. Persistence is key. The last 3 ½ years of my life have been the most trying times, yet I persisted financially and otherwise. I saved, invested, and endured. I willed myself to do it. The results of that today are amazing. And I plan to continue. Thanks for sharing your journey to financial freedom and the knowledge you gained on that journey.
MDD,
Persistence is so important. When things get hard, it’s easy to give up. It’s much, much harder to endure. But that’s exactly what makes the end result that much sweeter. If it were easy, it’d probably be a lot harder to appreciate so much. Anything worth having is worth working hard for.
It’s easy to figure out what one has to do to accomplish something. Anyone can do math. It takes a special person to execute and persist for years on end.
Thanks for stopping by!
Cheers.
Another great post and a lot of people should read.
It takes a lot of work and lots of sacrifice to retire early. If people work really hard with 2 or more jobs, a job and a side hustle, or multiple businesses then will a WHOLE lot better off if they invest as much extra money as possible. They also have a lot of sacrifices like no cable, cheap phone packages and less entertainment. As Dave Ramsey said, “You got to live like no one else, so later you get to live like no one else”
The economy is really slow the last few years here in Alberta, but I am kicking myself that I didn’t try to pick up some extra work someone. Employment insurance has run its course and no breaks. So, I invested in myself and hopefully I will be rewarded with a adequate paying job soon.
IP,
Absolutely. Talk is cheap. Desire is common. The ability to will yourself, persist through everything, endure, and do what’s absolutely necessary is far less common. Otherwise, everyone would be financially independent in their 30s. The math isn’t hard to figure out. I figured that out within a few days of looking into this stuff. Realizing what was necessary was a lot harder to swallow, but I was more than willing (because the alternative was unacceptable).
I do hope you’re able to land something. Sorry to hear about the job troubles. Your situation is just one more reason why this lifestyle is so valuable. People think paychecks are a “secure” way to live, as if not relying on a job anymore (and instead relying on passive income) is somehow inherently more dangerous. But that’s not the case at all. A job can disappear quite quickly. And dozens (or hundreds) of income sources are a hell of a lot better than just one. But to each their own.
Thanks for stopping by.
Best wishes!
Jason,
Another great article. Could not agree more, I think to reach FI you have to be different to most people, perhaps it is even either in your DNA or not, because it amazes me how few people seem to even stop to comprehend what is possible if they have the will.
When I was nearing FI, I was still driving the cheapest vehicle where I worked, when I was not getting the train. My net worth though was infinitely more than those driving flashy vehicles, they thought I was crazy and would not have dreamed of taking public transport. They are all still working..
Regards,
DT
Ross Malt,
Absolutely agree. Not everyone is built for this stuff. Not everyone is built to maximize their human potential, for whatever reason. It’s perhaps part of the human condition. And one has to factor in averages. Not everyone can be in above-average financial, physical, and mental shape. That said, I believe there are a lot of people out there leaving a lot on the table. And I only try to inspire those with untapped potential. Because it’s pretty amazing what’s possible when you tap into that.
Some of my co-workers used to laugh at me for riding the bus (or my scooter) to work. They weren’t laughing anymore when I put in my notice and retired in my early 30s. 🙂
Cheers!
So true. One saying I hear a lot is work hard, play hard. If I had my take I would make it work hard, save hard. Save that money when your young and it works wonders for you to chase your dreams in the future.
ADD
ADD,
Hard work is wonderful. I’ve worked really hard. But working hard without working (and acting) smart probably won’t get you very far. And if you don’t have the will to make that leap – to maximize your potential and give the go all you’ve got – you’ll probably just find yourself old, used up, and unhappy down the road. Working and playing hard is one thing at 25. It’s quite another at 55. But it’s not common to think about the latter when you’re the former. This kind of hearkens back to the YOLO tagline. In my view, that’s a great tagline, but for all the wrong reasons. It’s precisely because I only live once (and not a very long time at that) that I wanted to be free as soon as possible.
Cheers!
Jason,
Another great write up. A belated congrats on reaching financial freedom and living life on your terms:- )
As you say, life can get in the way and test you. You have to be relentless to say no to the dinner invitations, short trips away, and social gatherings to the pub etc. Sure, once on a blue moon wont hurt, but you have to be adamant about sticking to the regime.
You have to be relentless in soldiering forward, when your colleagues, friends or family say it can’t be done/ are in denial.
Yes, it can be lonely when most folk don’t share your FI goals and new vision on life. It takes sheer will to overcome that.
So, relentless will has served me well and it’s this bout of energy and commitment that will carry us over the finish line.
thecannycontractor,
Totally agree with you there, re: colleagues, family, friends, etc.
I’ll sometimes get asked by people what they’re supposed to do when people in their life don’t support/believe them. The answer is, you soldier on. If you want to end up like them, live and act as they do. But if you want extraordinary output, it requires extraordinary input. Many aren’t equipped for that. You have just move around these people the best you can, unfortunately. I’ve learned that FI is a really niche lifestyle/passion. Can’t help everyone. So I only aim to convince/help/inspire those that are receptive and fit for it. Otherwise, you’re just spinning your wheels.
Besides, proving them all wrong is half the fun! 🙂
Best wishes.
Jason,
Great post. My will is tested regularly by people who either don’t believe or understand the math, or whose vision is so clouded by if / than statements that they can never see the end of the game. In our society, considering how people live, I think the ability to retire in general requires will – not just for early retirement.
So many of my friends think they will work up until or close til when they die. It is so sad, but that is their business – I offer them help free of charge and most just shrug it off as only big changes make up the difference in their minds. A few of my friends see it all our way, and as I repeatedly remind my wife ‘we will retire, and when people complain to us later it will be our turn to shrug it off.’
– Gremlin
DG,
Agreed. Most people are just moving in the same direction as everyone else, almost without thought. They’re followers. Society is like a giant school of fish. When you swim in a different direction from that school, most people just can’t/don’t comprehend it. And that’s okay. This lifestyle isn’t for everyone. Some will never get it. And those people will likely be working for most of their lives. To each their own. I’ve never tried/wanted to force this stuff on anyone. My aim is to help/inspire/educate those who are genuinely interested in making the change.
I remember certain family members physically laughing at me when I told them what I was going to do. This was way back in 2010. Fast-forward just a few years later, and some of these same people were the first in line looking for a handout. Guess who laughed then?
Anyone can wish upon a star. It takes relentless will to build your rocket and ride it up there.
Best regards.
I retired at age 35 with about 7 figures invested in dividend stocks. I basically conceived the plan at 31 and it took about 4 years to carry out. It really wasn’t that difficult I just had to reduce my wants for a few years and work a lot of hours.
Lobo,
Well, the more money you make, the greater the opportunities. To amass a seven-figure portfolio in four years would take a mega income. That said, even those who make a lot of money still often live paycheck-to-paycheck due to insatiable desires. No matter the income level, one still needs that will to see the plan through. It’s one thing to do math in your head. It’s another to carry things out in real life.
Cheers!
This is spot on. I’m closing in on 5 years FIRE. I got here because I was mightily determined and no reason other.
FV,
You’ve been there longer than I have. I’m glad you concur. 🙂
Thanks for stopping by!
Best regards.
Last month I hit my FI number. It happened three years and two weeks after I started an office job and realized how absolutely soul-sucking a regular job truly is. Having a boss, set hours, and constantly being around people not of my choosing? No, no, no. Not for me. After I started the job I was bound and determined to hit FI as soon as possible. My savings rate in 2014 (I started the job in July 2014) was 73%. In 2015 that jumped to 82.5%, then 84% last year and 90% so far this year. My spending dropped from ~$19,000 in 2014 to ~$15,000 the last two years and my side business income picked up. Of course all the extra cash went directly to investments.
Yes, relentless will has served me well.
Funny story: the guy in the cubicle next to me is turning 65 and retiring next month. I was talking to him last week about his retirement and he teased me about how long I have until I can retire. He knows I save/invest a lot, so he said I’m probably going to retire a lot sooner than 65. He then asked how old I’ll be when I plan to retire. I told him 35. He laughed and asked “aren’t you 35 now?” Yes, yes I am. Little did he know, I wasn’t joking.
Travis,
That’s awesome, man. Good for you. Congrats!!
There’s no possible way you could have achieved all of that without that relentless will. You could have thought about it. Dreamed about it. Wished it. But you couldn’t have achieved it. It’s too hard to do so without an unyielding focus. You could save a lot for a little while without much will, but not for long. It just can’t be sustained unless you’re willing to go past the normal threshold of what most people will consider tolerable.
Your story reminds me of my old job. People didn’t really believe I was going to do it. Not even with the Today Show came out to interview me. I just don’t think most people have the mindset to even comprehend it, let alone actually pursue and accomplish it.
Thanks for sharing!
Best wishes.
So I followed you at Dividend Mantra, and for some reason you popped into my head a few days ago and I googled your name…and here you are, still doing the same thing and still doing better than me financially even though you’re about 15 years younger! I started investing at 35, kinda late, but not too late.
You’ve got a wonderful way of explaining your strategy and your reasons for it. Keep it up, thanks for the guidance. And by the way, I just added to your fund by buying your book. Can’t wait to read it!
Russell,
Hey, so glad you found the site. Still doing what I do, although I’m focusing on content that’s a little bit different now. Really enjoying it. It’s a blessing to be able to write and help/inspire others. Very fortunate!
Thanks so much for grabbing a copy of the book. I hope you enjoy it. I’ve grown a lot as a writer, so I know there’s some stuff in the book that should probably be edited/changed now. But I might make up for that by putting out a second book at some point here.
35 definitely isn’t too late. There are some people who don’t start… ever.
Stay in touch!
Cheers.
Hi Jason, I fully agree with you. A lot of my friends are jealous because I don’t need to work anymore and that I can pretty much buy anything I want. They say I made my money the easy way because the stock market went only up since I started investing. When I ask them why they don’t do it if it is so easy they tell me they don’t dare to make the leap. What my friends didn’t see where they hours I spend making a second income and studying those stocks.Even now when I no longer need to work, I still work longer days then my friends just because I like the job I have. I always enjoyed my job, but now that I no longer need that paycheck I enjoy it even more. But I managed to get some friends investing early in some Belgian holding companies that have a history of growing dividend and some international stocks. I told them to buy stocks in companies from which they use products every day ( they all ended up with KO-stocks) and they told me it is great to see monet coming in without working.
Cheers,
Geblin
Geblin,
Shoulda, woulda, coulda. Excuses are easy. Results are much more difficult.
It’s the crab mentality. People don’t know how to escape from the pot they’re in, so they try to drag others down to their level. When they see someone doing something they’re not, they try to trivialize the success of that other person. It’s just mental gymnastics. Makes them feel better about their own insecurities and failures. I guess it’s necessary, though, as the vast majority of people aren’t terribly happy.
But you’re free and happy. That’s all that really matters! 🙂
Best regards.
Another thing that can help is being without Debt, can elevate a good saver into FI status. Good post.
RichUncle EL,
Right. The math is pretty easy to figure out. If you have debt, you have to pay it off before you can really start to get things moving. But if you lack the appropriate will, the debt won’t be paid off. You need will before you tackle the money stuff. Otherwise, you’ll be stuck in the same spot as everyone else. 🙂
Cheers!