The long since retired slogan of Freedom 55 is best left in the marketing dustbin according to Jon Chevreau. In its place? Financial Independence. Here’s why.
Retirement, the concept, is a completely anachronistic idea (we’re paraphrasing here) in Chevreau’s opinion.More often than not, quitting work entirely leaves people “unhappy and unfulfilled.” A healthier alternative, Chevreau reasons, is Financial Independence.
The Financial Independence CFO (Chief Findependence Officer) and long-time finance journalist wrote an excellent piece on the subject November 7 with assists from several financial planning experts in both Canada and the United States.
The gist of the article is that financial independence, the stage in life where you have multiple options available including “not working,” is a far more realistic and attainable goal for young and old alike.
Quoting Washington D.C.-based financial planner Michael Kitces, “Being financially independent is about being independent from the need to work, which then opens the door to more productive conversations about whether we want to work, and what meaningful work might be.”
The Freedom 55 version of retirement where you’re on the golf course 24/7 is not only hopelessly out of date, it’s incredibly depressing to boot.
My background is in financial services; about a decade ago I came to the conclusion that writing about finance, rather than doing it, was my true calling. But this was later in life (I was 40 when I had this revelation) and so, after many difficult years of freelance, I’ve managed to put together the semblance of a career in financial journalism.
My point?
I never want to stop writing, whether it be in five years or fifty. Under the financial independence scenario I’d be free to choose the amount of writing I do including how much of it I provide pro bono. While I’m not nearly there at this point it’s a more realistic destination than packing it in forever.
The Financial Independence CFO (Chief Findependence Officer) and long-time finance journalist wrote an excellent piece on the subject November 7 with assists from several financial planning experts in both Canada and the United States.
The gist of the article is that financial independence, the stage in life where you have multiple options available including “not working,” is a far more realistic and attainable goal for young and old alike.
Quoting Washington D.C.-based financial planner Michael Kitces, “Being financially independent is about being independent from the need to work, which then opens the door to more productive conversations about whether we want to work, and what meaningful work might be.”
The Freedom 55 version of retirement where you’re on the golf course 24/7 is not only hopelessly out of date, it’s incredibly depressing to boot.
My background is in financial services; about a decade ago I came to the conclusion that writing about finance, rather than doing it, was my true calling. But this was later in life (I was 40 when I had this revelation) and so, after many difficult years of freelance, I’ve managed to put together the semblance of a career in financial journalism.
My point?
I never want to stop writing, whether it be in five years or fifty. Under the financial independence scenario I’d be free to choose the amount of writing I do including how much of it I provide pro bono. While I’m not nearly there at this point it’s a more realistic destination than packing it in forever.
