It’s been over two years since I quit my job and started following a different path, making a living using my own wits, rather than relying on an employer for my livelihood. These days, I earn my living by writing and doing gig economy work. It’s not a glamourous life, but it’s an enjoyable one for me.
My life looks very different from what it used to look like. Two years ago, I could have counted on one hand the number of nice days I was able to enjoy during the workweek. These days, I spend almost all of my time outside, exploring the world and doing things that I find engaging and interesting. I like to think that I’m in the world now, rather than letting the world pass me by through an office window.
Making this big leap wasn’t something I did overnight. It took years of work – work that came with no guarantees. In 2016, I launched this blog, and through the highs and the lows, I kept writing, trying my best to produce engaging content that could help and entertain people. By 2019, my writing was bringing in some decent income – not huge amounts of income, but enough that with my blog and side hustles, I’d probably be fine.
Even when I got to that point though, I still had to push myself to make that last leap. There are countless people out there that have probably reached this same point. But maybe they haven’t made that last leap. They tell themselves they can’t make that final jump. Or at least they don’t give themselves permission to do so.
That’s what it takes. You have to give yourself permission to try, even when you’re trying something with an uncertain outcome. Here’s how I gave myself that permission.
I Gave Myself A Cash Buffer
When I wanted to make the leap to self-employment, I knew that I’d only have the guts to do it if I had a cash buffer in place. I come from the mindest of a risk-averse lawyer, so for me, I needed to have one year of expenses set aside to feel safe. If I didn’t earn a single dollar, I’d still be fine for a year. And if I could supplement my cash buffer with gig economy work, I could probably make it last another year or even longer depending on what I could make.
It ended up working out well for me. In that first year, I rarely had to touch my cash buffer – I earned enough from the gig economy and this blog to keep that cash buffer intact. And while I had a feeling that would be the case – that I wouldn’t need to touch that cash buffer- having it there is what I needed to make the leap. Without it, I wouldn’t have had the guts to try to make it on my own.
A lot of people will tell you that keeping cash on hand isn’t smart. Mathematically, I get that – you can earn more on it by putting it somewhere else. There are ways to deal with this (using my 5% interest accounts system). But even without any money hacks, cash is still probably the most important thing you need if you want to do something outside your comfort zone. If you have cash, you can do a lot of things you might have told yourself you can’t do.
I Reached Coast FIRE
Coast FIRE is the point in your financial independence journey when you’ve saved enough that, given enough time, you likely won’t have to save another dollar and will still have enough to support yourself at traditional retirement age. You can think of it as the tipping point in financial independence. Get to Coast FIRE, and things become much easier.
For example, imagine you’ve managed to save $200,000 by the time you’re 30 years old. Assuming you retire at 65 years old, that leaves you with 35 years for the money you’ve already invested to grow and compound. If you did nothing with that money and averaged a 7% rate of return per year, you’d end up with $2.1 million. It’s all thanks to the power of compound growth. Get enough money to start with, give yourself enough time, and your money can grow to unbelievable amounts. (I wrote a more detailed post about what Coast FIRE is here).
Coast FIRE is a powerful position to be in, which is why I tell people to live like a student early on and put their money away. When saving money becomes optional, you’re left with a lot more options. You don’t technically need to save for the future anymore. And if all you need to do is support yourself, there are almost no limits to what you can do.
I put myself in a Coast FIRE position by accident a few years ago. I was so focused on reaching financial independence that it never occurred to me that maybe I didn’t have to get to my full financial independence number to go and do what I really wanted. When I realized I was at Coast FIRE, suddenly, I felt like I could give myself permission to try new things.
I Created Backup Plans
Life is far too fluid for any single plan to work. We all have ideas about how we want our lives to look, but it never happens exactly how we think. I started my legal career thinking I’d have a good career as an attorney for 30 or 40 years. But that didn’t work out.
When I made the leap to self-employment, I wrote down several backup plans I had in case my self-employment journey didn’t work out. Most of my backup plans involved getting more schooling so I could get a different job. I told myself I could go to coding boot camp and get a job coding. Or I could get a library science degree and become a law librarian. Or worst-case scenario, I could probably go and get another job as a lawyer.
You can believe in yourself but also have backup plans. Backup plans aren’t a sign that you don’t believe in yourself. It’s just a sign that you’re giving yourself permission to try something and that if it doesn’t work, that’s okay too.
I Had A Spouse With A Good Career
One thing that many business owners and self-employed people forget to mention is that they have supportive spouses that can earn income even if they fail. I’m no different. I’m married to a medical professional in a high-demand field. No matter what I earn, her income will likely always be enough to support our entire family (and it makes sense that it would be – she spent over half a million dollars to get this career).
Some naysayers will point out that this fact is why my story can’t apply to others. And perhaps there’s some truth to that. Not everyone can afford to take the chance to try something different. For many, their jobs might be the only way they can support their life. They’re paid just enough to be comfortable.
But this can also be used as an excuse too. Some people will tell themselves they can’t try anything because they don’t have that perfect situation. The fact is, there’s never a perfect time to do anything. All you can do is be flexible, give yourself room to work with, and have the guts to try.
I Gave Myself Permission To Fail
Perhaps the most important thing I did was to tell myself that it was alright to fail. I think this is something that holds many of us back more than anything. Putting yourself out there is scary. It’s a very visible thing when you bet on yourself. There’s no shortage of people who will tell you what a mistake you’re making. And if you fail, plenty of people will laugh and tell you that they told you so.
You have to give yourself the permission to fail if you want to give yourself permission to try anything. You’re always going to suck at anything when you start. And everything you start won’t work out either.
That’s okay though. Roll with the punches. When I went all-in on myself, I knew I might not make it. I might have to go back and get a job. I still might have to do that. If it happens, I know I’ll get ridiculed for trying.
You have to accept that some people will cheer if you fail. And you very well might fail too. If you can’t accept that, you’ll never try.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Digital Federal Credit Union ($100) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on January 31, 2023. As long as you get your account opened before January 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- OnJuno ($60) – OnJuno is a fintech/neobank that is currently offering a $10 referral bonus if you open an account using a referral link and make a deposit of $50 or more. You will also get 1000 JCOIN. The 1000 of JCOIN is cryptocurrency. At the time I'm writing this, it'll be worth about $50. Check out my OnJuno referral bonus guide here.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
I’ve been reading this blog for a while now, and I think this is my favorite post. It can be really scary to follow a different path, or even to change from the path you are on when everyone around you (like people at your current job) would judge you. I also appreciate the acknowledgement that different people have different ability to withstand bad outcomes if things don’t work out (like if there isn’t another income earner in the household, no family members with money who could help out if needed, etc). I’ve had two very big tried-it-and-failed attempts at career changes, and both times I was able to take a risk because I had built up big financial cushions that I could rely on if needed. And when it didn’t work out, I went to the backup plan. Sometimes I feel embarrassed at these past failures, but I have no regrets that I tried.
Thanks so much for your blog and congrats! Somehow I didn’t realize you’d only been coast/barista FIRE for 2 years, I’d thought it was longer.
I enjoy reading these posts as I feel I can relate to your strategy, even if I am much lower income than you guys/my spouse’s situation is VERY different than yours (he is currently not earning income). There’s always something to get out of this. For instance, with us my spouse quit his job right before shut downs- whoops! But he was doing deliveries until it dried up in our area, in large part inspired by this blog. For a while it was very lucrative. Also he hustled for a long time previously and our house is paid off in 2 years, and he’s got a great start on retirement savings. So we can manage while he has more time to see what he wants to do next. He can take one-off work instead of committing to a 9-5, or even quit a job that’s not working for him. And I am able to catch up hardcore on my savings too- it looks like I’m maybe coastFIRE now? I literally had $0 in savings 2 years ago, so these strategies can really go a long way, especially if your COL is low. Also I don’t hate my jobs either so I will likely work them indefinitely- just back off the hours at some point.
No sense at slaving away for no reason- there’s always a way to figure out a more meaningful/fulfilling lifestyle.
I love this so much. You did it right. You built up that cash buffer, and then you gave yourself permission to fail!
We all fail, and frankly all of my failures have had huge learning opportunities built into them. So every paper failure, was actually a success in some way.
The best thing you can do is give yourself a chance, and just get going!
I actually didn’t realize you quit your lawyer job two years ago. I thought you were just making less money as a non-big law lawyer. So congrats on two years of self-employment!
I’m glad you highlighted that you have a doctor for a wife who makes presumably multiple six figures a year. It’s important to lay all the cards out so that people understand and can make more informed decisions.
I’m curious to know what your father thinks about what you’re doing now and your family situation? You had mentioned in a previous post how your father disapproved of you leaving a big law firm. What does he think about you not having a normal day job?
My parents, curiously enough, don’t care about pretty much anything I do with regards to career and money. It’s so strange, given they are Asian parents.
Now if I can only get my wife to go back to work! 🙂 Any suggestions?
Sam
First, congrats on the 2 year mark of quitting your job. And also congrats on reaching coast FIRE!
Second, the bit about giving yourself permission to fail and “rolling with the punches” definitely resonates with me. Having done a bunch of side hustles the past 5 years, “getting punched” and “rolling with it” is almost a prerequisite in engaging in any form of entrepreneurship.
“I have a spouse with a good career” The missing ingredient! I wish someone told me way back when how important it is to find the right partner. Some are lucky it just happens organically or in college. What a difference that can make for these goals over the course of a lifetime.