I’m not financially independent – not even close. To support my lifestyle, I have to actively earn income, whether that’s by writing, side hustling, or doing whatever else it is I do for a living.
Here’s the interesting thing though. Even though I’m definitely not financially independent, some people seem to think that I am. It might be because I write about financial independence, which gives people a false sense that I’m already at that point. But it might also be because of what my lifestyle looks like. If you were looking at me from the outside, it doesn’t look like I have many obligations. I seem to do what I want when I want.
That’s not to say I’m lounging around doing nothing. Indeed, now that I have a kid, I’m probably busier than I’ve ever been in my life. It’s a different kind of busy though – busy because of things I need to do, not necessarily because of things that other people are telling me I need to do. There’s something different about it when your life is busy because of your own obligations and not because of the obligations that others are putting on you.
So maybe people do have a point about what my life looks like. I’m not financially independent, but there are characteristics of my life that make me seem like I’m financially independent. Here are a few things that come to mind.
I Don’t Have Any Real Schedules Outside Of My Family Schedules
Perhaps the biggest change compared to most people is the way my schedule is set up. Back when I had a regular job, most of my day was built around a clock that someone else created for me. I needed to be at work by 8. I typically couldn’t leave until 5 or 5:30 (or at least not until most people had left so I didn’t look lazy). And during the day, my time was booked with meetings, phone calls, and other things that needed to be done at specific times.
I think we underestimate how much of an impact this has on your psyche. As people, we all value control. I don’t think control necessarily means being able to do whatever you want whenever you want. None of us have complete control over our schedules. But when your entire day is set by what someone else tells you, it wears you down.
Things are very different for me right now. I still follow a clock. But what’s different is that this clock is more set by my family obligations, rather than the whims of an employer. I’m still up early because my kid wakes me up. In the morning, I’m still rushing because I need to get my kid ready for daycare. And then in the evening, I’m rushing out the door to pick up my kid by 5:30 so I don’t get hit with late pickup fees.
There’s something about this that makes my days more palatable, though. Maybe it’s different because it’s my kid that controls my schedule now, rather than my job. When I think about it, I can’t even imagine how I’d handle all of this stuff if I also had to be at work by 8. It’s hard enough having one person control your schedule. I can’t imagine having two competing people controlling my schedule.
One of the reasons financial independence is so appealing is because it gives you back control of your day. Moving to self-employment seems to give you back some of that control too.
I Can Do Stuff In The Middle Of The Day
When I had a regular 9-5 job, I’d sometimes be sitting at my desk and my brother would call me to chat about something he’d just seen or some idea he’d just thought about. It’d always be the middle of the day and he’d be out skateboarding somewhere or walking around. Meanwhile, I’d be at a desk, looking out the window while a beautiful day passed me by.
This is perhaps one of the biggest changes in my life since I made the move to self-employment. It can be the middle of the day and I can be out and about doing whatever it is I need to do. It’s a freeing feeling to be able to step outside during the day and do what you want without worrying that your boss is going to come to your desk and wonder where you are.
For years, I was never able to do anything for myself in the middle of the day. I imagine that this is the case for most people for the majority of their lives. Remember, I still have to work and earn income to live, so it’s not as if I’m just out goofing off in the middle of the day. But I’m in a position now where I can do that – and that’s an amazing feeling.
When I had a regular day job, I used to sometimes call in sick at work, then head off to a coffee shop so I could work on my blog. I used to look at the people sitting around me on those days and wonder why they were there.
Now I know – they must be there because they’re financially independent and can do things in the middle of the day. Or probably more likely, they don’t have normal jobs, so that’s why they can be there. I wonder if people are looking at me and wondering why I’m walking around in the middle of the day, seemingly not working.
I Don’t Differentiate Friday From Other Days
One of the more interesting changes to my life is how the weekday (and weekends for that matter) sort of blend together for me. When you have a regular job, undoubtedly, your favorite day is Friday. I know that when I was working in an office, Friday was the day I looked forward to the most. It was a day when I treated myself. And the end of the day always felt so good because it meant the weekend was finally here.
These days, Friday is just another day for me. I no longer have that feeling of euphoria that comes from knowing that this is the end of the workweek.
I have to assume that anyone reaching financial independence notices this small change – that Friday becomes just another day. It’s a small change that I didn’t expect from trying to work for myself. But it’s an interesting one that really does make my life feel different.
And a corollary thought – Monday is no longer a day I dread either.
Final Thoughts
These are a few characteristics of my current lifestyle that make me seem financially independent (even though I’m definitely not). I didn’t really think about these things when I made the move to self-employment. But it’s eye-opening to see the difference that a few years can make in how I approach my life.
I think the work from home trend is a potential game-changer. When the pandemic hit and people started working from home, a lot of people started to get these same characteristics in life. Schedules became less packed and days opened up. Friday became a less important day. The middle of the day opened up for people to run errands and exercise and do whatever else it was they needed to do. The only question is whether this trend will continue or whether things will go back to the way they were.
I think we all want to control our lives. It’s why financial independence is so appealing. It’s not really about sitting around doing nothing. We just want to gain back some of the control.
I don’t control every aspect of my life. I have obligations and things I have to do. But I’ve gained back at least some control. And it has made a big difference.
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.
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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.
great article, panther! if you dont mind, what is your personal FI number? is it safe to say you are in coastFIRE stage now?
Hey, you know, I used to have a FIRE number, but these days, I don’t really have one. I think life is too fluid to really have a FIRE number – for me, I just try to create the life I want now, rather than wait to hit some number.
I would say I’m in the Coast FIRE stage at this point, as I was fortunate enough to make a good salary early in my career that allowed me to frontload my savings a lot. I think its big when you hit a Coast FIRE point, since it really removes a lot of the pressure.
This reminds me of a passage from the Psychology of Money.
“The most powerful common denominator of happiness was simple. Campbell summed it up as:
‘Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we considered.’
More than your salary. More than the size of your house. More than the prestige of your job. Control over doing what you want, when you want to, is the broadest lifestyle variable that makes people happy.”
The Psychology of Money
Great quote!
Having daycare or preschool is huge. And being OK with daycare or preschool during a pandemic is also huge. We pulled our son out in March 2020 and haven’t sent them back because we are worried and we also wonder, what if?
Has to stay at home parents who are considered financially independent, I thought it would be shirking my duties to take care of our kids since we don’t have to work. As a result, that’s what we do full-time. But this fall, our son is going to preschool as a foreign a half year-old. And it should be time as one year before kindergarten sounds like a good idea.
Has to stay at home parents who are considered financially independent, I thought it would be shirking my duties to take care of our kids since we don’t have to work. As a result, that’s what we do full-time. But this fall, our son is going to preschool as a foreign a half year-old. And it should be time as one year before kindergarten sounds like a good idea..
Child care really is hard, and having child care really is huge. Let us never take this for granted.
Sam
Yeah, we are fortunate that we’re in a position where we can outsource some of our child care duties. For us, it came down to wanting to make sure our son still was getting interaction with others. I know others weren’t so comfortable with that and I had a few friends that pulled their kids out of daycare.
He goes three days a week right now, so two of the days I’m watching my son and then three days he’s at daycare. Once he hits the toddler level, we’ll send him 5 days a week, but it’ll be school day hours (8:30 to 3:30).
Right on. Financial Independence isn’t necessarily about the money, it is more about the lifestyle and you ARE living the lifestyle. I am in the same boat, my kids dictate my schedule, but that is 100% fine. No more 6am investor calls, or last minute trips to NYC. No thank you!
Exactly. Replace the 6am calls with 6am wake-up time. But for some reason that feels different to me.
Whoa, I thought that you were completely financially independent. Either ways, it’s still about having control over your time instead of having others control your time.
I wonder what it feels like to not dread Mondays… Then again I don’t want to know what it feels like to not really care that much about Fridays either, haha!
Good post. Parenting will be one of the most rewarding things you’ll ever do.