A little over a year ago, my wife and I went to an open house for a fancy, big house. It was in a good neighborhood, close to my wife’s family, and ideally situated for both of our commutes. The house was amazing. Fully renovated. A large lot. Gorgeous finishes. Great curb appeal. It even had a mother-in-law living area that could be separated from the rest of the house and probably used as the occasional Airbnb space.
The house had a list price of $1 million, which is a crazy amount of money. It was so far beyond what we ever thought we would spend on a house that you might as well have said it was a billion dollars. It’d be like asking me if I wanted to buy a $100k Porsche or something.
Of course, we weren’t actually thinking about buying such an expensive house – we just wanted to see what a house like that looked like. At the time, a big house wasn’t something that I thought I ever wanted. I had spent all of my 20s and 30s living in small 1-bedroom apartments and then in a relatively small single-family home. The way I saw it, my life would probably keep looking the same, with the same wants and needs in my mid-30s as when I was in my 20s.
Fast forward to the present and my wife and I are closing on a new house in the million-dollar price range. We’re in a very different place now compared to where we used to be. We have a kid. My wife owns her own practice. I’ve developed a lifestyle business that’s allowing me to earn what I made at my last job, while also giving me a very flexible schedule.
It’s a dramatic shift in how I thought we’d live. The idea that my family would live on $30k a year forever while saving 90% of our income or whatever is long gone now. And that’s a decision I’m perfectly happy with.
I think it goes to show you that when it comes to the things you think you want…well, most of us probably have no idea what we really want. And the things we think we want, they’ll probably change too. Here’s why.
Who You Are Now Isn’t Who You’ll Be Later
When you’re young, it’s kind of hard to visualize yourself in the future. I think a lot of us look at the lives we have now and envision that they’ll look sort of the same in the future. Sure, we understand that things won’t be exactly the same. But we assume that things won’t be that different either.
So, at 20 years old, some of us set FI numbers for ourselves. We look at the life we’re currently living – maybe we spend $30k or $40k a year as a 20-something – and we figure we can do that forever. That’s how I used to think things would work. I lived pretty simply. And I assumed I’d just live that way for the rest of my life.
With some life experience under my belt, I’ve learned that it’s pretty difficult to know what your life will look like. Life is too long to think that the way you’re living right now is the way you’ll want to live forever. It’s hard to plan a few years into the future, let alone try to plan the rest of our lives. This is why I gave up on having a FI number.
When I look at the person I was even just a few years ago, it’s almost like I’m looking at a different person. The things I thought I wanted back then are very different compared to the things I want now. It’s understandable too. I have a completely different life. And I’ve grown a lot and incorporated a lot of the life experiences I’ve had into my worldview.
Who you are as a person will change. You’ll still always you’ll be you. But every day, we learn and grow a little bit more. And as you grow and change as a person, the things you want will change too.
Your Life Will Change A Lot
When I was in my 20s, the idea of having a big, nice house was never something I thought about. And why would I? I was in my 20s. I didn’t care about having a nice place. My priorities were very different then.
Your life will change a lot as you get older though. And as your life changes, your priorities will change too. I’m in the early kid stage of life now, dealing with babies and toddlers. That’s very different from my mid-20s working career stage in life when all I cared about was paying off my student loans and living lean. And it’ll be very different from my 40s stage of life when I have young kids. Or my 50s stage of life when I have kids going to college and need to pay for that.
Whatever you think you want now, it’s probably going to change as you go through different life phases. And that’s okay.
Stay Flexible – And Stay Realistic
This is why I think the idea of 20 or 30 years olds giving themselves FI numbers doesn’t really make much sense. It’s not that I don’t think the idea of a FI number doesn’t work. It’s just that I don’t think anyone at our age really knows what we want. There’s too much life to live.
My wife and I always knew we’d buy a new house at some point. Back then, we didn’t have kids, and our income was lower. We initially thought we’d upgrade to a $400,000 or $500,000 house—a step up from our current $200,000 home. However, as we explored options, such as 360 Realty Management, we realized that homes in that price range no longer fit our needs. It’s not that they’re bad houses; they just aren’t the type of homes we’re looking for at this stage in our lives.
That million-dollar house that we saw last year is a house that, in retrospect, got away. It sat on the market for another 6 months, eventually going for a little bit under asking. If we’d been serious about buying a house last year – and if a house in that price range had even seemed within the realm of possibility for us – we would have bought that house.
But the idea of a house like that for us was so crazy. Even more important, I didn’t want it then. I thought buying a house like that would be a waste of money. That was only a year ago, and the things I wanted back then are already different compared to the things I want now.
When it comes to everything – money and life – you’ve got to stay flexible. Your life will change. And with it, the things you want will change too.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – 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 Ebike – 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.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R 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 ($100) – 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 $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
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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.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – 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.
- 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.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- 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.
- 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.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 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.
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 $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- 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 $100 for opening an account.
- Empower. 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.
Congratulations on your house.
I really agree with you. This is also applicable to me. I have always been rigid with what I want until I see that I desire them no more, and the things that I don’t see as a priority ten years ago happen to be my top priority right now.
Congratulations on the new house!
Thanks!
Hard agree. Most of us don’t know what we want *now*, let alone what we want in the long-term. Setting FI goals now for a decade from now may not make too much sense because not only do our own financial situations change a lot, the world’s financial situation will also change a bunch.
Though I feel setting FI numbers is still important to do, because while the actual result might never be reached or be very different from what we thought, I believe that having a north star to march towards will at least drive actions that’ll steer us in the right direction.
Whoa–congrats! I wonder how much the pandemic/lockdowns played into the new attitude toward a bigger space. I’m sure the house will be good to you. Way to be flexible with your own wants instead of sticking to the idea of what you used to want!
dang lol, congrats! at first i thought this was april 1st post lol, did you really buy 1 mil house? i had to read this post twice, so this is real?
It is. We’re closing in a few weeks. It’s going to be a major shift to our lifestyle, but we’re comfortable given where we are in our life right now. We’ll see. Could be a huge mistake too, but that’s how life works.
I agree completely. One of the reasons we are still renting is flexibility because we don’t know what we want. As we move into our mid to late 30s, I’m sure our opinions about homeownership will change.
And, as you alluded to, there becomes an inflection point where simply saving as much as you can just doesn’t “make sense” as money should be a tool, not a means to an end.
First of all, congrats on the house!
You make some very good points about changing priorities. If you had asked me ten years ago if I would make having a garden a priority in the future, I probably would have laughed in your face. Now, I would be very hard pressed to give up my garden 😀
I also have to admit, I don’t really have a FIRE number (yet?). I feel like I am too far away from FIRE to be able to make a realistic estimate, as I do expect things to change quite a lot. I prefer to set shorter to medium term goals that take me broadly in the right direction (buy an apartment, get to 100K salary, currently trying to get to 100K in liquid investments)… Maybe as I get further along in the journey, it will become clearer what the number “should be”. But I probably will build in some buffer just in case.
Thanks for the food for thought as always!
Congrats on the new house! Glad to hear things are going well.
Congratulations on buying a great house. I can’t imagine buying a house in the million dollar price range but maybe in 10 years, I wouldn’t be able to imagine NOT buying a house in the million dollar range, haha.
It’s amazing just how our priorities change. I remember in college, I lived on peanut butter and jelly sandwiches and to this day, I have no clue how I did that on a consistent basis. I’m still frugal with my meals but it’s a vast upgrade from a PB&J sandwich.
I can only imagine how my tastes and wants will change in the coming years.
Why is it always referred to as the mother in law space? As the father in law I always have an image of myself getting a hammock in the garage for my living space.
Ha, yeah, I dunno.