I’ve now reached financial independence (at least on paper) although I will not be retiring just yet. So not so much a case of FIRE (Financial Independence, Retire Early) as FIRS (Financial Independence, Retiring Sometime).
It was a strange moment when I realised I’d made the magic number that represented my financial freedom, a little sooner than I’d predicted. The weird thing about it was the sense of “what next” that came over me. No matter how much you’ve thought about the big day when you can explain to your boss in language of your own choosing what exactly he can do with his WENUS report, it still feels like something you’ve totally failed to prepare for. In truth I have prepared for it, at least on paper. The problem is it’s arrived a bit sooner than planned, and I’ve been caught off guard.
So what next …
- I’ve still got some work to do to make myself tax efficient. So I’m going to invest a little effort into organising some more SIPP and ISA contributions.
- I still have some ongoing family financial obligations which I wish to fulfil before retirement.
- My calculations are a little “back of a postcard” so my confidence level that I’ve enough is a little low. Frankly I’ve not bothered to collect the data to be totally sure. So I’ll do a dry-run for a few months by living only on the monthly budget I’ve set aside for my financial independence. The wages I earn in this period will build a margin of safety.
- I need to expand on my vague “what next” plans. I need a sense of direction for my post retirement phase of life. I need to prioritise all the things I want to do into some order and structure, otherwise I’ll wake up each day and waste my time in aimless indecision.
- My investing hobby will continue to take a fair amount of time, but this is how I relax so I’m happy with that!
- Who knows, I might start posting more updates here.
- Finally I feel I owe it to my loyal and dedicated team at work (back at The Firm) to complete an going major project that I’m running. So I’ll see this through before I retire, and of course it’ll good good on the CV when I’m done, although that hardly matters any more!
So that is all for this post. Thanks for reading. I’d like to hear in the comments below if you’ve experienced something like this sense of “what next” after gaining financial independence, or if you have any other comments to contribute.