How was your journey towards financial independence in 2024? Depending on where you started and the stage you’re at now, your experience might feel completely different from mine.
As I reflect on the year that has just passed, I can’t help but think about the transformative experiences that shaped my journey. Every year has its ups and downs but some stand out more than others. For me, 2024 was a defining moment where I faced challenges that prompted me to grow in ways I never expected. The events of this year not only tested my resilience but also led to some profound realisations about life and my aspirations.
Here’s a quick snapshot of the year:
- Dealing with reality – Our second year running an arbitrage business brought plenty of dramas.
- Unforgettable experiences – A six-month work trip took me to seven cities across five countries.
- Financial challenges – Supporting my dad through a second surgery and buying him a car took a toll.
- New challenges – I registered for two courses, started a new business, and finally began saying no to opportunities that didn’t align with my goals.
- Best outcome – We hit $1 million in shares, marking a major financial milestone.
Dealing with Reality: Our Arbitrage Business in Year Two
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Align a business with long term goals: If your business doesn’t bring you closer to the lifestyle you want, it might not be worth pursuing, especially depending on your age and the financial status.
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Fear is the enemy: Starting something new can be daunting, particularly when it’s outside your comfort zone. Confronting and overcoming fear is essential for personal and professional growth.
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Delegation is key: A business that depends entirely on you can quickly become a burden. Building systems or finding the right people to take over critical roles is essential for creating a sustainable business.
Unforgettable Experiences: Travelling to Seven Cities Across Five Countries
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Balance is essential: Travel can be incredibly enriching, but it’s vital to balance it with downtime for rest and reflection.
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Learn to say no: Not every opportunity is worth the time or energy, especially if it doesn’t align with your long-term goals or preferred lifestyle.
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Weigh the financial impact: While the trip was a memorable adventure, it wasn’t financially beneficial. Pre- and post-work travel expenses, along with Paul’s airfares ended up costing us more than we earned from the trip.
Financial Challenges: A Reminder of What Financial Freedom Means
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Flexibility on finance is key: Financial independence isn’t just about hitting a magic number but it’s about having the flexibility to handle life’s unpredictability without unnecessary stress.
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Base FI provides peace of mind: Reaching base FI gave us the confidence to tackle these expenses head on without financial worry.
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Fat FI is the next goal: These experiences reinforced why we’re aiming higher – building a cushion for unexpected challenges is necessary.
New Challenges: Learning and Starting New Ventures
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The value of education: Investing in learning can push you out of your comfort zone and open up new opportunities.
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Saying no is empowering: Turning down opportunities that don’t align with your vision is essential for staying on track.
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Growth requires discomfort: Starting a new business felt risky, but it aligned with our long-term goals and reminded me that growth often comes from stepping into the unknown.
Best Outcome: Reaching $1 Million in Shares
- $1 million isn’t enough: For the lifestyle we want, we need to go beyond shares and aim for something more robust.
- Diversify income streams: Continue to create passive income sources from real estate, dividends and create extra other investment or business is essential for achieving Fat FI.
- Regular review is essential: Life evolves and so do financial needs. It’s crucial to revisit and adjust your financial plans as circumstances change.
Looking Ahead to 2025
- Scaling the new business: My goal is to build the business into something sustainable and self-sufficient, so we have the freedom to step away for any length of time without it falling apart.
- Expanding passive income streams: While continuing to invest in the stock market, I’ll also explore other opportunities, like online businesses, to create more reliable and diverse income sources.
- Prioritising health and relationships: Financial independence shouldn’t come at the cost of personal wellbeing or meaningful connections. This year, I’m making space for both.
- Saying NO: I’m committed to staying focused on opportunities that align with my long-term goals and letting go of distractions that pull me off course.
Final Thoughts
2024 was a year of growth, challenges, and profound realisations. It pushed me in ways I didn’t expect but it also brought invaluable lessons about overcoming fear, maintaining focus and finding fulfilment. Despite the ups and downs, I wouldn’t trade these experiences for anything.
If you’re working toward financial independence, my advice is simple – create your own path. The traditional FIRE framework doesn’t suit everyone, and that’s perfectly fine. Life is short—align your journey with what truly matters to you.
How was your 2024? I’d love to hear your reflections and lessons learned. Together, we can share, inspire and support each other on this incredible journey.