Reflections on 2024: Growth, Challenges and Lessons in Financial Independence

2024 resolution in financial independenceHow 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.
One thing I’ve realised is that financial independence doesn’t have to come with all this drama. If we’d stayed in Australia and stay with regular jobs, the road would have been simpler and less stressful. But that’s not the life I wanted.
For me, life is about consistent challenges, growth, and learning. That’s where I find fulfilment.

Dealing with Reality: Our Arbitrage Business in Year Two

Since Paul and I moved to the Philippines in late 2022, life has been full of ups and downs. We were in our second year of running an arbitrage business in 2024. Growth was happening, but it was slow and conservative, it was much slower than I had hoped.
We faced a critical decision on whether to hire a salesperson or take on the sales role ourselves. Both options could have help the business growth, but we knew they would also demand a deeper commitment than we were prepared to give. At this stage of life with financial independence nearly within reach, we decided to prioritise caution over rapid growth.
If we were in our 20s or early 30s with fewer assets and less to lose, we might have been more aggressive in scaling the business. But at this stage of life with financial independence almost within reach, we were cautious. We couldn’t afford to risk everything on a business that wasn’t our long term vision.
That said, we don’t regret starting this venture. If I hadn’t tried it, the “what if” would have lingered in my mind for years. The experience taught us so much about our strengths, weaknesses and what we truly want to pursue in the future.
Here is what we learned from the experience:
  • 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.
  • 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.
  • 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

One of the highlights of 2024 was a six-month work trip that took me to seven cities across five different countries. It was an incredible experience that blended work with the opportunity to immerse myself in new cultures. Thankfully, our business in the Philippines has some flexibility that allowing us to work while travelling. However, since our operations aren’t fully virtual yet, we cannot just travel other countries too long.
The journey had its wow moments standing in historic landmarks, tasting local cuisines, and meeting great teachers and staff. But it was also physically and mentally draining. Balancing work commitments with the demands of constant travel tested my limits, and juggling with tight schedules and multiple time zones left me feeling stretched thin.
Through this experience, I realised I prefer slower travel like staying in one place long enough to connect with locals, discover all kinds of food, and fully explore the area. Moving from city to city over short periods didn’t align with my desire for deeper experiences. While the work itself was rewarding, it didn’t complement the lifestyle I envisioned.
Here’s what I learned from the experience:
  • Balance is essential: Travel can be incredibly enriching, but it’s vital to balance it with downtime for rest and reflection.
  • 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.
  • 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.
Looking back, I’m grateful for the experience but it reinforced the importance of aligning work and travel with the lifestyle I truly want.

Financial Challenges: A Reminder of What Financial Freedom Means

2024 also came with unexpected financial hurdles. My dad needed a second surgery for cancer, during that time we noticed his 20 year old car was falling apart…so we bought him a new (used) one to ensure everyone’s safety.
These expenses weren’t small but they were necessary and I have no regrets about prioritising family. Although we couldn’t stay with parents long enough to sort all that issues because of the work trips.
What these challenges highlighted for me:
  • 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.
  • Base FI provides peace of mind: Reaching base FI gave us the confidence to tackle these expenses head on without financial worry.
  • 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

2024 was a year of embracing new challenges. I signed up for two courses to broaden my skills and started a new business. For the first time since we began pursuing FI, we made a significant investment in education and it was worth it.
This year also taught me the importance of saying no. For years, I struggled to turn down opportunities, even when they didn’t align with my goals. This habit was tied to a desire for short-term income, but it often distracted me from the bigger picture.
Here’s what I gained from taking on these new challenges:
  • The value of education: Investing in learning can push you out of your comfort zone and open up new opportunities.
  • Saying no is empowering: Turning down opportunities that don’t align with your vision is essential for staying on track.
  • 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

One of the most rewarding moments of 2024 was hitting $1 million in shares. It felt like a tangible milestone—a reminder of how far we’ve come on our journey toward financial independence.
Based on the 4% FI rule, we could theoretically withdraw 4% of our shares each year, giving us around $40,000 annually to live on without work. While that sounds great, in Australia, $40,000 doesn’t stretch far, it’s more of a lean lifestyle than a comfortable one.
What really opened my eyes was how rising costs for family support can impact financial independence. We don’t have kids but with medical expenses for ageing parents, the financial pressure continues to grow. If you’re in a situation where you don’t need to support family members financially, that could save you a fortune. I didn’t fully expect this reality coming until my parents hit their mid-70s and their health took a sharp turn.
For us, reaching this milestone came with some important realisations:
  • $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.
This milestone was a proud moment, but it also reinforced the importance of thinking beyond the numbers and preparing for life’s inevitable twists and turns.

Looking Ahead to 2025

As we step into 2025, I’m moving forward with the lessons of 2024 and a clearer sense of direction. Here is what I’m focusing on for the year ahead:
  • 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.

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