5 Annoying Misconceptions About Financial Independence
If you’re pursuing financial independence, chances are you’ve heard at least a few interesting takes on what it means. From looks of bewilderment to genuine curiosity, the topic of financial independence is almost sure to raise at least a few questions.
While those of us pursuing financial independence are typically all too eager to answer questions and share our excitement, there are times when no explanation seems to help. Situations where (no matter how thoroughly you try to explain the concept) people still seem to think your crazy — or even worse, just lazy.
These situations may leave you scratching your head. After all, you’re pretty sure you’ve discovered the most astounding secret of the universe — so why can’t everyone else see how great it is? Maybe it simply seems too good to be true. Or perhaps, it’s too difficult for some to accept that there is an alternative to the 9–5 grind they’ve long since accepted as mandatory.
Whatever the reason, these interactions can range from bewildering to down right frustrating. Taking the time to understand what financial independence really means can help you ward off these types of questions and prevent someone else’s doubts from steering you off path.
Here are 5 annoying misconceptions about financial independence (and what they really mean):
1. You’re Lazy
The first and possibly most frustrating misconception about financial independence is that pursuing it means you’re lazy and unmotivated.
This could not be further from the truth. There are many different motivations for pursuing financial independence — you might be planning to spend more time with your kids, pursue a career change, or take on a creative endeavor — but in the countless hours I have spent reading financial independence blogs and talking to others following a similar path, I have never once heard anyone reference a desire to ‘do nothing’ as their primary motivation.
The reason for this misunderstanding seems to stem from the fact that, as a society, we often equate having a job with with being productive. While a job may require you to be productive in order to earn a paycheck, it is not the only form of productivity. There are countless other ways you can contribute both to the economy and to society. The concept that not wanting to work solely in pursuit of money means you are lazy is just down right wrong.
2. You Don’t Like to Work
The second, and almost equally annoying misconception about financial independence is that the only reason to pursue it is to escape a job that you hate. While many people who pursue financial independence do so to have more freedom from work, that does not implicitly mean that they hate their jobs.
You may hate being tied to a fixed schedule, feeling reliant on a pay check, or being limited to 2 weeks of vacation each year. But chances are, there are at least aspects of your work that you enjoy — the same things that drew you to it in the first place. Not wanting to NEED to work is not the same thing as not wanting to work.
Often, financial independence can actually increase job satisfaction by allowing you the freedom to take a position that better suits your lifestyle and interests. It may even lead you to find more fulfilling work that just happens to pay less.
3. You’ll Be Bored
The third misconception is that achieving financial independence will lead you to become bored. The most confusing thing about this, is that people seem to overlook the fact that if you want to keep working after reaching financial independence, you can simply do just that. In fact, you may even choose to keep the exact same job that you currently have.
For many, financial independence is more about having the security and freedom to choose how and when we work. It doesn’t necessarily mean that you’ll stop working altogether — it just creates the option. And if you truly are pursuing financial independence to retire early, it’s likely that you have some pretty compelling reasons to do so.
Whether you plan to travel, focus on your hobbies, or volunteer in the community, there are plenty of things outside of work that can keep you both busy and entertained. The idea that a life without mandatory work would be boring is, frankly, more than a little bit sad.
4. You’ll Never Make Money Again
This seems to go hand-in-hand with the idea that becoming financially independent implicitly means that you’ll stop working. While it’s true that the work you choose to do may change (and maybe a lot), it doesn’t necessarily mean that you’ll no longer earn an income. Just as your work evolves, so too will your potential income sources.
Becoming financially independent may give you the freedom and security needed to finally pursue a passion project or career change that you’ve always dreamed of. Or you may choose to become a more active investor. Being less reliant on an income might also allow you to take an extended break from work to focus on other aspects of your life — but that doesn’t necessarily mean it will be permanent.
Whatever path you choose, there are still many ways to earn an income after reaching financial independence, both inside and outside of traditional employment.
5. It’s All About Money
While financial independence is about money in a technical sense, there are many benefits that motivate us to pursue it. You might be hoping to spend more time with your kids, find more meaningful work, or simply improve your work-life balance. All of these goals may become easier once you’ve reached financial independence, but that doesn’t mean that money is the primary motivation.
When you have the flexibility to work less (or not at all), you have the freedom to pursue the things that matter most to you. Money is simply the tool that is used to create that freedom.
Thanks for reading! To learn more about our journey, visit Financially Free 2033.
