My Path to FI: Part 6, Discovering Financial Independence
Today I’d like to continue sharing my own journey towards financial independence. If you haven’t done so already, you can check out my whole story up to this point under the My Path to FI category.
As the title of this blog post suggests, today I’m going share how I discovered the financial independence movement. I talked about this somewhat already in my post Why Am I Writing This Blog when I first launched Freedom Through FI, but today I’d like to go into a little more detail. With that being said, I have pulled some excerpts from that post.
In Part 5, Finally A Real Job, I left off right after our family had moved into our new home we had built in 2017. I felt settled in my job, we loved our new house, and things seemed pretty great. Little did I know that I was about to go through some pretty tough times.
Getting Comfortable
In the summer of 2017 we moved into our new house. It was great to finally be done with all of the decisions and stress that come with new home construction. This transition brought with it the hope that we could now start focusing our finances towards paying things off, rather than spending more money. However, unless you are very intentional about it, we found that the natural tendency is to spend more, not save more.
At that point, on paper we looked like most American families probably do today. We had a new mortgage, two car payments, student loan debt, and credit card debt (from the all of the furniture we had just purchased). In retrospect, this was quite the mountain of debt that we had accumulated. However, at the time, because our financial paradigm was like most Americans today (numb to debt), we really weren’t too worried and felt in control. With my salary we could afford to make all of our payments and the plan moving forward was to whittle away at the credit card debt.
As tends to happen for most people with some extra income, we began to get comfortable. Up until the point we moved into our new house, we were spending all of our extra income on construction costs (which was why we ended up buying the furniture on credit). But now that the house was built and we had moved in, this left a significant portion of each paycheck available for other things. And at the time, we didn’t have a written financial plan. We were paying our mortgage and car payments, but nothing extra. We were making our student loan payments, but it was the minimum amount. We were paying off the credit cards, but not as aggressively as we could have and we didn’t have a tremendous sense of urgency.
As time went by, we were slowly increasing our spending. Nothing drastic, but lifestyle inflation was creeping in. For those unfamiliar with the term, lifestyle inflation is when your expenses increase as your income grows. Since we didn’t have a written financial plan outlining an aggressive debt repayment plan, we were sitting on somewhat of a proverbial financial cushion. And as I’ve said before, if money doesn’t have a purpose allocated to it, it tends to burn a hole in your pocket. I’d find myself shopping online at the end of the day to unwind. I’d buy a cable or charger for a device on Amazon, or a new piece of equipment for our home gym from Rogue, or some type of backpacking or camping gear from REI. These weren’t large purchases, but mindless spending adds up over time and prevents us from reaching our financial goals.
I also found that I was starting to look at more expensive things, like fancy watches and luxury cars. Now, I want to clarify that I personally don’t think there is anything inherently wrong with those kinds of purchases if they bring you value and you can truly afford it. But at this point in time, I clearly could NOT afford it given the debt we were in. Yet, I was mildly considering such purchases (even though I never bought them). Why was I doing this? I think many physicians, perhaps subconsciously, feel somewhat of a societal expectation of the kind of car they should be driving, the kinds of clothes they should wear, and the type of house they should live in. This is a slippery slope and a common reason so many doctors are so bad with their money.
My Responsibilities
Next, I’d like to temporarily shift from my finances to talk about some of the responsibilities I have. To set the framework for what happens next in my life, it is important to understand some of the different hats I wear on a day to day basis, in addition to being a husband and father of four children.
As a neurosurgeon I diagnose and treat surgical problems of the brain and spine. Conditions I treat include brain and spine trauma, tumors, and debilitating degenerative spine conditions. All of the surgeries I do are serious and often involve life or function threatening situations. Although the stakes are high and sometimes the outcomes poor due to the nature of the problems, I really love what I do. I love being able to help people during this critical time in their lives. I love the technical aspects of the surgery and the satisfaction of fixing a complex problem with my hands.
However, there is one area of neurosurgery that is particularly difficult for me. I have a very hard time detaching myself emotionally from my patients and the difficult situations they are going through. I don’t have the “just leave it at the office” mentality that some others seem to be blessed with. As a result, when my patients are suffering or going through a difficult problem, I take it very hard. My wife tells me it is one of the qualities that makes me a compassionate and empathetic neurosurgeon, and I know she is right. However, when these difficult situations come it certainly takes a toll on me as I ride this emotional roller coaster.
In May of 2018, I was blessed with another opportunity to serve others. I was asked to serve as the bishop of our congregation at church. In The Church of Jesus Christ of Latter-day Saints, a bishop serves in a similar role as a pastor, priest, or rabbi. It is an unpaid position. As a bishop I counsel with our members regularly regarding both spiritual and temporal matters, including helping those that may be struggling financially to become more self reliant. I also oversee other practical matters including church records, reports, finances, and our church meetinghouse.
My service as bishop has been a tremendous joy and blessing in my life. But just like anything in life that is worthwhile, it requires significant time and effort, and at times presents great challenges. I have had the opportunity to celebrate and rejoice with people at the highest points in their lives. Conversely, I have cried with them and tried to support them through some of life’s lowest points and greatest challenges. Similar to neurosurgery, I have often found it difficult to separate myself emotionally from the struggles that those I care about so much are going through.
Everything Was Great . . . Until it Wasn’t
As 2018 progressed, I felt like I was juggling my various responsibilities well. I was entering my fifth year in practice as a neurosurgeon. I was learning my roles as a bishop at church. l was still able to spend time with my family as a husband and father. I felt like everything was great . . . until it wasn’t.
Late in the summer of 2018, I hit an extremely low point in my life. In retrospect, I think it was the early stages of physician burnout. Amidst my best efforts to balance the various responsibilities that I had, it seemed like it all came tumbling down on me at once. I had a series of difficult surgical cases, very busy stretches on call, challenging situations at church, and other life stressors all combine to become what felt like the perfect storm. The emotional load all felt like more than I could bear and I was spread too thin.
For the first time in my life I found myself doubting my ability to do what was on my plate. For someone that had always felt extremely confident in their ability to take on any challenge or solve any problem, this was becoming an identity crisis. Have I overestimated my abilities? Have I bitten off more than I can chew? How much longer can I do this?
As I questioned my ability to do everything, the debts that didn’t seem like such a big deal before now seemed like a crushing burden. If I couldn’t be a neurosurgeon with its associated salary, I couldn’t see any way to pay our mortgage and other obligations. How would I support my family? For the first time ever, I felt trapped.
Please Google, Show Me the Way Out
When you feel trapped in your career and don’t know what to do, where do you turn? You do a Google search for solutions. At least that’s what I did.
I started looking for possible second careers after medicine to see what might be possible. I started to calculate how much longer I would be able to take the pressure and before I would have to move on. 3 years? 5 years? 10 years? What were the options within medicine? Outside of medicine?
It was during this search that I stumbled onto the FIRE movement (Financial Independence Retire Early). I was captivated. I had never really thought outside of the template of work until you are 65 and then retire. I had always assumed that was “just the way you do it.” This new way of thinking brought new possibilities, new ideas, and new freedom.
The Sun Always Rises
Well, as the weeks and months went on, things got significantly better, as they usually tend to do. My patients ended up doing well, my call schedule settled down, I found solutions for the situations at church, and I got through things just fine. When we are going through the darkest nights of our lives, we need to stay hopeful and remember that the sun will always rise.
I learned some important lessons during this period of temporary despair. I learned that you need to lean on those that love and care about you. My wife listened to me and supported me throughout the entire ordeal. I knew that no matter what happened or what I decided, she would have my back. Knowing I had her love and support made all the difference.
I also learned to let my faith sustain me. No matter what your faith or religion may be, I know there is great strength that can be found in turning to a higher power for help. I know that my faith in God and Jesus Christ helped sustain me through these difficult times.
I also developed new strategies to help me cope with the pressures I was under. I learned to be easier on myself and not over stress about the things I was unable to control. I learned to compartmentalize my life more, only wearing one hat at a time and giving my full attention to that role for that given period of time, rather than always trying to fix everything at once. I also took better care of myself, paying more attention to my health and fitness. And of course, I started getting our financial house in order.
My Financial Awakening
As things in my life started to settle down, I began to re-evaluate many things. Even though neurosurgery had been very difficult in the last few months, I remembered why I wanted to be, and loved being, a neurosurgeon. I loved using my skills and training to help people. I remembered the hundreds of people I had been able to help over the years and how rewarding those experiences had been. Even though there had been some very low lows, there had also been some very high highs. I rediscovered my passion for neurosurgery and was no longer looking to find an immediate way out.
However, with that being said, I NEVER wanted to feel trapped again the way I had during this period of my life. I wanted to be a neurosurgeon because it was something I wanted to do, not because I was forced to do it so I could pay my bills. No one wants to do something, even if it’s something they love, because they are forced to do it. I felt like my discovery of financial independence (FI) offered the solution. More than anything, I wanted the freedom that would come as a result.
Discovering FI was one of the greatest blessings of the recent storm. I had found something that would change the course of my life. I couldn’t stop learning about financial independence. I devoured every bit of information I could from books, blogs, and podcasts.
I started to implement the new strategies I was learning by changing our insurance policies, opening new retirement accounts, changing our investment choices, and altering our asset allocation. I stopped looking at luxury items I couldn’t afford and mindlessly buying things online. I started asking myself what really brings value to my life? How much is really enough?
Helping Others Find Freedom Through FI
As I made these changes in my life, I couldn’t help but talk about them to others at work, with my friends, and with family members. I also used many of the principles I had learned when counseling people at church about their finances. As I taught others about the principles of FI, I found I really enjoyed sharing the lessons I had learned. I developed a strong desire to share the freedom that comes with taking control of your personal finances, knowing how trapped and lost many people are.
As a possible second career in the distant future, I looked into getting my license as a financial advisor. However, this presented three main problems. First, this may be a good way to help others in the future, but I wanted to begin sharing this knowledge now. Second, it requires more formal training than I would like to do at this stage in my life (especially after 15 years of training for neurosurgery). Finally, I could only help those people that I meet with directly, which would be limited; I wanted something more scalable, where I could reach hundreds or even thousands of people.
As I continued to read blogs about financial independence, I began thinking to myself, “I could do this . . . why not me?” I realized that starting my own blog would allow me to continue to learn more about something I am so passionate about, as well as share that knowledge with many people in need of it. And so, I made the decision to create FreedomThroughFI.com.
Conclusion
Sometimes, from the darkest times in our lives come some of the greatest blessings. Such was the case for me. During a particularly difficult period I was able to remember what was most important. I was able to see that there was a better way than the financial path that I was on, a way that would bring more freedom in nearly every aspect of my life. I also found a way to share those lessons with others in the hopes it might help them as well.
Here are some take home points to consider:
- Difficult times fall upon us all. As we go through these seasons of our lives, it is important to draw strength from those that love and care about us, as well as from our faith.
- If you find yourself in a dark time, especially with the health and economic consequences of the coronavirus global pandemic, please try to remember that the sun always rises. This too shall pass.
- If you haven’t done so already, now is the time to start your journey towards financial independence. Make a promise to yourself like I did two years ago, that you will never find yourself trapped again by your financial situation.
Thanks for reading. I hope you are doing well in your progress towards reaching FI. If you have any questions or comments that might help other readers, please list them below. In the meantime, keeping working towards Freedom Through FI!
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