Financially Free 1: Overview
Choosing to be Financially Free
Welcome to the initial post in the Financially Free blog series. My primary goal in this series is to share several big picture lessons I have learned from a couple decades of investing. The motivation behind these posts is chiefly to make sense of hundreds of books, blogs, and other materials that largely contradict each other, are riddled with errors and bad advice, and often are biased by a sales motivation of the author. I share my favorite materials in the posts that follow.
Another goal in this series is to provide readers with a high level, philosophic approach to achieving financial freedom, if they so choose, without miring readers in confusing math. I also propose a system that is as simple as I could create, while complex enough to handle most situations.
Please note that this series is written for readers with at least average investing experience, who are cash-flow positive in their lifestyle, and are interested more in the big picture rather than specific tactical suggestions. For example, this series does not recommend an “extreme frugal” lifestyle as a strategy of obtaining wealth. There are several books and blogs already devoted to that subject. I say enjoy your lattes — as long as you have considered the opportunity cost.
Steps to being Financially Free
Financially Free 1: Overview
Financially Free 2: What is Financial Freedom?
Financially Free 3: Opportunity Cost — The Number One Driver of Wealth
Financially Free 4: Passive Income Defined
Financially Free 5: Start with the End in Mind — Lifestyle Spending
Financially Free 6: Maximizing Lifestyle Spending
Financially Free 7: Savings Goals
Financially Free 8: Where Freedom Starts — The Wealth Account
Financially Free 9: Safety Net
Financially Free 10: Family Bank
Financially Free 11: Debt
Financially Free 12: Growth Investments
Financially Free 13: Active Income
Financially Free 14: Cash Flow Investments
Financially Free 16: Using Leverage to Accelerate Returns
Financially Free 17: 4% Rule — Wealth Distribution Phase
Financially Free 17: Sequence of Return Risks and the Cash Cushion
Financially Free 18: Putting it All Together
Financially Free 19: Why Deposit Paychecks in the Wealth Account?
Financially Free 20: The “Side Hustle”
Financially Free 21: You are Your Number One Asset
Financially Free 22: Your Business is Your Number One Investment
Financially Free 23: Active Income Freedom
Financially Free 24: What Happens When the Economy Crashes Again?
Financially Free 25: Sacrifice is the Key to Wealth
Financially Free 26: Freedom or Contentment?
Financially Free 27: Living the Good Life
I am not a CPA, tax lawyer, registered investment advisor, or any other type of financial professional. The thoughts in these posts are mine and are shared solely for discussion purposes. Do not rely on these thoughts for any kind of advice. See a financial professional before making any decisions.
I hope these thoughts have been helpful — or at least challenged your views on the concepts of money, wealth, freedom, and contentment.
In addition to Thriving Attorney, Darin M. Klemchuk is founder of Klemchuk LLP, a litigation, intellectual property, and transactional law firm located in Dallas, Texas. He also co-founded Project K, a charity devoted to changing the world one random act of kindness at a time. Click to read more about Darin Klemchuk's practice as an intellectual property lawyer.