When we say we want ‘financial independence’, what do we really mean to say?
If you had the option, would you show up to your job?
This is what I think:
When we say we want ‘financial independence’, we mean to say: ‘I don’t want to work a job I hate in order to pay for rent and my living expenses.’
Unfortunately, most of us are trapped and enslaved in jobs we hate, in order to pay our rent and make a living.
Thus, when we say we want ‘financial independence’, I think what we really mean to say is, “I don’t want to show up to my job everyday in order to pay my bills.”
Thus, what we really want is ‘toilsome job independence’ — becoming independent (not dependent) on having to labor toilsome labor in order to make a living.
What is the difference between having a million dollars in the bank, versus spending a million dollars?
When most people say they want to become ‘millionaires’, I think what they mean to say is:
I wish I can buy all the shit I want, and live a fancy lifestyle, indefinitely.
But if we think about this more technically —
You can only be a millionaire if you have a million dollars in equity or cash in the bank.
A million dollars in the bank
Let us say you had a million dollars in the bank. The moment you go out and spend a million dollars, you no longer are a millionaire.
Furthermore, if you want to accumulate a million dollars in the bank, you must earn more money than you spend. And I think the easiest way to do this is by reducing your expenses to the bare minimum; this way, you don’t need a large income in order to save up a lot of money.
Freedom from worry
I think there are some people who consider ‘financial independence’ as having freedom from financial worries or stresses.
And what is the easiest way to gain freedom from financial worries? Easy: reduce your living expenses to the bare minimum.
If you live a frugal lifestyle, you are more protected from uncertainty in life.
The upside of being poor
I forgot the philosopher who once said:
The poor man laughs at the robber in the face, and sleep well at night.
If you don’t own anything which requires expensive maintenance, if you don’t have expensive bills or expenses, an expensive mortgage, you don’t really worry too much about finances. Why? You know you can live well on relatively little!
The myth of’Passive income’
Another thing which I think people desire is gaining this mythical ‘passive income’. The reason why I say this notion of passive income is a myth is because no matter what, all the income you earn MUST be managed, and therefore IS active!
For example, even if you make money from stocks and investments, you must constantly monitor and manage your investments! Furthermore, even if you have a business where you are drop-shipping products, you still must aggressively market your products, and promote your products (if you desire to actually sell anything!)
So I think when some people think that they desire financial independence, they mean to say:
I want to sit at home, do nothing, yet earn money.
This is a fantasy that is not grounded in reality.
Why do you want financial independence?
I think all of us (regardless of how we define financial independence) desire some form of financial independence:
- Not having to work a job we hate in order to make a living.
- Not worrying about finances.
- Having enough money to do all the things that we want and desire.
But let us say you gain financial independence (however you define it). Then what? What do you want to do with your financial independence?
Generic answers
I think most people will say stuff like:
- I want to travel the world!
- I want to pursue more of my passions, interests, and hobbies.
- I want to read more, or write more.
- I want to make more artwork.
But the question is this:
Can you already do these things without ‘financial independence’?
For example, Albert Einstein came up with his theory of relativity while working as a clerk at the Swiss Patent office (equivalent job of working at the DMV). Einstein was still financially dependent on his job, yet was able to come up with his revolutionary idea on relativity!
Working a 9-5 job sucks.
Assuming you work an office job, I still think you have enough free time (before work or after work) to indulge in your personal passions and hobbies. However I still do admit, working an office job sucks your soul, and thus you have less soul-power to actually do the things you desire.
An idea:
Perhaps the goal isn’t financial independence, but the goal is to work for yourself, to gain more personal freedom over your schedule, time, and life.
Why I love being self-employed
I endeavor to work hard until I die. I am fortune that I don’t separate my “work life” and my “personal life”; these two things are the same.
Technically, if I look at my behavior, I am “working” 7 days a week, from the moment I wake up until the moment I sleep. If I look at everything I consider “work” (reading, writing, making videos, researching, teaching, making photos), I put in 100+ hour weeks. But to me, it is all activities I enjoy doing!
The goal isn’t to not work anymore; the goal is to NOT do “toilsome labor” which you hate doing!
The benefit of being self-employed is that I control my day and schedule.
What we really want is freedom (of time, schedule)
I think ultimately, what we are really striving towards isn’t to be ‘rich’ or have a bunch of money. I think what we truly desire is to have freedom and autonomy over our daily schedules, our time, and our life.
I think Nassim Taleb said it well when he said in Skin in the Game:
What we should strive towards is maximization of our free time.
To me this makes sense, because money is an unlimited resource, whereas time (years of life) is limited.
If you spend $1,000, you can earn another $1,000 down the line. However, if you “spend” 1 year of your life, no matter how rich you are, you cannot “add” another year to your maximum lifespan. And let us assume that our maximum lifespan is around 120 years.
Trade your money for more time!
Thus I believe the following:
Whenever we have the option, we should trade our money to obtain more time, flexibility, control, and options.
In this sense, time is a trillion times more important than money. Even if you’re a trillionaire, you cannot live 300 years.
Fuck you money
Another nice idea from Nassim Taleb, the notion of “fuck you” money. The basic idea is this:
When you are no longer afraid of saying “fuck you” to your boss, because you’re not afraid of being fired (because you have enough money to do so).
The way I interpret “fuck you” money is this:
When you are no longer afraid to speak your mind, because you’re not a slave to your job or finances.
Can you speak your mind?
For example, if you’re a tenured-track sociology professor (seeking tenure), you cannot speak your mind. Why? Let us say that you have a contrary opinion from the majority liberal elite inside the academy (let us say you are a UC Berkeley tenure-track assistant sociology professor, you are not allowed to say that you support Donaldo Trump). Because if you do, you will certainly not get tenure, and also, you might not be able to get hired by another other university as an adjunct (lecturer) professor, and you might even be “forced” to resign your position for your controversial opinion.
Now let us say you’re not afraid of losing your job, or you’re not afraid of becoming “unemployable” by other companies or institutions. Then you have the freedom to say what you really believe in, without censoring yourself, and without fear of becoming homeless or financially bankrupt.
Thus another takeaway:
We want financial independence because we want to have the freedom to speak our minds; the “freedom of speech” is what we truly desire.
But the sad thing is this:
Most people don’t really care for freedom of speech; either because they have nothing they want to say, or they just don’t value their own opinion.
If you’re reading this, and if you have strong opinions or ideas, ask yourself:
Do I really care having freedom of speech?
Freedom to pursue your own “true interests”
All of us have an interest or curiosity in certain fields of knowledge, art, or ideas. Yet, most of us are wasting so much of our mental energy and power to make money, instead of focusing on producing knowledge in their chosen field.
So perhaps if you’re already making ‘enough’ money at a random job, and you have the freedom to pursue your interests on the side– perhaps you already have “made it” in life.
Another thing to ask yourself:
How many hours a day do I really need to pursue my intellectual interests?
For example, I cannot read for more than 3 hours a day. I cannot write for more than 2-3 hours a day. Thus, if you have a 9-5 job, and if you can wake up early enough– perhaps you might actually have enough free time to pursue your intellectual pursuits. Or perhaps you can use your down-time during your lunch break to pursue your creative pursuits. Or after work. Or during your commute.
What is your end-game?
To end this essay, what I want you to ask yourself is this:
If I were to gain ‘financial independence’, then what?
What is your final end-game?
For example, I make money in order to pay my rent, my coffee, eggs, and meat in order to live, in order to produce knowledge and information which I hope empowers humankind.
Also to maximize my intellectual production, I like having the fewest amount of obligations. I like having 100% freedom over my schedule in the day, even though I might not be able to be rich enough to drive around in a Pink Lamborghini. Thus for me, money is a tool to maximize my free time. Once I start trading my free time to make more money — I am making a sucker trade.
Takeaways
Some takeaways:
- Everyone defines ‘financial independence’ differently. Disregard how others perceive it; define it for yourself. And ask yourself, “Is financial independence important to me?” And if so, why?
- Having a job isn’t a bad thing. Jobs are only bad if you feel like it is ‘toilsome labor’ that you despise doing. An easy heuristic to gauge your enthusiasm for your job is this: “Would I do this job if I weren’t paid for it?”
- You might already be financially independent right now, and you might not be aware of it.
- If you’re not worried about money (which is possible even if you’re poor), you might already be ‘financially independent’.
- Don’t get suckered by false fantasies of living like a king via ‘passive income’. All income is active. Furthermore, I think all of us like working and doing things to some capacity– as long as we like the work.
- Gauge your own personal preferences: Seek to discover your ‘true preferences’ in life, via ruthless self-examination.
Seek to know yourself
ERIC
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Photography Entrepreneurship 101
‘Ultimate Beginner’s Guide to Photography Entrepreneurship’: Create Your Own Future >Entrepreneurship Mindset
- Disregard Success or Failure; Always Attempt More!
- In Praise of Stubbornness
- Success is Personal Bravery
- Why You Must Become an Entrepreneur
- How to Brand and Market Yourself as a Photographer
- How to Conquer Haters
- How to Accumulate Capital
- Why Be Different?
- How to Master Marketing in Photography
- Don’t Play it Safe
- Why Blog?
- How to Be a More Productive Photographer
- How to Hustle
- True Productivity
- What Can Only You Do?
- Love Risk
- What is Success?
- Fill a Vacuum
- Think Big
- What is Your Dream in Life?
- 8 Blogging Productivity Tips
- Why Be Normal?
- How Much Suffering Are You Willing to Endure to Achieve Your Dreams?
Photography Entrepreneurship 101
- Don’t Sit Still!
- Bitcoin for Photographers
- Don’t Be Timid
- Why Start Your Own Photography Blog?
- Fill a Void
- 1,000 True Followers: How to Build Your Own Niche in Photography
- Photography Entrepreneurship 101: Why You Must Start Your Own Email Newsletter
- TURBO CREATION: Why a Maxed-Out MacBook Laptop is the Best Investment You Can Make for Photography Entrepreneurship
Life and Productivity Hacks
- My Ultimate Productivity and Life Hacks
- Life/Productivity Hack: Write (Type on a phone) While Walking on a Dynamic Treadmill
- ERIC KIM Life, Creativity, and Productivity Hacks
How to Make a Living from Your Passion
- Digital Nomad Photographer
- Build Your Own Instagram!
- How to Be More Ambitious
- Do It Your Way
- How to Measure Your Progress as a Photography Entrepreneur + Come Up With New Ideas
- How to Make a Living From Your Passion in Photography
Put a Dent in the Universe.
- Fear Disguised as Reason
- Distraction is the Enemy
- Innovate for the Sake of Innovating!
- Reality is Malleable!
- Stoic Entrepreneurship
- Against Self-Preservation
- The Purpose of Life is to Make New Stuff!
How to Succeed as an Entrepreneur
- You Have No Limits.
- Calculated Risk-Taking
- Invest in Yourself
- The Secret of Happiness: Shoot for the Moon!
- Moonshot Thinking
- Why We Should all Be Photography Entrepreneurs
- Memento Mori Entrepreneurship
- Why it is Better to Beg For Forgiveness than Ask For Permission
- How to Become a Digital Nomad
- Why You Must Own Your Own Platform
- First Principle Thinking for Photography Entrepreneurs
- How I Became a Digital Nomad
- Better to Beg For Forgiveness than Ask For Permission!
- Spurn Pleasing Others!
- Create Your Own Niche
- How to Gain More Exposure For Your Photography
- Intense Focus
- How to Conquer Your Fears as an Entrepreneur
- Define Yourself
- Let Dissatisfaction Drive You Forward!
- It Doesn’t Matter if Someone Else Has Done it Before!
- How to Succeed as a Photography Entrepreneur: Be Extremely Resourceful
- Open Source Business Model in Photography Entrepreneurship
- Entrepreneurship 101: Growth and Innovation Over Self-Preservation
- How to Create Value as a Photography Entrepreneur
- Why Become a Photography Entrepreneur?
- Why You Must Ignore Nay-Sayers to Succeed in Entrepreneurship, Business, and Life
The Modern Photographer: Tips, Strategies, and Tactics to Thrive as a Visual Artist in the Digital Age
Marketing, Branding, Entrepreneurship Principles For Success MODERN PHOTOGRAPHER is your new philosophical and practical primer to succeed as a modern photographer in today’s digital world.Business Mental Models
- How to Succeed as a Photography Entrepreneur: Be Extremely Resourceful
- Open Source Business Model in Photography Entrepreneurship
- Entrepreneurship 101: Growth and Innovation Over Self-Preservation
How to Monetize Your Photography
- Photography Entrepreneurship 101: INFLUENCE
- Should I Monetize My Passion for Photography?
- 10 Practical Photography Monetization Strategies: Pricing, Google SEO, & Entrepreneurship
- How to Make Money From Street Photography
Why Become a Photography Entrepreneur?
Take control of your own photographic destiny:THE MODERN PHOTOGRAPHER
- CREATIVE CAPITALISM
- How to Monetize Your Photography
- 5 Practical Photography Career Tips and Advice
- 10x Thinking
- How to Hustle as a Photographer
- How to Become Your Own Master Marketer
- The ‘T’ Technique of Success
- Go Ahead and Sell Out
- What is Your Unique Voice?
- Why You Must Self-Promote Yourself
- What is Your Unique Angle as a Photographer?
- Photography Content Marketing 101
- Why You Must Become Your Own Publisher
- The Art of Cross-Pollination in Photography
Photography Entrepreneurship Articles
- Why You Shouldn’t Trust Your Pictures to Facebook, Instagram, Snapchat, and Flickr
- How to Make Money From Your Photography
- Photography SEO and Blogging: How to Become Number One on Google
- Intrinsic vs Extrinsic Motivation
- Now is the Best Time to Be a Photographer
- PRODUCERISM
- What Is The Value of a Picture?
- Your Photographic Labor is Not Free
PHOTOGRAPHY WORKSHOPS 101
- Chapter 1. How to Make a Photography Blog
- Chapter 2. How to Price Yourself
- Chapter 3. How to Find Your Market
- Chapter 4. Why Teach Workshops?
- Chapter 5. How to Build Trust
- Chapter 6. How to Market Yourself
- Chapter 7: Why Should Someone Attend Your Workshop?
KEYS TO SUCCESS
- Why You Must Be a “Personality” in Order to Succeed
- THRIVE OR DIE.
- Impatience is a Virtue
- Create Your Own Category
- HOW TO DREAM BIG.
- Will Not or Cannot?
- Why Not?
- How to Think BIG
- How to Stay Ahead of the Curve
- How to Invest in Yourself
- The Two Camera Rule
- MEANINGFUL DIFFERENTIATION
- Advice For College Students
- How to Thrive in Uncertain Times
- CANNIBALIZE YOURSELF.
- DO AND GROW RICH
- Does Fear of Punishment Hold You Back?
- HOW TO GET MORE FOLLOWERS
- How to Innovate
- How to Build Your Own Empire
- YOU ARE ENTITLED TO HARD WORK.
- PICK YOURSELF.
- OWN YOUR PLATFORM
- 10 KEYS TO SUCCESS
Table of Contents
Learn how to make a living from your passion:- Preface. BRAVE NEW WORLD OF PHOTOGRAPHY
- Chapter 1. How to Create Value
- Chapter 2. ZEN CAPITALISM
- Chapter 3. Scarcity
- Chapter 4. How to Brand Yourself
- Chapter 5. How to Build a True Following
- Chapter 6. The Blueprint to Success in Photography
- Chapter 7. HOW TO BE BOLD
- Chapter 8. How to Sell Out
- Chapter 9. GO AGAINST THE GRAIN
- Chapter 10. EXTREME ABUNDANCE
- Chapter 11. Photography Experience Economy
- Chapter 12. Why You Should Make Money for Your Photography
- Chapter 13. How to Become a Famous Photographer
Photography Business 101
How to Make Money with Photography
- How to Charge More Money in Your Photography
- Why You Should Not Pursue Photography as Career
- Can Photography Make You Rich?
- How I Earn $200,000+ a Year From Photography
- How to earn $10,000 a month as a photographer
- Why you must be an expensive photographer
Photography Marketing 101
- Why Have More Followers?
- Why You Should Do Photography Work For Free
- How I Became an Internet Famous Photographer
- Photography Blogging Ideas
- Why You Should Promote Your Own Name
- How to Build a Following
- How to Stand Out as a Photographer.
- HOW TO GO VIRAL AS A PHOTOGRAPHER.
- How to Master Marketing
- How to Sell Yourself
How to Hustle.
- Entrepreneurial Advice to My 18 Year Old Self
- How to Become Insanely Productive.
- 5 Lessons From Hesiod on Hustling
Entrepreneurial Principles
- It is Better to Beg For Forgiveness Than Ask For Permission
- The Free Way to Become Rich
- JUST DO IT.
- 7 Steps: How to Make a Living From Your Passion
- How to Do What You Love for a Living
- How to Create an MVP (Minimum Viable Product)
- How to Fail Big
- How to Invest in Yourself
- How to Be Bold in Photography and Life
- Mission: Cover Your Rent and Food
- 1,000 True Fans
- The “10x Principle”: The Only Difference Between “Success” and “Failure”
- Make More Value Not Money
- We Live in a Photo Utopia
How to be a Full-time Photographer
- How to Make a Living From Photography
- The 3 Principles of Making Money With Photography
- Advice for Aspiring Full-Time Photographers
- Don’t Go Into Debt For Your Photography
- How to Brand Yourself as a Photographer
- Trust: The Most Important Thing You Need to Succeed as a Photographer
Photography Blogging
- How to become rich from photography blogging
- How to Make a Living with Blogging
- 50 Blogging Tips For Beginners
- How to Start Your Own Photography Blog
- A Photographer’s Guide to SEO, Blogging, and Social Media
How to Teach Photography
- How to Become a Photography Teacher
- How to Teach a Street Photography Class
- Why I Teach Street Photography Workshops
Social Media
- Why I Deleted My Instagram
- The Social Media Blackbook for Photographers
- Why Do You Need More Likes or Followers?
- Instagram is Going to Be the Next Facebook
- Don’t Trust “Free” Photography Social Networks