I’ve written about the stages of financial independence, then there is that post I wrote about me calling it Camgirl FI or Camgirl FIRE then on twitter, I called it “Disability FI” so that I can identify where I am personally starting in my financial independence journey.
I got inspired learning about the term Barista FI. Barista FI is where people would work in a coffee shop that offered employment benefits but that’s typically something I hear people in the U.S might be doing.
For me getting government disability support is where I would get my drug coverage plus I’ve discovered I am also covered for burial cost. Which is why I sometimes call my financial independence journey “Disability FI”. By putting all this information together I’ve started to think about what are my financial independence milestones.
It starts with knowing my FI number which is at this moment in my life. My minimum annual expenses/spending times 25.
Which would be $20,000 x 25 = $500,000 and also remembering the 4% Rule.
I think the 4% rule is something about the withdrawal rate to last your whole retirement. My math and science brain takes a lot of naps. So you can watch this video it will explain it a lot better.
Plus I’m not considering early retirement at all. The whole financial independence journey is so that I would have enough money to live independently with minimal support from the government.
Having Bipolar Disorder is a life long condition with multiple ways to manage it and it has no cure. Living with any illness cost money to stay a liveTweet
The FI/RE community got lots of information and yes you can fall into a rabbit hole hearing concepts, opinions and personal stories. I just joined Fiologoy that sends out weekly lessons and they even got a Free Workbook. So that means I am not going to teach you financial independence, this whole thing is for me to set up my next stage of adult development and enjoy my life.
I’ve found reading The Finoeers blog breaks down the financial independence milestones.
FU Money = 10% of your FI number $50,000.
Well, when it comes to saving money, I never had much of it my old habit before was when I got money I would spend all of it. Something about having it triggered old memories from my trauma that I just couldn’t hold on to money.
I’m a big dreamer and of one those dreams are plans to transition off government disability income support. Having F-You money means a lot of things for me. I know saving that amount for an emergency fund would be a great accomplishment for me and with the plan to follow FI having that much money accumulated from investing would be super amazing.
The minute I have $40,000 as assets my disability benefits will want proof and then they will start an income and asset review of my disability file.
- Half FI = 50% of your FI number $250,000
- Lean FI = where you can cover your necessary expenses with passive income (~70% of your FI number) $350,000
- Flex FI = 20x your annual expenses saved or 80% of your FI number $400,000
- FI = 25x your annual expenses saved or 100% of your FI number Remember $500,000
- Fat FI = 30x your annual expenses saved or 120% of your FI number $600,000
Numbers stopped being exciting once I had to spend more time taking care of my mental illnesses, and also when people started hating me for choosing a career in adult entertainment plus having the ability to work from home full-time for 17 years now.
Hitting these FI milestones is the only thing I got to get off the tit of government disability and stand on my own two feet again.Tweet
Yes, I know some days I won’t be super motivated about FI but on the good days, I need to roll out of bed, get in the shower, make something to eat before my hunger becomes hangery and start working my full-time at home all the time gig.
The big numbers of financial independence scare me, I am working up to the smaller numbers, right now I am at zero when it comes to investing and I am just now starting to build my emergency fund.
The only reason I want to know all of this for myself is that it evens things out for me, I know all my numbers and limitations when it comes to getting my government disability income plus drug coverage benefits and for years only knowing that side of things paralyzed me to do nothing about it.
Now my FI guide map is more clear and I can see my pit stops, roadblocks and I know my destination. Which makes for 2020 and beyond a whole lot more fun.