Now, I certainly didn’t start off on a bad foot on my way to financial independence. I finished school and gained meaningful employment at 23 years old with about $5000 in the bank. This was thanks to generous investing in my education by my parents, and 40+ hour weeks for years during college. Additionally, I’ve been working since I was 13 years old in one capacity or another.
I’ve spent some money along the way: $60,000+ on travel, $15,000+ on some university that I dropped out of, 10s of thousands on partying and expensive food. All of these things taught me lessons and were a lot of fun, so I can’t feel too bad about it. Now I travel on better budgets, invest time teaching myself, party without over consuming, and cook amazing food myself.
You can enjoy life in so many ways without spending excessive amounts of money, which was a lesson I had to learn. I’m glad I figured it out when I did. Sure, if I had an extra $100,000 to invest I’d be miles ahead. In reality, I am already miles ahead of where I would have been had I not found this lifestyle. Many of the most important lessons in life are hard learned, so I consider myself lucky.
Forget about your past and focus on the future while making sure you take in everything along the way.
There is more to life than working and spending money.
Commuting is probably the biggest time-suck in the modern person’s life. Currently, I can work remotely a day or 2 a week, but otherwise need to be in my office or my client’s office. When I was using the GO train to commute into Toronto everyday, I was losing about thirty, 24-hour days a year. I was throwing away a month per year (and this is all awake time, so really it’s about 33% more)!
Each day it would take 1 hour and 20 minutes on the train, and another 40 minutes walking to/from the office from Union station and getting to the station from my house. 2 hours each way, 5 days a week, 48 working weeks a year. 1200 hours a year on a train.
I have since moved closer to work. Now I walk an hour a day, during that hour I can listen to music and explore the city, something you can’t do while seated in a train for hours (after being seated in the office for hours).
What is your time worth? My freelance rate is about $100/hr, so commuting was costing me about $120,000 a year not including the cost of tickets. I’m not going to spend that much time freelancing, but you get the gist of how valuable your time is. Please, move closer to work. You’ll get time back in your day to do the things you want to do.
If you must commute, find ways to do less desirable tasks while travelling, catch up on reading, and use that time as effectively as you possibly can.
Take back your time.