Financial Independence Is For Everyone (Part 2)


Back in 2018 I wrote a post called Financial Independence is for Everyone. I thought the article was pretty clear but I see from the internet that some misinterpreted it.

Perhaps they just read the title and not the actual article? Perhaps they read what they wanted it to say? Perhaps I didn’t write it clearly enough?

Whatever the reason, some took that as meaning the following:

Anyone and everyone can (and should) get to Financial Independence by 40, they just need to try harder

No, that’s not what I said.  And its not what I meant.  What I said was everyone can use the tools, techniques and mindset of financial independence to get better with money.

It seems like I’m gonna have to spell this out again.

People sometimes accuse FI blogs of being repetitive. But this is a feature not a bug. Some of this FI stuff takes a while to sink in.  People often misunderstand some bits and so we keep plugging away, correcting the misconceptions.

So can anyone and everyone get to financial independence? Sadly no, I don’t think so.  Let’s start with an extreme case to illustrate the point and then we’ll broaden it out.

Imagine someone born with an incurable disease that prevents them from working. FI is off the table for them.  That’s not to say there isn’t hope for them: medical breakthroughs happen. But without that cure, that person is just not going to be able to get to financial independence.

Now let’s widen it out. There’s a young guy who works in my local gym.  He cleans the floors and equipment and does the jobs the trainers don’t want to do.  He has Downs Syndrome.  I have a huge amount of admiration for this guy because, despite having been dealt a shitty genetic hand, he’s making the best of it. He’s diligent and hard-working: he shows up and holds down a real job.  Its pretty humbling.

No doubt he can learn and grow just like we all can. But with the best will in the world, he’s not going to to climb the ranks into management or run his own business. Stuck on minimum wage, its not gonna be possible to get to financial independence without state support. That’s not anyone’s fault: it is what it is. Life isn’t fair.

But I see this guy as a success rather than a “failure” because I’m more interested in his attitude, actions and example than his money situation.

It’s obviously easier to get to financial independence if you have a higher income.  Some tout that as the “dirty little secret” of financial independence.  That’s right up there with the “secret” that being an Olympic pole vaulter is easier when you weigh less than 30 stone.

The point is that most people currently earning lower incomes can use a FI mindset that prizes determination and resilience to hopefully climb the ladder and earn more over time.  I started off on £12,500 per year and ended up as a top rate taxpayer. Income is not set in stone and earning more is not cheating.

Everyone can benefit from ditching consumerism and being smarter with their money choices. Everyone can get better with money. And values, actions and happiness are what ultimately matter…its not just about whether someone has the financial ability to retire early or not. 

To illustrate, there is a lady who we’ll call Betty who works in my local Tesco Express. Betty is over 80 years old if she’s a day.  When I was buying some groceries a few months ago, I stopped to chat to her.  She told me she’s been working there for ~20 years: she worked there when it was an independent local shop before Tesco bought the site. She likes working there so (to her great credit) she carries on working a real job and contributing to society.

A clown who read my blog and thought it was all just about early retirement might conclude that I disapproved of someone working into their 80s. No!…I have way more respect for Betty (who chooses to work) than someone who retired at 25 thanks to a lottery win, inheritance or other random windfall. Betty is a wonderful example to young people, many of whom could do with reading The Inestimable Advantages of Hardening The Fuck Up.

One of the curses of media coverage of financial independence is the way FI gets presented as binary. Journalists love to ask: is “it” possible or not for this or that group of people.  By “it” they mean retiring at 40 (or whatever random number they’ve plucked from the air).

The retiring-early-never-to-work-again thing is the most eye-catching but perhaps least interesting part of FIRE to me. Don’t get me wrong, I write a blog with a Prison Camp theme because I found out the hard way earlier in my career that being trapped in a job can be awful. But there’s so much more to financial independence than just early retirement.

Financial Independence is truly life changing because the process of getting there changes you for the better. And then it gives you options to do pretty much anything you want with your time.  It allows you to take time off, travel, change career, work for yourself, work part time, start a business or do a fun job that doesn’t pay much.

But you don’t have to wait until you have more than 25x your annual spending to reap these rewards. It’s not binary (where you’re either broke or financially independent). How about being able to take a gap year for grown ups? How about being debt-free, having your pension set up properly and a years expenses tucked away as an emergency fund? That would be a massive improvement for most of the population.

The reason that the FIRE will keep spreading is because most conventional financial advice is rubbish: its biased, expensive and ineffective because it doesn’t get your savings rate up. The tougher your situation, the more you need to go hardcore and adopt the “full on” FI mentality.

People sometimes say : “Financial independence is irrelevant because house prices are too high“.  I agree that it’s harder for millennials to get on the housing ladder than it was for me back in the day when house prices were lower. But I see it as the other way round.  In other words, its because house prices are so high that young people need to use the techniques of financial independence to save for a deposit. 

And, if you want to get political, I will agree that it was totally wrong that bank bondholders and shareholders were bailed out in 2009, bank CEOs mostly kept their high paid jobs and that we’re still paying the price (low interest rates and high house prices) 10 years later.  That was a (partial) failure on the part of the Democrat (US) and Labour (UK) governments that had to respond to the crisis.  To be fair they kept the system afloat and avoided an apocalyptic collapse of western civilisation, so I guess the scorecard is mixed on that point.

But the real question is what can those young people do to best play the hand they’ve been dealt?  The answer is to focus on what you can control.  We are where we are and these days you are gonna have to go ALL IN just to get a place of your own in a high cost of living area (like London for example).

But is it even possible to save in a high cost area on an average income? Well, The Escape Artist was recently featured in an article on (not as racy as it sounds, sadly). The interesting thing about this article is that the journalist actually LIVED IT for a month – saving 50% of their salary even though they earned a normal average wage (£30k), renting in London.

This shows that saving half your income is possible for a wider range of people than you might think.  And here’s the thing: even if the journalist ditched the FI experiment at the end of the month, they’ll have learnt something valuable from the experience.  Everyone would gain some insights from tracking their spending and being mindful about their choices.

Financial independence (and this website in particular) is not just for people like me. Its not just for middle class people, its not just for high earners, its not just for one race or gender. Its for anyone and everyone that wants to get better with money.


  1. donaldtramp1 · · Reply

    Great post. I absolutely think there is more to this FI lark than the average newspaper hack can grasp.
    In fact I’d go as far to say that its more the mindset and life choices that go along with it that float my boat.
    I think I am genuinely improving my life (and my loved ones lives) by turning my back on the consumerist shit that just about everyone I know has been suckered into coveting and buying. I’m out exercising instead of shopping.
    I’ve improved my mind by reading up on stoic philosophy (I’d heartily recommend any of Ryan holidays books as an intro) instead of watching crap on TV.

    There is a ton of life enhancing/enriching things that can be done instead of selling your soul and borrowing money you dont have to get a newer, shinier (insert car/80 inch tv) to signal false wealth to people who you really shouldn’t care about.

  2. I grew up in Baltimore City, a crime-ridden cesspool of what’s wrong with America. I saw so many kids who never had a chance. It wasn’t a health problem like the example you cited, it was that they had a crackhead mother, no father, and were immediately thrust into gangbang culture as soon as they were big enough to hold a gun. These kids have practically zero chance of staying out of jail, muchless something as far-fetched as financial independence. Could they improve their situation with money? Yes, but first they have to shed the chains of the toxic world they were born into. And that’s really really hard.

    1. Yes, I agree…really hard…that’s one reason I like this guy’s writing:

  3. philip gil · · Reply

    just touching on your political bit – should interest rates not be determined by a market rather than being set by a government appointed central bank ? Interest rates would never of gotten so low allowing such a huge property bubble to continue. I feel such sorrow for today’s youngsters, as the money they earn as a multiple of what it costs to buy a property has lost all connection.

    1. Short answer : yes, probably. Long answer : its complicated(!).

  4. reckless saving · · Reply

    I started my working life on £7,000 25 years ago, I would of needed a 50% deposit to get on the housing market. I remember a work colleague just managing to scrape enough to be accepted for a mortgage with their partners wage, with them both doing various evening jobs on top of them full-time jobs. My wage didn’t make any meaningful progression for at least 10 years and with that and job insecurity it gave me the life lessons with money that are common to FIRE. Coming into my mid-40s it’s accelerating away and it looks like my orginal thought’s all those years ago of being able to support myself from my 50s will hopefully work out true.

    To me it does enforce that anyone can have crack at it, no matter how much/little they earn and see viable benefits in the future, where you are today doesn’t dictate where you’ll be in 10/20+ years time.

  5. i never joined the cult but enjoy writing about what got us to the point of having enough. if the lightbulb comes on for one person regarding ways to save and invest or maybe to take stock of their spending choices/priorities then i feel i’ve won.

    it’s a more than a little disheartening that some readers can decide ahead of time what you’re trying to say while reading on a very superficial level. you’ve taken the time to click on over here, why not take some time to think about the words on the screen?

    i had a drink with a lovely english couple from yorkshire last week in new orleans. they weren’t super high earners but lived simply and were able to travel halfway across the world for mardi gras. i’m guessing they made it a priority and likely gave up some other common spendy items to do so.

  6. Financial independence is for everyone … who wants to retire from paid work at some point. If you can improve on your management of your money then you may not be able to retire at 40 in most cases, but you could be more financially ready to retire at 67. The retire at 40 articles (click-bait?) in the media generated so many negative comments but I imagine most of those commenting could improve their lot by adopting some of the FI advice so readily available these days.

  7. […] independence and spreading its ideas to a wide a range of people as possible. Did I mention that Financial Independence is for Everyone? Yes, I think I […]

  8. Thought provoking piece TEA – I would like to think that society in general would move towards FI – I think that the problems caused by people living beyond their means are a real problem.
    Also, a more frugal lifestyle might mean we live more sustainably – consume less.
    If our economy’s plan is to keep everyone broke and working hard to earn money to buy crap until there are no resources left in the world – then I don’t want to be a part of it!

    And how come these meet-ups are always when I’m not in London?
    I would love to come along and meet people but I’m only in town during the week when I visit.

  9. FI Warrior · · Reply

    Being a Gen X introvert, the attraction of FI was always the freedom to choose in all aspects of life, but looking in the rear-view mirror at the generations coming up behind, they have an additional massive incentive. The world is just so much more precarious today for even basic needs, that a person lives constantly in fear; only one big thing needs to topple over (like your job or health) and the knock-on effects set off a chain reaction that could ruin a life. So more than ever, even a degree of FI makes you freer from a life limited by fear.

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