I would like to discuss how I achieved financial independence at age 39, and how it allows me the freedom to practice medicine in a way that keeps me happy.
Financial independence is defined as having enough money saved and invested in a way that would allow you to quit gainful employment and continue your present standard of living. The math, based on a 4 percent withdrawal rate, requires you to have at least 25 years worth of expenses saved to have your financial freedom. If your household spends $100,000 a year, you need a minimum of $2.5 million. If you are one person spending $40,000, a million dollar nest egg does the trick.
I discovered the concept, the math, and the online FIRE (financial independence retire early) community late in 2014. I was in the middle of studying for a board maintenance of certification exam, my PALS certification was up for renewal, and I wasn’t feeling too keen on certain aspects of my career. After shoring up the certifications, I focused on my finances.
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