Achieve Personal Fulfillment Through Financial Independence
Good morning! I’m Alex Smith, a 20-year-old accounting student from Des Moines, Iowa, and the founder of wealthydiligence.com, a website offering advice on investing, retirement planning, and saving. I share my updated financial statements every month, so you can follow my journey toward financial freedom.
In 2001, Jim Collins’s book “Good to Great” shook up the business world. Collins researched the steps companies took to go from good to great and identified actions that could lead to failure. He created a list of “Best Practices” that great companies consistently followed. In life, best practices are everywhere. Whether it’s imitating your favorite athlete or following a chef’s recipe, we all recognize certain truths that lead to success. We prefer learning from those who have real experience because their wisdom can guide us toward our goals. Creating a list of best practices for personal finances requires financial transparency.
Imagine a world where it isn’t taboo to discuss your financial situation. It’s often harder to talk about debt than personal relationships. Society’s shame around financial struggles prevents open conversations, making people feel isolated. Many live beyond their means to keep up with appearances, often not considering how their peers afford luxuries. Financial struggles are a leading cause of divorce and even suicide. Increasing financial transparency can address these issues.
That’s why I’m transparent about my finances. I openly share my income, spending, and net worth. Being average allows many people to compare their finances with mine. You won’t have to wonder how someone earning $50,000 a year manages—I’ll show you. This approach keeps you accountable and provides hope that dedication pays off. I don’t achieve results through extreme frugality but through smart investing and empowered decisions, maintaining a satisfying lifestyle.
My journey toward financial independence and transparency is driven by a desire for personal fulfillment. In a business policy class, my professor asked what we would do if we had a billion dollars. While some joked about investing to make more money, the real question was about our passions if money were no concern. Reflecting on this, I realized little would change in my life if I were rich. I’d still work, exercise, and spend time with friends, but I could do what I wanted on my terms.
Financial independence isn’t about laziness or quitting work to watch TV all day. It’s about freedom to pursue your passions. You could volunteer, start a non-profit, or tackle a long-deferred challenge. When I achieve financial freedom, I plan to work more than ever, but on my terms. True contentment comes from fulfilling personal goals and experiencing self-satisfaction.
My goal for you is to identify a few life ambitions and make them your reason for seeking financial independence. This will make saving and investing easier and give you a greater sense of purpose.