{"id":48083,"date":"2021-09-10T17:10:00","date_gmt":"2021-09-10T21:10:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=48083"},"modified":"2021-09-14T15:35:35","modified_gmt":"2021-09-14T19:35:35","slug":"f-you-money","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/f-you-money\/","title":{"rendered":"“F-You Money”: The Key to Financial Security"},"content":{"rendered":"\n

Are you tired of being a victim of your financial circumstances? Have you considered saving for your “F-You Money”?<\/p>\n\n\n\n

If your financial circumstances are still dictating your life, it’s time to start saving your “F-You Money.” The term \u201cF-You Money\u201d comes from James Clavell\u2019s 1981 novel Noble House<\/em>. Later, financial blogger J. L. Collins used the concept in his book The Simple Path to Wealth<\/em> where he outlines a simple prescription that helped him and his family retire early and live off their investments.<\/p>\n\n\n\n

Here is why you should start saving for your F-You Money, and the sooner you do it, the better.<\/p>\n\n\n\n\n\n\n\n

J. L. Collins: Why You Should Save \u2018F-You Money\u2019<\/strong><\/h3>\n\n\n\n

In addition to spending less<\/a>, investing, and avoiding debt, you should save until you have \u201cF-You Money,\u201d a financial cushion that gives you the ability to make choices about what you<\/em> want to do rather than being a victim of your circumstances. For example, having F-You Money allows you to walk away from a job you hate, take a \u201csabbatical\u201d to do something you dream of, or to avoid poverty if you\u2019re laid off. Collins accumulated enough F-You Money early in his career to take extended time off work. Later, he was laid off and lived on his F-You Money for three years without a job. <\/p>\n\n\n\n

F-You Money, plus the money you invest for your long-term future, both buy you freedom\u2014and your<\/strong> freedom is the most important thing your money can buy.<\/strong> Ultimately, your goal is financial independence<\/a>, the point where you can live on 4% of your nest egg a year without having to work for the rest of your life. (Your nest egg remains stable or grows if you withdraw only 4% a year and the market grows.)<\/p>\n\n\n\n

The more you save and invest, the sooner you\u2019ll have F-You Money and the sooner you\u2019ll be financially independent. Saving and investing<\/em><\/strong> <\/strong>half your income is achievable<\/em><\/strong> when you learn to live modestly on the other half and don\u2019t borrow.<\/strong><\/p>\n\n\n\n

Financial independence is as much about living frugally<\/a> as it is about having savings and investments. If you\u2019re laid off after 20-plus years and quickly find yourself broke, you haven\u2019t learned to live within your means<\/a>. But you can<\/em> learn to live so that you\u2019re not a slave to money because of your lifestyle and thus, not a slave to your job.<\/p>\n\n\n\n

Collins and his family achieved financial independence and retired early by doing three things: avoiding debt, saving 50% of their income, and investing in Vanguard index funds. In his book The Simple Path to Wealth<\/em>, he shows you how easy this path to wealth and freedom can be.<\/p>\n\n\n\n

Exercise: Start Saving F-You Money<\/strong><\/h3>\n\n\n\n

\u201cF-You Money is a financial cushion that gives you the ability to make choices about what you<\/em> want to do rather than being a victim of your circumstances. For example, having F-You Money allows you to walk away from a job you hate.<\/p>\n\n\n\n

Do you have any F-You Money saved at this point? Why or why not?<\/p>\n\n\n\n

What options would having F-You Money give you? (For example, how would having the financial freedom to do what you<\/em> want change your life<\/a> right now?)<\/p>\n\n\n\n

How much F-You Money would you need to save to make the options you want a reality? What steps can you take to get closer to meeting this savings goal?<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you tired of being a victim of your financial circumstances? Have you considered saving for your “F-You Money”? If your financial circumstances are still dictating your life, it’s time to start saving your “F-You Money.” The term \u201cF-You Money\u201d comes from James Clavell\u2019s 1981 novel Noble House. Later, financial blogger J. L. Collins used the concept in his book The Simple Path to Wealth where he outlines a simple prescription that helped him and his family retire early and live off their investments. Here is why you should start saving for your F-You Money, and the sooner you do<\/p>\n","protected":false},"author":7,"featured_media":39974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,31],"tags":[483],"class_list":["post-48083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money","tag-the-simple-path-to-wealth","","tg-column-two"],"yoast_head":"\n"F-You Money": The Key to Financial Security - Shortform Books<\/title>\n<meta name=\"description\" content=\"If your financial circumstances are still dictating your life, it's time to start saving your "F-You Money." 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