Hi there! Today I have a guest post from Taynia, who is a CPA and founder of The Fiscal Flamingo, a sassy website dedicated to helping women navigate their journey from debt to decadent. When she’s not rallying big spendahs and turning them into dynamite savers, you can find her chronicling the break up with her career at Skinny Seahorse or designing blogs at The Skinny Mermaid Design Studio.
Let me know if you would like to guest post on RFI.
Over at Make Money Your Way, I am having Kim from Eyes on the Dollar who talks about how you can make money in eye care.
In December of 2010, I broke up with my career as a corporate CPA. 10 months later, we’re getting back together.
Say what?!
For me, myself and I, the beauty of being financially independent is the freedom of choice. I was blessed with the ability to choose to take 10 months off. And now that I’ve had a taste, I want to make it a lifetime commitment.
I hadn’t planned to return at 10 months. I planned to return at 12 months. Truth be told, I hadn’t planned to return at all. I wasn’t sure what I wanted or what I was going to do, but I had saved enough money to enjoy 12 months of blissful unemployment. I’d figure it out along the way. Perhaps I’d win the Powerball. (That didn’t happen, which is a real bummer.)
Funny thing is while I’ve been unemployed during the past 10 months, I’m not exactly “not working”.
First I started a personal blog to 1) learn 2) share why I quit my career and 3) just because I had the time. As I built my readership, I received email after email in response to my Skinny Wallet Phat Life series, which was focused on my personal journey from big spendah to dynamite saver. They wrote to tell me how much they appreciated my honesty and my humor. They wanted to know more details about my process to get out of debt. That was something I did not expect.
So one blog led to another. (Blogging is addicting, if no one has told you). I started The Fiscal Flamingo, a blog focused on teaching the principles to go from broke to Benjamins in a smart and sassy fashion. No fancy schmancy financial jargon. No big words or boring terminology. Just fun and free worksheets. Lots of worksheets.
And in between and on the side, I learned how to design websites and started Skinny Mermaid Design Studio.
So you see, I was “working” – just in a much different (and way more fun) capacity. I was enjoying myself so much – I knew I wanted it to last. I tasted entrepreneurship and like a Lays potato chip, I couldn’t just have one (year).
My version of financial independence involves a home that neither a landlord nor the bank owns. Therefore, I need to pay my mortgage off. My husband is a stay-at-home Dad so I carry the financial responsibility for our family. By returning to work for five years, I will be able to pay off our mortgage and build another year long nest egg in the process.
You may be asking why I need to return to traditional employment. Why don’t I just continue my entrepreneurial endeavors? Because, duh, that sounds like the reasonable thing to do.
While my plan has always been to pay off my mortgage in five years, I need to guarantee that happens. Self-employment may get me there but it also might not. I don’t want to risk it. My dream WILL become a reality – no risk involved.
While working (no quotes), I will continue to build the readership on The Fiscal Flamingo and my skills at the Skinny Mermaid Design Studio. Both businesses play a leading role in my journey to financial freedom because they are location independent.
Once my mortgage is paid off, my family and I will be free to roam wherever our hearts desire, with the security of knowing we have a home waiting for us should we wish to change our mind. Through a marriage of location independent income and living in a lower cost country, I will have the ability to only work 20 or so hours a week.
It’s possible, I’ll change my mind when five years is over and just decide to stay put. I do live on an island, so it’s not a bad deal. But that’s the point, it’s a decision I will have the ability to make because I will have the freedom of choice.
Cheers to reaching financial independence and to the freedom of choice.
*Clink*
That’s my story and I’m sticking to it. What’s yours – what drives your quest for financial independence?
This post was featured on the Financial Carnival for Young Adults, Financial Freedom Page, Carnival of Retirement, Skinny Seahorse, Carnival of Financial Planning, How to Blog Carnival, thank you!
Matt Becker says
“For me, myself and I, the beauty of being financially independent is the freedom of choice.” Couldn’t agree more. There’s no right or wrong way to go about it, you simply want to give yourself the ability to choose whatever path you truly want to follow. Sounds like you guys have a great plan to get where you want to go. Good luck!
Taynia | The Fiscal Flamingo says
Thanks Matt! Appreciate it!
moneystepper says
Seems like a sensible decision. Its good to minimize risk and this decision seems to remove a lot of the risk over the next 5 years whilst you pay down the mortgage.
I have a very similar plan to continue in full time employment until the mortgage on our primary property is fully paid. Once the “required wage” doesn’t include mortgage payments, it becomes much more manageable to live off an income doing something you genuinely enjoy.
Taynia | The Fiscal Flamingo says
So much more manageable!! I love looking at my numbers without that monster in there.
DC @ Young Adult Money says
I’m driven to pay off my student loans, pay off my mortgage, and make sure that I have a large emergency fund to weather tough times. At least that’s my initial goal that keeps me motivated to work hard at my full-time job as well as pursue side hustles that bring in additional income each month. I love hearing your story and wonder if the same would happen to me if I left my job for a given period of time. I’d certainly work on blogs/businesses but I may end up back in my accounting role. It’s hard to leave the spreadsheets for too long 😉
Taynia | The Fiscal Flamingo says
Yeah, spreadsheets – they’re a beautiful thing. Rather addictive. I like being an entrepreneur more than traditional employment, and I’d prefer to not return, in an ideal world. But I need the guarantee I can do it long term (without stressing over paying my bills).
Mrs. Pop @ Planting Our Pennies says
I’ll be curious how it feels once you’re back. We had originally planned on saving up enough to buy a sailboat and spend a year or two sailing then return to “real life”, but after running the numbers and adding a few more years of work, it looks like we can ditch office life forever, which is a good feeling… especially since I was afraid how it would feel going from free sailing to boxed in. =(
Taynia | The Fiscal Flamingo says
Oh – I can tell you now how it will feel – it will suck! 🙂 I’m a realist, and I’m going in with wide opens. But you know, life isn’t always rainbows and butterflies. And I’ve got a plan and a light at the end of the tunnel. A bright light.
My Wealth Desire says
I am planning to pay off our mortgage with our little house within one year. That also keep us (my wife and I) working with someone else.
After paying off our home mortgage, we need to save one year payment for another property. As soon as we paid off, we are planning to sell it.
Taynia | The Fiscal Flamingo says
One year!!! That rocks.
Adam @ Money Bulldog says
Sounds like you have a really great plan and I totally agree, getting that mortgage paid off is one of the biggest things in reaching out toward financial independence. Hope you hit your goals, I’m sure you will!
Taynia | The Fiscal Flamingo says
Muchas gracias Adam!
John S @ Frugal Rules says
Sounds like you made a great choice Taynia and at the end of the day it comes down to having that freedom of choice in regards to independence. We’re not there, we still have our mortgage to pay off but enjoy being self-employed and the freedom (in one sense) that brings us.
Taynia | The Fiscal Flamingo says
Thanks John!
Michelle says
I want freedom of choice as well. Financial independence is something that we really want. We just fully funded our emergency fund, and it has given us a good feeling for how FI will be 🙂
Taynia | The Fiscal Flamingo says
Oh boy. A fully funded emergency fund – that’s something to be proud of. Awesome.
Stefanie @ The Broke and Beautiful Life says
I’m so looking forward to my day of “financial independence”. I’ll probably wind up celebrating it annually like 4th of July or something 🙂 To know that you only have to work traditionally for 5 more years to get there is pretty awesome. Congrats to you!
Taynia | The Fiscal Flamingo says
Thanks Stefanie. I like the 4th of July idea. I’ll have to write that down because that is way too cool.
Lisa E. @ Lisa Vs. The Loans says
I think it’s great that you’re going back to work to ensure that your mortgage will be paid off in 5 years. Not only will you have your full-time job salary, but you’ll also have income from your design studio to help you out!
Taynia | The Fiscal Flamingo says
That’s the idea! I’m really hoping to build that business while I continue to work so that when I’m done working for an employer, I will have some stable income from that source. I love designing so it would be okay to trade time for money there.
Andrew@LivingRichCheaply says
Very interesting story…I’ll have to check out your blog. I always love reading about how people reach financial independence. Living in NYC with its high costs make it tough but I’m hoping to reach financial independence one day too where I can choose to do what I want to do. My sister is a CPA and is burnt out…wanting to change professionals…she might enjoy your blog too.
Taynia | The Fiscal Flamingo says
It’s so easy to get burnt out as a CPA. But the good thing is it’s such a diverse field. And it’s like the golden ticket on your resume. You don’t even have to do work in finance – just having those three letters on your resume is proof you’ve got it. I look forward to seeing you at The Fiscal Flamingo.
lyle @ the Joy of Simple says
Sounds like a great plan Tanyia. And five years does roll around rather quickly when you’re busy.
Personally though, I enjoy my freedom and would not go back to a more traditional gig, but that’s just me 🙂
As long as you’re happy, that’s the main thing!
Take care and all the best.
Lyle
Taynia | The Fiscal Flamingo says
Thanks much Lyle! I so appreciate it.
Alex @ Searching for Happy says
Freedom of choice. I like how you said that. I don’t necessarily need to live travelling the world (though that would definitely be cool). I do think I that having freedom of choice is also living without many of the stressors that affect people carrying debt. You’ll never be totally without stress, but this is a good start.
Taynia | The Fiscal Flamingo says
I think a life without stress would be dull. Stress is a motivator. But you hit the nail on the head! Debt stress – that’s a whole another game. I will never experience that again if it’s within my power.
canadianbudgetbinder says
Wow, what an awesome story, thanks for sharing that. It’s amazing how far we can go if we put our minds to it. The fact that you went from one blog to another to designing websites really does prove that the sky is the limits.
Taynia | The Fiscal Flamingo says
Hi there Mr. CBB. I have to laugh because I’m a bean counter at heart. My stick figures look ridiculous. But when I started designing websites, got into Photoshop and Illustrator and combined it with some HTML and CSS, the clouds rolled back. Who knew!
Marissa@Financetriggers says
My motivation really is that I like having income protection. And I completely agree with you that financial independence is indeed enjoying the freedom of choice. Delaying gratification (but definitely not depriving myself) and saving up for the long term is the best way to go.
Taynia | The Fiscal Flamingo says
I hear ya! Income protection is such a good feeling. And that’s a large part of why I’m returning to work. So I have that while I need it. And it will take me where I want to be in a short period of time.
Jon @ MoneySmartGuides says
Having the freedom to work doing what you want to do and do it from where you want is huge in my book. I took and working hard at working towards financial independence. It’s by no means been easy, but it has been a lot of fun so far.
Taynia | The Fiscal Flamingo says
It’s definitely not easy. But nothing worth having is easy, right!
Mark Ross says
I think you have a great plan, and I wish you the best on that!
Taynia | The Fiscal Flamingo says
Thanks so much Mark!
zumaira ali says
wao that really very nice post i like it so much thanks for the post. continue hard work………
MMD @ IRA vs 401k Central says
Good back story! I like your attitude on working and what finances means to you. In a lot of ways I’ feel like I’m trailing behind you with just starting to really apply my blogging skills to something like an independent business. However I think I’ve still got a long, long ways to go before I could ever say goodbye to corporate and set out on my own. Good luck with continuing your website design business.