Once you can conclude that you are someone who is fairly disciplined and pretty mindful with your spending you should no longer be so much fixated about having a budget because it focuses on a mindset of scarcity and takes up a lot of mental energy. Instead adopt a growth mindset that will reframe your approach to challenges and seeks to develop your skills that can propel you to even greater heights.

Focus on the big money

Achieving financial independence earlier is really about increasing your savings rate. But like most traditional financial advice, the focus in the book seems to be more of cutting expenses and living a simpler, more frugal lifestyle. There is no doubt that consumerism and materialism are traps that keep us stuck in a cycle of working and spending. I would agree that it is great to question your assumptions about what you really need and want in life, and to focus on the experiences and activities that bring you the most joy and fulfillment.

However there are examples in the book that go on to suggest if we might try to DIY skill-specific tasks that might help us to save money such as fixing a plumbing leak, building a bookshelf on our own and being a barber for our family members. To that I would say that if one is to spend so much time learning all these other skill sets, he would have no time or energy left to think about his finances or investments. This is especially so when you ask yourself how many times you need to fix a leaking pipe or build your own furniture. Haircuts can be more frequent but you have to ask yourself if your family members are comfortable with the end result just to save that amount of money. The amount of time spent learning may not justify the cost savings, even if the results are satisfactory. This is because one can probably earn much more by doing the job that they are already competent in to begin with.

Hence, I am of the opinion that trimming down on your expenses can only take you that far. Once that exercise is done, much of our mental energy should be directed to try to find ways to expand our income and earning potential.

Spending time on upskilling yourself and staying more relevant to draw a higher paycheck can be a viable way to improve your savings rate. Or if you own a business, think of how else you can add value to your customers and improve your bottom line.

‌If there is anything I learn from doing financial advisory for the last 17 years with my private clients, successful and wealthy people always focus on the bigger money. They didn’t save their way to riches. It is equally tiring to squeeze pennies out of the remaining pennies as opposed to putting in the effort to better yourself or your business but the upside is tremendous for the latter.

Investing in yourself

Lastly I would say that investing in yourself and your personal growth is just as important as investing in your financial future. I agree with the authors that it is equally important to pursue education, personal development, and meaningful work that aligns with your values and purpose.

The ultimate goal of achieving financial independence is to have the freedom to live a fulfilling and purposeful life, rather than being tied to a job or career out of necessity. All in all, this book offers a roadmap for achieving this freedom, through intentional spending, saving, and investing.