The Wonders of Financial Independence – The Jack Duffley Show | Ep.12

The One Property Retirement:

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Postscript from The One Property Retirement:

Ultimately, the one property strategy is just another tool to use towards financial independence. The one property strategy can replace your current retirement savings strategy, but it can also supplement it. Controlling more assets is rarely a bad thing, and it gives you flexibility to live the life you want in the good times and the bad. Nothing would stop you from buying additional property, or still investing a significant amount of money into the stock market, or working to build a business to create additional income. In fact, it’s a smart move to diversify your investments and income streams. Sadly, no one knows what the future holds. But you can take action to increase the likelihood that it is much more comfortable for you and your loved ones. If you never take action, you can be fairly certain that your future will not be much better than your present. Maybe that’s fine with you, but I’m sure there’s something in your life where having greater financial flexibility would help out a lot. And that can be well beyond your own worldly possessions – what if you could use all of your time to serve others because you built a fantastic future for yourself while you had the time and the energy? Financial independence is not the exorbitance or pure laziness that it is often made out to be. Financially free people simply have options. They have the ability to scale back at their jobs. They have choice in how they structure their days. They have the ability to pursue new ventures. They own their time. Now, some financially independent people take it many steps further to become massively wealthy for one reason or another, and some do live a life of total luxury. There is no shortage of get rich quick products promising this over-the-top lifestyle, where, for just a few quick payments of $999, you, too, can learn the secrets of success. But that is well beyond simple financial independence. Financial independence is security and freedom. You have greater freedom to become a wealthy goon if you so desire. After all, many millionaires and billionaires say that “the first million is the hardest.” You can definitely step it up. But you don’t have to, and that’s a beautiful thing. The one property strategy is simple, and it takes many years to bear fruit. It really is not special in itself. There are many ways to invest, and it’s just one way. But the end result is just as sweet. You own your time, and you have options. And time is one of the truly finite things for each of us in this world. Retirement is a different word for financial independence, and it can be achieved earlier rather than later if you so desire. Whether you realize it or not, unless you never plan on retiring at any age, your ultimate career goal is already financial independence. You know that you probably cannot work forever, so you build a nest egg over many years of commuting to and from your job. For many, by the time they are in their 60s, they reach some form of financial independence, even if it’s partially supplemented by the government. This is “good enough” in the eyes of much of the population. But, if you’ve read this far, you probably aren’t satisfied with that path in some way. You want more freedom, or at least a more efficient route to it. I encourage you to continue educating yourself about saving, investing, and creating income streams. Valid strategies for achieving your financial goals exist, but they all have one common denominator: they all require your time and effort to get going. Whether that be investing a large sum of money at the beginning, a large portion of your time and effort, or some combination of both, no legitimate financial strategy avoids all risk or personal effort. And even the illegitimate one’s risk dramatic punishments. So, go forward with the knowledge you have and look to add to it. Sometimes that might mean taking bigger action; if you have read many books on buying rental properties, but have yet to buy one, you will learn a lot by actually going through with a deal. Learning by doing is significantly more effective, and any losses can be treated as tuition. Obviously, tread carefully, but not so carefully that you avoid acting altogether. With action, you can make real progress towards financial independence and beyond.

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Jack Duffley

Jack Duffley is a real estate investor and attorney based in Houston, TX.

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