Catching Up with Tanja Hester, author of Wallet Activism
This December is my final year end month for Martinis and Your Money and around this time every year, I’m always talking to clients about goal setting for the following year. And if you’ve listened to this show before, you know that one of the most important financial goals that I am most passionate about is Financial Independence and that’s the ability to work because you WANT to work and not because you HAVE to work.
Fi is the number one goal we give to all of our clients at Financial Gym and it’s the number one goal I beg of you to set for 2024 and beyond. Joining me today is Tanja Hester, founder of the Our Next Life blog and author of the books Work Optional and Wallet Activism. I have always appreciated Tanja’s approach to Financial Independence and she joins me today to share more of that journey and what she and her husband have been up to since the declared Financial Independence six years ago.
What are we drinking?
Tanja - Coffee with Bailey’s
Shannon - Black Cherry Schweppes
Podcast Notes
Examining Where You Are Now
Examining your lifestyle, expenses, and choices to find what brings you joy is a huge part of the financial independence (FI) journey. It all starts with examining where your money is going without judgment, reflecting, and deciding what changes can be made.
This exercise is not about depriving yourself but rather focusing on the expenses that improve your life and cutting back on those that don't. You also do not have to commit to certain changes forever.
Once you get to a place where you can't cut anymore and still need more money to reach your FI goals, it's time to examine your income options. The goal is to close the gap between your income and expenses so you can level up.
Living as frugally as possible may work for some time, but you may not want to live that way forever. It's important to understand what you want your life to be. What level of sacrifice is sustainable for the short, medium, and long term.
As you are on the journey and try things, you'll learn about yourself and what's important. If you feel like you're moving too slowly, trust the power of time, hard work, and compounding interest.
Working Towards Financial Independence
Financial independence does not mean you have to retire. It means that work is optional, and you have more flexibility and choices. You can still work if you want to!
Financial independence doesn't mean living with scarcity. It means identifying your goals and working towards them at your own pace.
Financial independence is attainable, but the timeline varies depending on your starting point and circumstances.
Everyone will have their own journey, but it's never too late or too early to pursue financial independence. Once you get serious, it can happen faster than you think.
There are so many fantastic resources to help you reach FI no matter where you're starting: blogs, podcasts, books, and Trainers at The Financial Gym are just a few examples.
Tanja’s Greatest Gifts from Financial Independence
Tanja was one of the first voices in the FI movement, saying she wanted to do things differently than the traditional FI path, which was unique at the time.
Tanja officially quit her job six years ago, which means they have been 'retired' as long as they saved for financial independence. Since officially declaring FI, she has made money via other avenues.
Financial independence is about being work optional, but transparency is important. Tanja always likes to mention she is still making money because the journey may look different than someone who can't or chooses not to work.
She's been spending her time exploring other passions while taking a pause from her work in personal finance. As someone with ongoing health struggles, not having to travel, work, or produce has been the greatest gift for Tanja.
Tanja is an informal full-time student, taking many classes from various community colleges and other programs. Working towards FI is an incredible gift because it gives you flexibility, even before you reach the destination.
Takeaway: My biggest takeaway is the importance of saying no to spending now, so you have many more opportunities to say yes to whatever may bring you joy in your next chapter. Who knows, painting all day could be in your future as well?
Random Three Questions
Are you thinking about a path where you make money from your art?
You are given $25,000 you have to spend, how do you spend it?
Are there any voices, podcasts, or books you want to shout out?
Connect with Tanja
Website: ournextlife.com
Instagram: @our_nextlife
Listen to Tanja’s past MYAM Appearances:
Wallet Activism - Buy the Book!
Work Optional - Buy The Book!
Resources Mentioned:
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high-interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement.
To celebrate the final season of Martinis and Your Money, listeners can get 20% off of one-on-one training services. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.