Flickr image "The Long and Winding Road" by bbnick42

I have taken a longer road in my journey towards financial freedom. And strangely enough, I feel less burdened that I was at that fork in the road deciding whether to take the shorter path towards financial freedom or to do something that would be out of the question if I were to follow my plans rigidly without thinking about considerations such as family and quality of life.

The decision that I have taken is basically to sell my current place (Executive Condo) and to buy a new older condo at a location closer to town but has good amenities and a relatively quieter environment that my place.

Upgrade your home

Upgrading your home costs money. Basically, the proceeds from the sale of my existing unit would help but not cover the entire cost of the newer place I am getting. However, I count myself fortunate that I just need to top-up somewhat more and get a bigger, albeit older condo but with a location that is closer to my in-laws and to parks and amenities.

Effectively, I am re-investing my liquid assets into illiquid asset (i.e. my home) and building up more home equity. But the issue is that one cannot monetise one’s home no matter how much equity it builds up unless one downgrades or finds alternative accomodation through renting or staying with parents/in-laws etc.

By doing so, I’ll have less passive income since my investible net worth is now put into the cost of my new home. That means I’ll have to take another loan that I should be able to pay off comfortably in less than 10 years since my current executive condo is fully paid-up.

Thinking back, I was worried intially that this would set my plans of growing my investible savings and passive income back for a few years. And it has. But the strange thing is that I realise I cannot always rely on passive income as the main pillar of strength and financial security.

The more white hairs start to grow among my black strands of hair, the more I realise family happiness, health and the fact that with or without financial freedom, I would want to work so that I can productively occupy my time and have a balanced work/life.

Work doesn’t need you but you need work!

Having taken annual leave to spend time with my family allowed me to experience taking care of my daughter the whole day. I don’t think I can survive long 24×7 being a nanny as my daughter tires me out even after an evening with her after work!

Going to work is actually in some ways less physically tiring than looking after my daughter although I use my brain a lot more.

I’ve come to realise that the reality for me is that I will work until I’m 62 and God-willing, post-62 if my health permits me.

Thus, it’s more important to have a balanced life where health and family is well-integrated into work where one is able to carry on this journey in life in a more sustainable manner.

I’m not giving up my dream of being financially free. But I realise it’s not a race to cheong to financial freedom and find one without meaning and balance in life.

I’d rather arrive at financial freedom, having enjoyed the journey and gained more than just $$$ of passive income but having never truly experienced life for its flavours, colours, passions and emotions.

How is your own financial freedom journey working out?

Be well and prosper.