Thank you for the mention @santoshguru , great writing prompt.
At first, I was tempted to talk about 200WaD. The thing is I have no idea if it will still exist. Most startups never go past a year, and even though I work every day on creating a sustainable business, there is no way I can influence the market by myself. This is why I decided to write about where I’m planning to be in five years from now on, because I can only have control over myself, not others.
In July 2019 I will celebrate my 25th birthday, and I promised myself two years ago I would dedicate my life to the pursuit of mastery. I want to be a full-time entrepreneur making his own tech products while contributing to solving important problems with my skills. Mastery is a never-ending quest for truth and excellence, I see nothing more fitting to my personality, nothing more virtuous: I find great honor and immeasurable pleasure in honing my skills to serve others.
This is why I want to be in a position where I don’t have to worry about my material comfort by age 30, to chase knowledge and experience over money. In other words, I want to reach financial independence five years from now on.
Financial independence is mainly about decreasing your costs. My lifestyle is already designed for that: I travel the world, which implies I have few material possessions and less monthly expenses. I can live comfortably on $1000 per month.
The challenge I’m facing now is to create stable income sources. I work my butt off to implement a sustainable lifestyle based on entrepreneurship. If I fail to reach ramen profitability over the next year, and since I’m living on my savings, I will run out of money by the time I reach 26 and I will have to abandon all entrepreneurship ventures to get a job. Fortunately, all the things I’m learning now and the people I met on the road will allow me to earn a nice job in software engineering, preferably the remote kind.
If I reach ramen profitability I won’t feel pressured to reach financial independence by 30, since I will already be doing what I want.
If this is not the case, I will aim to achieve a saving rate of 85% to be in a position to launch a new business in four years. A saving rate of 85% with a monthly burn rate of $1000 is equivalent to a yearly wage of $80k. It’s hard to obtain but still realistic.
In all cases, I’m confident I’m growing useful skills and relationships that will benefit me for life one way or another.