My naive views on financial independence

Last time I was quite naive. Probably still am, but hopefully less so lol. I thought that after reaching financial freedom, I can relax. No need to work, shake legs and spend my passive income and I'll be happy. I calculated my expenses to be $2.5k per month (that's before I have a lot more adult responsibilities like the current me), which works out to be $30k per year. Assuming 5% returns per year, I just need to get 600k capital and I'm settled. And that number just gets anchored in my mind for the longest time.

I am naive because:

1) On paper, having 600k @ 5% per year can settle my monthly expenses, but it just makes my life easier. I still have to work because there's no buffer. I can't sleep well with 100% invested in the market as well. In practice, I need more than 600k, probably 30% cash buffer will be very nice, which means a total of 1 mil is a more realistic figure to aim at.

2) 2.5k is really just good enough for me, at that point in time. I'm at a different life stage now, with more commitments, so 2.5k is just not enough. I didn't account for future life plans back then. Or rather, I didn't know what changes it will make to my expenses to account properly for it.

3) 5% returns per year - this is based on 'average' returns. I am below average because I'm not wizardry material. I know now, but I didn't know back then. I thought I can be Warren Buffett but I am just 我人不肥. I know myself better now and have a more grounded expectation based on data, rather than hopes.

4) Thinking I don't have to work after financial freedom is really naive. On paper, everything is fine but I did not have a more holistic view of financial freedom. In the past, it's all just about money, but progressively, I think financial freedom is more about philosophy. Ultimately it aims to resolve the question of what we are going to do with our lives here. It is more about meaning instead of materialistic pursuits. If we don't have a meaningful outlet to pour our life's best work in, we'll never end up free, regardless of whether materially we are financially free or not.

Hence, I adapted this FI (financial independence) koan:

Before FI, wake up and do work.

After FI, wake up and do work.

On the outside, nothing has changed after FI. We still do the same things as before. But on the inside, everything has changed. Our mindset and attitude are not the same and we will approach the same task with more purpose and meaning. Don't expect life after FI to change drastically on the outside - it's all happening on the inside where no man can see.

Live long and prosper.