3-Steps to Becoming a Financial Independent Retired Entrepreneur

Are you familiar with the FIRE movement? I first learned about it around 2008. It stands for Financial Independence, Retire Early. It was a big craze and lots of millennials jumped on the bandwagon. The idea was to live as a minimalist and save as much of your income as you could (some people saved as much as 90%) so you could retire early. 

If you haven’t heard of it, that’s fine—we’re about to use it as inspiration, but flip it, take it in a different direction, and take it to another level. A level that you can execute starting today. But first, let me explain why I’m doing this.

The Wake-Up Call

Over the past year, I’ve worked with many small business owners, and what I realized is that many of them are not making enough money to live for today, let alone for tomorrow. Most of them are running a business without a marketing budget or strategy and they are living lower than check-to-check. They are living customer-to-customer. This startled me, and I started to look at my own business, my own lifestyle, but most importantly my own retirement.

The real wake-up call, however, came when my father passed away at the end of 2023. Quite honestly, he was not prepared for retirement or death. Witnessing this firsthand made me more serious about my own retirement and legacy. I’m learning so much and I feel compelled to spread the word to those around me.

I have been in finance since 2004, so I have 20 years of practical experience working with clients. In 2014, I transitioned into financial therapy so I even have a concentrated 10 years working with the emotions associated with money. For over a decade, I have worked with successful business owners who have external success but lack inner peace. I love working with this population, and I’ve learned so much from them. 

That’s why my current goal is to take what I’ve learned from them, apply it to my life, and share it with you. I have about 10 years before I retire. How long do you have? What thoughts and feelings come up as you consider this?

The Quest for a Secure Retirement

Starting today, you and I are on a quest. A quest to retire happy, healthy, and financially independent. You with me?

Here’s what’s going to happen: I’m going to break down what it takes to retire happy, healthy, and financially independent. Then, I will take each of those components and break them down into smaller actionable pieces. There will be some repetition because that’s how you learn, you respite the steps. And even if you don’t agree with everything I say, there’s a version of this plan that will work for you.

I started a retirement club at the beginning of the month. There are 10 of us in the group now but my goal is 100. It will probably take time to build to that number, but I am dedicated to enhancing the lives of 10 small business owners by helping them reach their retirement goals. You have two options: You can join as an Associate Member and access the free tips and resources, or you can join as an Active Member and pay a membership fee for group and one-on-one guidance. 

There is no fee to join if you just want to utilize the research and resources I offer and apply it to your specific situation. By the end of this blog, you’ll know which one is right for you. If you want a community to go on this quest for financial independence with you, we are here to help you along the way. 

The True Meaning of Wealth

I want to tell you a little bit more about myself. You might find it important to know who I am, if we are going to take this quest together.

Who I am is a spiritual being, extremely spiritual, and I’ve been studying metaphysics since I was about 14 years old. I put it into practice every day of my life, but so do you. We are all manifesting what we think about. I’ll explain that part later. Aside from being a metaphysician at my core, I am a therapist and a financial strategist. Understand though, this is actually what I do, not who I am. Again, same issue for you. Whatever income generating activity you have is your behavior not who you are at your core.

You take who you are into your income generating activity, but it is a small part of who you are. In the same way, money is a small part of wealth and the numbers are only about 10% of the planning, strategy, and execution. You know how they say we only use 10% of our brains? Well, that’s where the numbers are handled, in that 10%. The other 90% is subconscious, and that’s the part we have to work on with great diligence every moment of the day.

This is why I say you have been manifesting—even if you don’t like what you’re getting. It’s your subconscious brain that’s responsible. It’s not your parents, your clients, your children, or even the government. It’s you and your beliefs. Your beliefs drive your actions. Right now, you may be thinking that your brain is secretly plotting against you. The truth is, it is. It’s going toward what’s in your subconscious while you are focused on what’s in your conscious brain. 

At this point you know, you have to make some changes. Keep reading, and you’ll see what changes you need to make.

The Numbers That Matter

There’s a certain amount of money you need in order to feel financially independent. You need that amount to come in every month with certainty. The more sure you are that money will be there, the more freedom you feel. Some call this "F*ck You" money, but the misconception is that you need $50 million to achieve it.

Through my anecdotal research, I’ve found that number is about four times the amount of money you have going out. If you have access to four times your expenses, there’s a level of freedom and security that both your conscious and subconscious mind can agree on.

So, what’s your number for you? Not just your survival number, but your happy, healthy, financially independent retirement number? Is it $100,000, $200,000, or $1 million a year? Add in your deepest desires—the house, the car, the travel, the location. What does that life cost? Now multiply that by four.

How would you feel if you had that amount coming in every month for sure? Think about it!

Three Actionable Steps I’m Taking—and You Can Too

Now that we’ve established what financial independence looks like, here’s how I’m actively working toward it. These are three steps I’m taking that you can apply to your own retirement plan.

1. Lowering Expenses Now with Sacrifice and Creativity

• Cut Expenses Now – I am cutting unnecessary expenses and reallocating that money toward wealth-building. You don’t have to become a minimalist, bit I’m sure there are a few sacrifices you can make. My plan requires short-term sacrifice, but with creativity, I can maintain my quality of life while reducing costs. The goal is to create more financial breathing room now so that future financial independence is easier to achieve.
• Get Creative – I do things like pay most of my bills using a credit card to get the perks and the travel rewards, then pay the card in full. I’m not doing any frivolous spending. These are all purchases like groceries, utilities, and anything on subscription.

2. Establishing Three or Four Revenue Streams for Retirement

I am making sure I have at least three revenue streams in retirement:

• Residual income from business building – For me this is my affiliate revenue. If done correctly it will continue even after I stop working. For you this could be from partnerships, selling a business but maintaining a payout, licensing content, or receiving royalties.
• Investment income – This includes dividends, taking income from your financial accounts like IRAs. I have both a Traditional IRA and a Roth IRA. I also have some cryptocurrency that is growing that I will use in retirement.
• Social Security (if it’s still there) –  If social security still exists, that’s an option. We paid into it, so hopefully it will be there for us. If not there is another option.
• Active Business Income - I also plan to have the flexibility to engage in income-generating activities on my terms. My mom finds joy in running a Bed and Breakfast (the real kind, not the Air kind). I'm looking forward to hosting an annual retreat, but some people like having rental properties. This is not listed as passive income because even if the prosperity is paid off, you must manage some part of it actively.

Diversification ensures that if one source fluctuates, the others provide stability. Between the three sources I will have what I need. 

3. Researching and Selecting the Right Partnerships

• Residual Income Partners –  When it comes to my residual income, I am currently researching and choosing the companies I will partner with. I have one that I’m serious about but there are two others that look attractive. 
• Investment Team - Also, I am meeting with financial advisors in my area to better understand my options as it relates to investment opportunities, retirement planning, and even business growth.
• My Retirement Tribe - I see people like you and the other members of my growing club as my partners on this quest for retirement success. The right partners help me to love the journey even when I’m not enjoying it.

I’ll share most of my journey on my social media pages but the ones I recommend you follow me on are my TikTok page and my YouTube page. This is where I share the most important things. However, there are things I only share with the community, so consider becoming either an Associate Member or an Active Member where you’ll get a group and a one-on-one financial therapy session every month. 

Helping You Get There

If you’re unsure how much money you need in retirement or how many revenue streams you’ll require, you might benefit from being part of the ThriveWell Collective Community. It’s a Financial Independence Club for small business owners. Being part of the club can help get the clarity you seek. 

Together as a collective we visualize our goals, break them down to real numbers, work to keep our subconscious brains in check, and create a fun place to celebrate the wins. Understanding your numbers gives you clarity and confidence in your retirement plan. Having a tribe to journey with gives you confidence in the process. 

The quest for financial independence doesn’t have to be overwhelming. With intentional steps and a clear strategy, you can create a retirement that is not only financially secure but also fulfilling and peaceful.

Take Action

You’ve come to the end and there are a few steps you can take. 

Step 1: Subscribe to the Bronzecomm Newsletter to make sure you get this blog plus all the other Chicago based news.

Step 2: You could join the ThriveWell Collective Associate Membership

Step 3: Skip step 2 and fast track to the ThriveWell Collective Active Membership. This way you get all the free resources, the monthly group session, unlimited asynchronous session, as well as a private strategy session with me, the leading National Certified Counselor specializing in Clinical Financial Hypnotherapy, your first month. This will help you get off to a quick start. 

Let’s become Financial Independent Retired Entrepreneurs—together…starting today.