Picture this: It's 2017, and I'm sitting in my apartment near Toronto, staring at my bank account balance. After eight years of working as a full-time engineer, I'm hit with a harsh reality:
I can't even scrape together enough for a house deposit.
Talk about a wake-up call, right?
I remember thinking, "Is this how it's supposed to be? Go to u=Uni, get a degree, land a 'good' job, and still struggle to get ahead?" It was like following a well-worn path only to find myself in a financial dead end.
This is all I had known growing up – everyone in my life at that time had followed a similar path – start in education and get out into the real world and get a job at different stages.
That moment was my tipping point, the instant I realized I needed to do somethign quite drastic to start taking control of my future.
Fast forward a few years, and I've gone down the rabbit hole of learning about money printing, inflation, and how the economy is fundamentally stacked against most regular people.
This realization led me to explore Bitcoin as a potential solution, which I detail in my post on Achieving Financial Independence with Bitcoin.
I know, I know – I sound like a conspiracy theorist (my wife still thinks I do). But hear me out.
The more I learn, the more I realize we need to do something radically different from what most people are doing.
I can see it starting to happen now, but fast forward decades, and if we don't act now, we might find ourselves too far behind even to try.
That's when I discovered the concept of personal sovereignty.
Now, you might be wondering, "Adam, what does taking control of your future even mean?" Well, my friends, that's what we're going to explore today.
Let's dive into my journey towards personal sovereignty and why I believe it's crucial for all of us.
What Personal Sovereignty Means to Me
So, what exactly is personal sovereignty? It's not a term you hear every day, and when I first stumbled upon it, I was intrigued. Let me break it down for you, based on my understanding and experience.
It wasn’t even something I knew I was searching for to begin with – I had heard of sovereign nations and it used in that way but never for normal people – over the years it has become more and more important to me to find out how to become more and more sovereign as an individual.
Personal sovereignty is about taking control of your finances and your life.
At its core, personal sovereignty means having the power to make decisions about your life without being overly constrained by external forces.
It's about reducing your reliance on systems that you can't control – like the traditional job market, government policies, or the whims of the economy.
I have also cheekily coined my own FIRE term – SovFIRE (Sovereign FIRE) 😄
But here's the thing: personal sovereignty isn't just a lofty ideal or some BS term that is popular to talk about, to me it’s absolutely crucial to walk further down the sovereign path.
To me, it's a practical approach to building a more secure and fulfilling life. Here's what it means to me:
- Financial Independence: This is the cornerstone. It's about having enough resources that you're not tied to a job you hate or living paycheck to paycheck. If you're curious about how I started this journey, check out my post on How Living Abroad Accelerated My Financial Independence Journey.
- Multiple Income Streams: Relying on a single source of income is risky. Personal sovereignty means diversifying your income sources.
- Skill Development: Continuously learning and adapting to change is crucial. It's about being valuable in a rapidly evolving world.
- Self-Reliance: This doesn't mean isolating yourself, but rather developing the skills and resources to handle life's challenges.
- Freedom of Choice: Ultimately, personal sovereignty gives you the freedom to choose how you live your life.
Now, I'm not talking about going completely off-grid and cutting ties with society (although if that's your thing, more power to you! and there are many days I think this is maybe what we should do).
For me, it's about creating a life where I have more control over my time, my work, and my future.
It's about becoming the CEO of my own life.
This journey towards personal sovereignty has changed how I view money, career, and even my daily decisions. Instead of just working for a paycheck, I'm now focused on building assets and skills that will provide long-term value and security.
Is it easy? Heck no.
Is it worth it? Absolutely.
Every step I take towards greater self-reliance and financial security feels like a step towards true freedom.
It's empowering to know that I'm actively working towards a future where I have more control and more options.
Why Personal Sovereignty Is Critical Today (And Even More So Tomorrow)
Now that we've covered what personal sovereignty means, let's talk about why I believe it's absolutely crucial in today's world – and why it'll be even more important tomorrow.
The economic landscape is shifting beneath our feet.
When I first started my career, I thought that simply working hard and saving money would be enough. Boy, was I wrong. Here's what I've come to realize:
- Inflation is eating away at our savings.
Remember when a dollar could buy you a lot more? It's not just nostalgia – it's the reality of inflation. And lately, it's been on steroids. Maybe inflation is coming down but this just means the rate that prices are increasing is slowing – it’s never going backwards.
- Currency debasement is a real threat.
Governments are printing money at unprecedented rates, your money isn’t sound money. This might sound good in the short term and artificially boosts assets prices, but it's eroding the value of our hard-earned cash – if you’re wages aren’t increasing at least 11% per year you are losing money every year.
- The cost of living is skyrocketing.
Housing, education, healthcare – the essentials are becoming less and less affordable. And wages? They're not keeping up which is why I think the traditional 4% FIRE rule might need to be revised, with alternative assets like crypto looked into more deeply as opposed to just stocks and bonds.
But here's the kicker: These aren't just temporary problems. They're systemic issues that are reshaping our economic reality.
And who's bearing the brunt of this? The middle class.
As a member of the middle class (what is left of it), I would rather get off the treadmill that is the rat race and with all the factors I’ve mentioned already, the treadmill is gradually speeding up…
The middle class squeeze is real, and it's getting tighter.
We're working harder than ever, but it feels like we're running on a treadmill that's speeding up. The traditional path of getting a good job, saving money, and retiring comfortably is becoming a pipe dream for many.
This is why personal sovereignty isn't just a nice-to-have.
In my mind, it's becoming a necessity for financial survival.
Think about it:
- If you can't rely on the value of your currency remaining stable…
- If your savings are being eroded by inflation …
- If your salary can't keep up with the rising cost of living…
Then what's the alternative?
The alternative is taking control of your financial future.
It's about creating systems and acquiring assets that can weather these economic storms. It's about developing the skills and mindset to adapt to rapid change.
In other words, it's about personal sovereignty.
My Current Reality: Personal Sovereignty as a Dream
Now, I've talked a lot about personal sovereignty and why it's important. But here's where I need to get real with you:
I'm not there yet. Not even close.
Personal sovereignty, for me, is still very much a dream. A goal I'm working towards, but haven't achieved. And you know what? That's okay. Because this journey isn't about perfection – it's about progress.
So, where am I right now? Let me break it down for you:
- I'm still dependent on a regular paycheck.
Yep, I'm still in the 9-to-5 grind. My engineering job is my primary source of income, and that means I'm not as financially independent as I'd like to be but I am trying to continually make progress.
- I'm learning, but there's so much more to know.
Every day, I'm trying to educate myself about finance, investments, and building multiple income streams. But it feels like drinking from a fire hose – there's just so much to learn and there is so much noise out there. it’s hard to separate what is important.
- I'm taking small steps, but sometimes they feel insignificant.
I'm trying to build a side hustle, invest wisely, and increase my skillset. But some days, it feels like I'm moving at a snail's pace. I get de-motivated easily and lose hope regularly but I always try to pick myself up – really – what is the alternative? give up and work till 70+? F that.
- I still worry about money more than I'd like to admit.
The goal is to stop living paycheck to paycheck, but I'm not there yet. Financial stress is still a part of my life.
But here's the thing: I'm not sharing this to discourage you. I'm sharing this because I bet many of you are in the same boat.
We're all works in progress. And that's perfectly fine. What matters is that we're taking steps in the right direction.
What I Need to Learn to Achieve Personal Sovereignty
Alright, so we've talked about what personal sovereignty means to me and why I think it's crucial. Now, let's get into the nitty-gritty: what exactly am I doing to make this dream a reality?
Spoiler alert: I'm learning. A lot.
Here's a breakdown of the key areas I'm focusing on:
1. Investing in Hard Assets
When it comes to investing in hard assets, I've got to be honest with you – my primary focus and experience lies in one particular area: cryptocurrency.
I've definitely swallowed the orange pill, folks. I'm a complete advocate for Bitcoin.
For years now, I've been deeply involved in the crypto space, spending countless hours learning, investing, and yes, sometimes making mistakes and lose money – thanks Terra LUNA. But through it all, I've come to see Bitcoin as what Michael Saylor describes as an "economic life raft."
In a world of inflation and currency debasement, Bitcoin stands out as a potential shield against economic uncertainty.
It's not just about making money; it's about learning how to protect wealth from inflation and gaining financial sovereignty.
If you're new to this world, check out my Understanding Cryptocurrency: A Beginner's Guide for Expats – it's not just for expats!
As for other hard assets like real estate or precious metals, I'll be honest – I'm still in the learning phase. They're definitely on my radar for future exploration, especially as I look for ways to protect wealth from currency devaluation and diversifying out of crypto.
2. Sustainable Living and Self-Reliance
Now, this might seem like a leap from Bitcoin, but bear with me. Sustainable living and self-reliance are key aspects of personal sovereignty.
I'm researching things like:
- Off-grid living options
- Renewable energy systems
- Sustainable agriculture and food production
I've even written about this in my post Exploring Off-Grid Living: Can it help fight inflation?
These are all steps to self-reliance that I believe will be crucial in the future. By reducing our dependence on external systems, we can increase our personal sovereignty and resilience in the face of economic challenges.
3. Building Passive Income Streams
Here's a truth bomb for you: relying solely on a 9-to-5 job is like putting all your eggs in one basket. And let me tell you, that basket can get mighty wobbly.
That's why I'm exploring ways to create more income streams. We're talking:
- Dividend-paying stocks
- Rental properties
- Online businesses (like this blog!)
- Freelancing as an Engineer
I've even explored how AI can help in this process in my post How to Use AI to Make Money.
The goal?
To stop depending on a 9-to-5 job and create multiple streams of income that work for me even when I'm sleeping. It's all about finding ways to stop depending on a 9-to-5 job and build financial resilience.
I don’t think that a lot of people are aware of DeFi and the potential for making passive income from crypto.
4. Embracing Technology and Sustainability
Here's where things get interesting. I'm starting to view my future strategy as keeping one foot in each camp:
- Embracing Technology: As an engineer, I'm diving deep into the world of AI and emerging technologies. It's crucial to stay relevant and employable in our rapidly changing world. I'm focusing on:
- Artificial Intelligence and machine learning
- Automation tools for business and personal use
- Blockchain technology (beyond just cryptocurrency)
I've written about some of these tools in my post How to Use AI to Be More Productive.
- Embracing Sustainability and Self-Reliance: At the same time, I'm looking at more "analog" solutions:
- Off-grid living possibilities
- DIY home improvement skills
- Sustainable practices to reduce living costs
This dual approach is all about leveraging technology to gain financial independence while also building practical skills for self-reliance.
Now, I'll be honest: some days, all this learning feels overwhelming. But then I remind myself: this isn't about becoming an expert overnight. It's about continuous growth and adaptation.
Every bit of knowledge I gain is a step towards greater personal sovereignty.
Conclusion: Your First Step Towards Personal Sovereignty
Whew! We've covered a lot of ground, haven't we? From defining personal sovereignty to diving into the nitty-gritty of what I'm learning to achieve it. But here's the thing – all of this means nothing if we don't take action.
So, where do we go from here?
First off, let's remember that personal sovereignty isn't a destination – it's a journey. And like any journey, it starts with a single step. These are your first steps toward personal sovereignty.
Here's what I want you to take away from all this:
- Personal sovereignty is about taking control of your future. It's about making conscious decisions about your life, your finances, and your path forward.
- The world is changing rapidly. The old rules of financial security are being rewritten. We need to adapt or risk being left behind.
- Knowledge is power. Whether it's learning about Bitcoin, exploring sustainable living, or diving into AI, every bit of knowledge moves us closer to independence.
- Balance is key. My strategy of keeping one foot in the tech world and one in self-reliance might work for you, or you might find your own unique balance.
- Start small, but start now. You don't need to overhaul your entire life overnight. Small, consistent steps can lead to big changes over time.
Now, I'll be the first to admit – I'm still figuring this out. I'm not some guru with all the answers. I'm just a guy who's tired of feeling like I'm running on a hamster wheel and decided to do something about it.
If you're feeling overwhelmed, you're not alone. I've written about overcoming personal challenges in my post Overcoming Internalized Shame.
But here's what I do know: taking control of your future feels damn good.
So, I want to leave you with a challenge:
What's one small step you can take this week towards personal sovereignty?
Maybe it's starting to learn about Bitcoin. Maybe it's looking into a side hustle to create passive income. Or maybe it's just sitting down and really thinking about what you want your future to look like.
Whatever it is, I want to hear about it. Drop a comment below and share your thoughts. What resonated with you in this post? What are you struggling with? What topics would you like me to dive deeper into?
Remember, we're all in this together. By sharing our experiences and knowledge, we can help each other on this journey towards personal sovereignty and financial independence.
And hey, if you found this post helpful, keep an eye out for my upcoming beginner's guide to cryptocurrency. It's just one more step in our shared journey towards financial independence and personal sovereignty.
Until next time, keep questioning, keep learning, and keep taking those steps towards a future that's truly yours.
Let's take control of our futures, one step at a time.
