It has been a year since I said goodbye to the U.S. Department of Justice Tax Division and transitioned to full-time entrepreneurship.
I left government service because after two years of full-time teleworking (during which I had been promoted twice), employees were required to return to in-person work multiple times a week. That was unacceptable for me, so with the backing of a fantastic partner and the security of FU money I made the leap.
I remember reading Four Thousand Weeks: Time Management for Mortals on the beach in Jamaica in February 2022—before the return-to-office requirements were announced, although we knew they were coming—and it struck me that if I did not at least attempt to make a full-time go of Phippen Tax & Financial Services, I would always wonder whether I should have. It had been growing organically for many years before I started with the DOJ, and I had often thought that perhaps I could make it a full-time gig with deliberate, systematic effort.
Am I glad I did? You bet.
The financial independence retire early (FIRE) movement holds different meanings for everyone, but the constant theme is taking control of your life. That has been the biggest benefit to working for myself. As a government attorney, I had incredible autonomy and responsibility, worked with amazing peers, and did fascinating work. However, I still had to ultimately answer to others and was expected to comply when arbitrary office attendance requirements were instituted without a justifiable rationale.
It makes complete sense that all of my court filings, for instance, needed to be approved by my superiors. After all, the federal government should speak with one voice. Even though it was the right path to follow for that setting, I like being more independent. It made less sense that I needed to work from a particular location or at a particular time of day when I was primarily writing legal briefs.
I still answer to my clients (including many of you reading this!), the demands of tax deadlines, and the need to generate revenue. The difference now is that I can choose when and how to answer, and my office is my home, my hotel room near Dodger Stadium, a friend’s house in Steamboat Springs, or anywhere else I choose.
Of course, it is not all sunshine, rainbows, and watching our neighbor corgi on the opposite side of our courtyard. While it is true that every day is Saturday for me, it is similarly true that every day is Monday. One facet of entrepreneurship is that there are no weekends or holidays unless you create them for yourself. The fun part about that is that your “weekend” can be any days you want, and all your holidays effectively become floating holidays. You can celebrate them whenever you want. In theory, you do not need to be an entrepreneur to do that, but work schedules often do not allow that kind of flexibility. Another aspect of running your own business is that the work itself gets easier, not only because you are more familiar with it but because over time you develop resources and processes on which you can rely later.
Xa and I went into the year with a plan. She designed our website and came up with a marketing strategy, including our weekly newsletter where (as you have noticed) she writes the majority of the content. She also incorporated process tools like Asana where we can coordinate the work we need to complete together, and I can make sure I do not lose track of any priorities on my schedule. (It helps having a DC management consultant in the house when starting your own business!) Her ability to see the big picture and facilitate organizational processes has allowed me to focus on helping folks with tax issues, estate planning, forming and running businesses, and financial consulting. From a personal finance perspective, we realigned our family budget to align with realistic first-year revenue goals for the business and planned to draw on identified pots of savings if we fell short.
I am incredibly fortunate to have someone that believes in me so fervently. I fully recognize that not all business owners have someone in their corner like that.
Fortunately, once we got going, we were able to meet those goals with a little bit of room to spare, so we have not needed to dip into savings. FI-minded folks seem to like that we are FI-minded ourselves, and that we actually walk the walk. This business started when I decided to use my FU money, and I love helping others realize they have or are creating that same level of freedom in their own lives.
Hopefully with the perspective of a full year behind us, we will be able to make adjustments and experience the same success with our second-year goals in 2024. Our next step is to continue to grow the business so that it eventually exceeds what I used to make as a full-time employee—so please continue to refer your friends, family, and coworkers here!
I recently went in for my regular blood donation appointment. (I donate blood as often as allowed.) I was turned away because we had recently returned from the Philippines—see Papaya Beach in El Nido below!—but not before they checked my vitals. My heart rate, blood pressure, and iron levels are all very healthy. That is due in no small part to being more at peace due to living life on my own terms. We are firm believers in the principle that work should fit around life, not the other way around. Anyone who knows us would agree that we definitely live that way. Entrepreneurship makes it much easier.
If you are wondering whether you should make a major move that you have been wanting to for some time—whether in finance or elsewhere in your life—the answer is most assuredly yes. Remember that “everything is figureoutable.” Take the time to form a realistic plan, and then execute. You will not regret it, assuming you have the plan and processes in place to make the move. If you need help establishing the plan, we will be here to help in 2024!
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