When times are good, the old adage “Make hay while the sun is shining” really comes into play. Do you push harder or take time to relax? Personally, my twenties were all about going full throttle. I’d be up at 4:30 am, prepping for the day by reading the Wall St. Journal before heading to work in downtown NYC. But as the years rolled by, especially after hitting the ten-year mark, the non-stop grind started to wear me down.
Back when business was booming, I was all in, trying to maximize my earnings because I knew the good times wouldn’t last forever. During the tougher years, like the early 2000s and the economic downturns around 2008, the pressure was even more intense as job security became shaky.
It wasn’t until 2010 that I realized the glory days of big returns in finance were winding down. By 2012, I had a major shift in mindset. Now at 36, my approach is different: work hard on things that truly matter and make sure my money works for me, rather than slaving away endlessly.
It’s puzzling to see people unhappy with their financial situation yet not doing all they can to improve it. Some even waste energy feeling resentful towards those who are better off. Why focus on others when you can work on bettering your own situation?
If you don’t enjoy your job, it’s a miserable existence. You become a slave to your needs and wants, trapped by fear of leaving. It’s crucial to find work that matters to you. Once your finances reach a certain threshold, you might not need to work as hard.
Imagine having a solid investment portfolio. For instance, if you had invested $2 million in the S&P 500 at the beginning of 2013, you’d have seen significant gains, just like with prime real estate in several major cities.
Yet, amassing that financial nest egg is easier said than done. It takes guts to invest and even more to let yourself relax and not be consumed by work. Over time, the value you place on your time can surpass the value of money, especially if you’re stuck in a job you dislike, chasing dollars that don’t bring happiness.
People often fear relaxing during good times because they worry about losing ground. But why not excel in both your investments and your job? There’s no limit to what you can achieve if you determine how much money is enough for you to be happy.
After stepping away from the workforce, I’ve realized how absurd it is to toil in a job just for money, particularly if it doesn’t make you happy at least 70% of the time. If you’re earning around the median income for your area, you probably need less than you think to enjoy life.
The concept of a “golden handcuff” is tough to break, but once you do, you’ll wonder why it took you so long. Always remember: never quit a job without a plan. Negotiating a severance package, for example, provided me with years’ worth of living expenses, allowing me to focus on building my online business.
Starting your own business is another great way to potentially increase your income. It’s much cheaper and easier than it used to be. Branding yourself online, connecting with others, finding consulting gigs, or even making money from your own products are all viable options today.
I started Financial Samurai back in 2009, and it has allowed me maximum freedom. The journey might be long, but the freedom gained from making your money work for you and finding satisfaction in your work is invaluable.
