Reading and listening to some of the latest personal finance content this week has got me thinking – are we working way too much?
Many of us have the goal of saving as much as possible and reaching some stage of financial independence (more on that below). I find myself just as guilty of this and wonder if we should be spending more time doing activities with our families or on projects we love, versus grinding it out for some idyllic lifestyle we imagine down the road, but never materializes.
It’s important to take a step back and figure out what that ideal life is and if it’s possible to reach it sooner. Most of us will likely be doing some sort of work when we “retire” so should we account for that instead of a scenario with zero income?
These are topics of discussion in a couple of the links below.
Phases of FI | The FI Garage
The crew at the FI Garage go over the various stages of financial independence and discuss what stages they believe they sit personally. The question of “when is it time to slow down?” comes up and do we really need to be working as much as we think we do? Should we be looking at pursuing businesses or passion projects sooner, while we’re still young? An entertaining and thought-provoking discussion that will likely have you questioning your own plans.
The Pro Athlete Path to FIRE (and Beyond) | Explore FI Canada
The popular Canadian podcast Explore FI Canada takes a look at a rather unique path to financial independence – professional football. Many pro athletes, whether they make millions or just a modest salary, have trouble managing their money. Last week’s guest, Courtney Stephen, definitely does not fit that profile. As a savvy entrepreneur and advocate for personal finance education, he shares both his knowledge and how he is planning ahead for life beyond professional sports.
Overcome Your Scarcity Mindset | The Fioneers
Many readers of this website have a goal of financial independence or early retirement and a lot of us scrimp and save or work ourselves to death to reach that goal at all costs. If you ask people who have reached financial independence by going at it aggressively, most will tell you they wished they had taken a slower approach. Jessica from the Fioneers and Mel from Modest Millionaires are offering a 3-class series aimed at helping you design your ideal life, reach your goals and make your dream lifestyle a reality sooner. Family Money Saver Readers can get a 20% discount when signing up by using the code CANADAFINANCE.
Check out the latest articles on the homepage, including my new, completely FREE Budgeting Spreadsheet, and have a great week!
I like the introduction, FMS! I do think a lot of people do over work themselves and turn the pursuit of financial independence into another ladder to climb, so to speak. But I also think financial independence is really more about fulfilling work than it is about doing nothing. Like you said, many of us plan to work in retirement. Thanks for sharing the articles!
It’s so true, most of us need something to do still and keep us busy. I like the idea of focusing the work on something you enjoy – and in most cases, money will still result from that, maybe not to the same degree as our full-time job or careers did, but still more than we had planned for in retirement. Thanks for reading and taking the time to add your voice to the discussion!