I have been reading quite a few articles about achieving financial independence at age of 30, 35, 40 and 45. But all of them sound unrealistic to a middle class person like me.
M. Pattabiraman from freefincal asks the question ‘Are we seeking work-life balance in the name of early retirement?’ and hits nail right on the head. With our already stressful lives and lack of work-life balance, we are actually seeking an escape route. At least I am.
Seeking early financial independence comes loaded with sacrifices. We will need to invest each month anywhere from 2-3 times our monthly expenses. This means less splurging on devices, holidays, entertainment etc. Is this sacrifice worth it when you are young? Particularly if you do not have a clear plan of what to do after FIRE. I am not suggesting one way or another here. Only pointing out that the importance of such questions.
Can we address work-stress and poor work-life balance with a change in outlook instead of FIRE? Can we work on our time management to find some leisure time each week? Can we convert “aimless time pass” to learning new things? Can we learn to develop a sense of detachment from the office? Will doing this regularly reduce our frustration? There is a good chance it might.
I am not trying to say aiming for early financial independence is wrong. Just pointing out that is the not solution for our work frustrations if we do not know what to after. Extreme steps are not always necessary in life. A judicious mix of regular investing (an amount = monthly expenses), leisure, health, fitness can help us lead fulfilling lives.
Are we seeking work-life balance in the name of early retirement?
He ends with a pragmatic suggestion to achieve financial independence which will work for 95% of the folks. Worthy of putting on a refrigerator magnet and reading it every single day.
Maybe I am over the hill, but this route to financial independence is a lot more appealing: Put your head down and work; smartly invest as much as possible; do not let the work get to you; do not deprive yourself of reasonable wants; stay fit and balance work, family and personal needs. Maybe one day, when you look up and take stock, you will become financially independent.
Are we seeking work-life balance in the name of early retirement?