To Work Or Not To Work: Will That Be The Question?
By Larry A Ferstenou
Copyright © 2004. All Rights Reserved.
Reprinted here by permission.
People work for different reasons. Some because they find immense joy in what they do; others find the money and/or challenge of their careers unrivaled. There are those who work primarily because they can't yet afford to quit, and those who have to work to continue making payments on all the stuff they've already bought and that which they plan to buy in the future. Now ask yourself why you work. Your answer may portend how appropriate the title of this article will be in your future.
Whether retiring early is a goal of yours or not, chances are good you will one day want to quit working to do other things in life. Unfortunately, while most people will want that choice, not everyone will have it -- the difference will come down to preparation. Those who prepare in advance will have options that others will not have. The question is, will you have options?
When the time comes that going to work day after day is a chore, not a joy, will you be in a financial position where you can walk away altogether, or at least cut back to part-time work doing something you find more to your liking? Whether or not that choice will be yours in the future will depend on which of the paths below you choose to follow from now until then:
- Path 1: You can live for today and spend all your money as fast as you earn it to buy everything you want, whether you need it or not. This is clearly a path that is popular today.
- Path 2: You can simplify your life, establish spending priorities, make appropriate lifestyle trade-offs, live with an emphasis on tomorrow, and grow net worth. That may sound like a lot more work, but with sufficient motivation and effective long-term strategies, it can give you a choice in the future of working either full-time, part-time, or not at all.
If owning as many material possessions as you can afford (or in many cases owning more than you can afford thanks to credit cards) appeals to you, then you should choose Path 1. If you plan to die young, this may be a good choice. But if there's a chance you might live at least as long as the average American (mid-to-late 70s), then choosing Path 1 will probably require that you continue working the rest of your life out of financial necessity. You may be old, burnt out on your career, and possibly not even healthy, but you'll still be working.
On the other hand, if working forever isn't your first choice and you look forward to having the freedom and opportunity to do the many other things in life you enjoy, then it's time to start down the path where work will become optional, not mandatory. That's a great choice to have when trudging off to work day after day becomes more painful than enjoyable (or even tolerable). If having that option is where you want to find yourself in the future, then Path 2 is clearly your best choice.
As a regular reader of The Simple Living Network newsletter, you have likely started down Path 2. You understand the need to simplify your life and live below your means so that you have savings rather than debt; you understand the rewards that will come in the future from making trade-offs today to grow net worth. And you understand that you will never regret having the choices Path 2 will give you later in life, whereas there will be many regrets from choosing Path 1 -- without much recourse.
Take the time now to sit down and decide what in life is most important to you. Then start down the path that will put you in the position you most want to be 15 or 20 years from now. You can give yourself the choice: to work or not to work. But only if you start preparing well in advance. The time to start is now!
About The Author
Larry Ferstenou retired eleven years ago at age 42 and is the author of You CAN Retire Young: How To Retire in Your 40s or 50s Without Being Rich (American Book Business Press, 2002). For more information visit the You Can Retire Young web site.
Web Site: www.youcanretireyoung.com
