Training for Retirement
There’s been lots written about the FIRE movement along with the tactics to achieve financial independence, but if you’re like me you might not have paid as much attention to life after FIRE.
Lately I’ve been fascinated by what people do after they have reached the point of financial freedom. What makes people happy when money is no longer the primary concern? What are some of the actions and changes in behaviour that I should consider before I hit this point?
This reminded me that retirement, just like any other major milestone, may require some upfront planning and careful consideration to arrive at the happiest possible outcome.
As I started down this rabbit hole, there are a few things that I’ve found.
Retirement is very personal, don’t copy someone else
Everyone has a different idea of what makes a perfect retirement there is no right or wrong answer, just the right combination that works for you. For some, this might mean having total freedom to do whatever they want, whether it’s playing video games, or improving their golf swing.
Another group may prioritize lifestyle design and find or create work that gives them the freedom to pursue hobbies and other personal interests. The most extreme examples in this group include folks like Sahil Lavingia, or Pieter Levels who have founded successful companies but still prioritize their time freedom.
Further along the spectrum are folks who have decided to go back to work full time. One example that comes to mind is Kevin Rose. Despite his already successful career, he has now built a flywheel where he has found a day job that complements his passions in web3 and crypto upon which he has created 2 successful podcasts - Proof and Modern Finance.
Finding a purpose is a key ingredient
Finding your purpose can be difficult if your primary focus has been on making money and advancing your career. It takes some work and experimentation to really get to know yourself and what you really want to do once accumulating wealth is no longer the primary objective.
If you’re fortunate enough to reach the point of financial independence the question becomes, how do you create a life that is fulfilling enough for you to look forward to every day?
On Noah Kagan’s recent podcast, he describes 3 different types of retirees, ranging from someone who decided to go off the grid and live the simple life, to his own example where he has decided to go back to work because he enjoys running a startup.
What I’m considering now:
Ultimately, I’m hoping to find work that adds to my life and develop skills that I’ll enjoy doing for the rest of my life. It’s important not to get so caught up in work that all sense of identity and purpose is tied to that one part of your life - once again, we need to remember that we are not our jobs.
“You can’t just work for the dream of having a big pile of money - unless your life’s purpose is swimming in a huge pile of money” - Wes Moss
In his book “You Can Retire Sooner Than You Think”, Wes Moss shares a list of common traits that happy retirees share. There are some interesting traits from not owning a BMW to having 3-5 core pursuits. In order to build up to 3-5 core pursuits, it may be important to focus on building up these skills while you’re young because at a certain point it actually be too late to learn how to ski or play golf.
Inspiration
Podcast - Noah Kagan - 3 Millennials Who Retired in Their 30s
Blog Post - Beyond Wealth & How to Write a Personal Mission Statement
Blog Post - I’m Retired: So Who Am I Now?
Blog Post - Seven Things to Avoid As You Retire
Book - You Can Retire Sooner Than You Think - The 5 Money Secrets of the Happiest Retirees - Wes Moss