Lifestyle vs. path

[LAJPP]

I had a general thought recently that might be interesting to folks here.

I'm about 3 years into my career and have been following the MMM 60%ish savings program for a couple years now. During this time, I have found a few coworkers who are similarly inclined, a couple even MMM readers. I am currently exploring a return to graduate school, and one of these friends asked how that fit into the whole FI picture. I had been thinking about that myself and pointed out that between house hacking, getting rid of a car on campus, etc. that I probably wouldn't even come out that far behind my current approach...

However, beyond that, I think I've realized that FI doesn't really say much of anything about whether you have to stay on a traditional career path or even when you retire. I think that, at base, we're simply talking about an attitude toward money and that opening up early retirement is just one of the benefits. Living on a graduate student's stipend or taking time to earn a lower wage AT ANY POINT (not just at full FI) is another option that is open to you with this attitude. A 'mandatory' working career of 10-15 years (time needed to amass the capital), arranged without gaps or in chunks, is just hugely liberating when you have 40+ years of possible working years in which to do these 10-15 years of capital accumulation.

This may be obvious to everyone else, but I was just really appreciating for the first time that I am feeling free to make a choice that I totally would have not felt free to make had I not stacked up X dollars over the last couple of years and learned to be mindful regarding my expenses. This truly is a lifestyle at base, not some formula to work X years and stop. Very liberating.

[Moustachienne]

It's only obvious once you pay attention.  :) Saving and spending wisely really does open up options beyond just work then retire.

Nice post and good luck with your graduate school decision!  If you go, you'll enjoy it more knowing that the expense fits into your life plan.

[undercover]

Nope, it's not a race. You're right, it's an attitude. Honestly, for some, I think the "race" is fueled by a bit of anxiety and insecurity. I know I've certainly felt it. I'm starting to let go and not really care about actual dollar amounts anymore. Arbitrary goals like $1M are great until they become your sole focus and the rest of your life suffers as a result. I've realized my life really isn't going to change that much once I reach "full FI". I'll still be the same person...just less concerned with money. And my anxieties and fears will likely be replaced by other things. Plus, I don't like planning out life. The "10 more years to go" type threads really depress me. I don't use this an excuse to live it up today instead of waiting, just saying there needs to be a balance and sometimes a less emphasis on focusing so hard on a singular goal.

Always live below your means, save as much as possible, invest wisely, and you'll be fine. There's really no such thing as a "zero" productive year for someone who consistently makes and achieves goals. You basically work until you die - and you will likely make far more money than you'll ever need during your years alive.

I don't believe in large inheritances so I don't believe in dying with many thousands of dollars in the bank. The best gift you can give anyone is knowledge.

[dollarchaser]

Great post. Your thoughts echo what i am slowly coming around to.

[LAJPP]

I think that I initially was seeing the whole thing more as a kind of strategy around money. That's just way too limited. The only thing that bums me out is the attitude of 'ok I'll just keep doing this thing I don't like and do what I *really* want to do once I reach FI.' I feel like that's the way a lot of people think of this process. Maybe that makes sense if you're very near the end, but it seems like a horrible mindset if you've got years to go. I think Pete addresses this in the post about attitude/confidence as a surrogate for money and that he himself may not be in his position if he had had more confidence earlier. Strangely, really embracing these ideas may lead to significantly delayed FI because you may achieve the confidence that comes with the approach much sooner.