I was taught that all my (financial) problems would be solved if I made enough money.
Money, absent saving, doesn’t work.
Spending, absent reflection, creates golden handcuffs.
Living a big-city lifestyle had my younger self trapped. His large spending created a hurdle that would have taken him years to overcome.
Put another way, the weight of my spending was preventing me from launching towards my true self => meeting a wonderful wife and creating my current life in Colorado.
My solution was simple
- Save half my take home pay
- Get myself to a low-cost environment
- Create independent income streams to cover my cost of living
- Surround myself with people who lived my values
All well and good, and my 30-something self got some things right.
What he wasn’t able to see was the Window of Time. It didn’t matter to him because he was rich in time, and knew it. Having his basics covered, he risked time on changing direction.
For the prudent, the march of time will eventually require a change in approach.
Each of us is free to change our approach at any time.
At some point, all of us are going to realize that our wealth in time is approaching the point where we have more wealth than time.
This is most likely to occur in what we call the “peak earning years.”
It’s really hard to change direction when you’re coining it.
I know, I did.
Cutting spending, leaning into saving, buying an extra couple years before I’m old…
…all trades you should consider.
Even if you don’t change your path, knowing that you could will strengthen your ability to act with integrity.
So the two landmines I hope you avoid are:
- Peer-driven spending that leads you away from what fills your heart
- Creating capital for future family members, when they’d rather spend time with you now
Buy time gradually.
Spend time with intent.
None of us get a refund.