Retirement is defined by others as the withdrawal from one’s position or occupation or from one’s active working life. To broaden this understanding, I suggest retirement means to exit the job we had to do for others to earn the income we required to meet our needs; and, to choose how we fill our time with the absence of financial concerns.
Financial Independence – the state of having enough income to pay for one’s living expenses without having to rely on formal employment income. It means having the money you need without having to sell your time.
FIRE – Financial Independence and Retire Early
Lean FIRE – Financial Independence and Retire early in minimalist style keeping expenses low and living frugally.
Fat FIRE – Financial Independence and Retire early in a luxurious lifestyle with extravagant expenditures and living high on the hog.
These items are all life lived according to someone else’ definition. One or more of them may fit for your values and goals. It is also entirely possible that you make your own model for a life lived fully. Do it, make your own and share it. For each example above that fit for one person who will find evidence of a model failed for another person.
These needs are consistent, and they drive each of us differently:
We need purpose and to live life through our purpose, to achieve your full potential.
We need to feel as though we have accomplished something.
We need connection to others.
We need safety and security.
We need sustenance.
These needs must be in balance, or you will not be satisfied. A young person stuck in a low-level job that barely pays enough for basic needs will experience discomfort and may be (should be) driven to change their circumstances. A senior leader in a big corporate job with the flashy new car and tailored suit is missing their connection to others will experience discomfort and may be driven to change their circumstances.
These needs are not fixed. As we develop, as we grow, as we learn and as we mature these needs change. As they change, we do the work required to maintain balance so that we can feel fulfilled.
The same young person that was stuck in a low-level job that they hated but advanced and moved on to a more fulfilling job may start to experience a different discomfort because the new job they accepted has taken them to a new city and they are lacking the relationships and personal connections that they chose to leave behind. The same senior leader who had a midlife crisis and retired from their corporate job may suddenly experience discomfort because they suddenly experience a vacuum where they are lacking accomplishment and a feeling of purpose.
We can help ourselves through these stages of life by having a plan and we can not plan for every eventuality. We should not attempt to have a plan for everything. Life presents us with unexpected events and life can not be controlled.
We can minimize the variations in our path in life by creating a vision. If any of the models above help you to create your vision use them. Your personal vision when you create it and imagine it becomes your lighthouse that will guide you and your day-to-day decisions bringing you closer to your best life.
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