Beyond the Rat Race: Achieving Financial Success on Your Own Terms
Step 1: Make a lot of money.
Step 2: Go live the life you dream of.
That’s been the prevailing advice for as long as I can remember. I sense this is changing, though, as younger Americans increasingly choose to forgo the “money now, life later” approach for a more balanced one.
It’s a classic false dichotomy. You can be a real go-getter, work extra hours, and climb the corporate ladder by outhustling your peers or accept a life of mediocrity.
But is it worth going into a workplace full of miserable employees for 30 years to ride out the last third of your life slightly more comfortably (in theory)? What about your partner, kids, family, and friends? Should your children have to wait until their adults to get to know you? And should your partner wait until retirement to see you relaxed and happy?
Fortunately, it’s easier than ever to reject this false choice and build a life in which the present and future are bright. Here’s why:
Geographic Freedom — I can serve my clients from anywhere in the world with an internet connection. If we need to discuss a financial plan, we can quickly hop on a video call. If a portfolio needs adjustments, no problem, trades can be executed in a cinch. It’s easier and more acceptable to work remotely, giving geographic freedom to workers across many industries.
Schedule Flexibility — sure, sometimes we feel tethered to that cellphone and reminisce about days before the smartphone leash, but let’s face it, they’re a game-changer. You no longer need to choose between going to that soccer game and staying home to knock out work-related emails. You can finish those emails before the game and at half-time, supporting your child and being productive at the same time. Of course, it’s healthy to turn off that screen now and again.
Extra Income Opportunities — need a little extra income? No problem. Taking a second job used to be a real commitment, but the gig economy has transformed the side-hustle. They may not be career opportunities, but it’s never been easier to make a few extra bucks in your spare time without being subjected to dozens of interviews, a fixed schedule, and more limitations on your personal freedom. Saving for vacation, paying off debt, or even investing a little extra can be as simple as registering to drive for a ride-hailing or food delivery service.
Collaboration — work and family used to be totally separate. Just mentioning mixing the two led to people sharing horror stories about relationships going sour. True, it’s not for everyone, but I’ve seen spouses and partners combine their talents to create world-class businesses. Even better, some use their entrepreneurial endeavors as a crash course in entrepreneurship for their kids.
I’ve noticed something interesting and unexpected during discussions with clients and podcast guests. Making financial sacrifices to create a more fulfilling family life often leads to extraordinary financial success. Why?
Happiness — Study after study has shown that happy employees lead to higher productivity. By putting family happiness ahead of financial success, a boost of productivity and creativity can create new and exciting career opportunities.
Passion — forgoing financial ambition for personal ambition leads to pursuing areas of passion. Focusing your time and energy on something you love is incredibly satisfying and can generate unexpected financial returns.
Less Force, More Flow — have you ever hit a basketball shot when you weren’t focusing on your form? You just let your body and mind synch and hoisted a shot from deep, and low and behold, it catches nothing but net? Trying too hard to make something happen can backfire. Overcomplicating and hyper-focusing on money can lead to emotionally driven decisions that lead to worse, not better outcomes.
Life is about decisions. If you’re trying to make more money, consider looking inward. Weigh the value of your family’s happiness when making career and entrepreneurial decisions, and you may be surprised to see the financial returns that follow. Our time on earth is precious, so take advantage of the technological wonders that allow for a more balanced path.
*This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from James Vermillion, and all rights are reserved.*
