There are countless people who say that they don’t want to work. What they essentially mean (in most cases) is that they hate their job. While working is essential to like and it could take many share and forms. During the cave-man era working meant going out and hunting for food or foraging through edible fruits. In the modern day, that life has morphed into getting ready in the morning, turning on the ignition of your car and working your way till late evening on a computer. If you do not like that, good news is there do exist a few options to turn the table. Today, let us talk about how planning and executing for early retirement can help even if you don’t want to retire.
You are not alone
First and foremost, you are not alone if you don’t want to work or if you say you don’t like your job. In fact, at some point in our lives almost everyone hates their job. The reason is that the decisions you took to reach where you are today often weren’t entirely your own. A lot of decisions were influenced by your parents, your peers or just society as a whole. Hence, the disappointment is even larger.
Why money matters?
Money in today’s society plays a much larger and stronger role. Like it or not, but having a financial backing provides a lot of confidence in whatever you do. If you belong to the majority of working class people who get their monthly salary and almost 80-90% of it goes on funding monthly expenses, then you are operating from a position of weakness. The reason you would not dare to negotiate a flexible work schedule, choose to learn a new skill or getting a raise is because if negotiations fail you cannot just quit your job. All of this, because you do not have enough alternate source of income to fund you. And because of this one or all of the following things happen:
- A stagnated career
- Lower increments
- Working long hours
- Stress build-up
As you would notice, this becomes a death spiral. You keep on getting stressed and frustrated with a job you cannot escape from. Hence, in the end you get a feeling that you don’t want to work.
How can early retirement help?
I read a book regarding psychology of work called, ‘Drive — the Surprising Truth About What Motivates Us’. The author talks about three key things beyond money that motivate people:
- Autonomy – Desire of control over your own life
- Mastery – Inherent urge to get better at a skill you like and value
- Purpose – Desire to do something much larger than yourself
Most of the people who don’t want to work or say so, are stuck in a job that doesn’t provide the above three needs.
Let us see how early retirement or planning and working towards it helps fulfil these three needs.
1. Early retirement for autonomy
Once you have saved up even a corpus that covers your expenses for 4-5 years, you will notice that you do have some leverage to control your life. Trust me saving a corpus to cover 4-5 years of expenses can be done in 2 years. Read about saving here, if you want to understand how to save for early retirement. Reason is, you can afford to quit a job if you feel that there is no control over your daily schedule. With enough corpus to cover your expenses, you and your family wouldn’t feel a dent. Of course, if you look for a new job then not having a job does affect your negotiation ability. But you can at least get rid of the stress that having no autonomy brings.
Another positive is, if you do have corpus enough to cover 4-5 years of expenses, you can go ahead and start that business which you always desired to. Yes, starting a business does mean longer hours (in most cases much longer than your job) but autonomy is not defined by how long you work. Instead, autonomy means you have the power to control your day to day activities. Of course, hitting a 100% is never possible but idea is to maximise it.
2. Early retirement for mastery
This is another positive if let’s say you quit you job to start something of your own. You would most likely have to become a master of the core aspect of your business rather than being a jack of all trades. Even if you don’t quit your job, you can always let go of working towards the double-digit appraisal for an year and work on mastering that one skill that you so desire. If you succeed, it is likely that you would use that skill to deliver something impactful for the organisation. In which case that double digit appraisal can still fall in your appraisal letter. If not, then anyway you have a good enough corpus to back you and an year in not-so-good appraisal doesn’t matter in the larger scheme of things.
3. Early retirement for purpose
Purpose is the most difficult in the world to find, let alone achieve. But, having a financial backing can help you discover it, since you don’t have to worry about covering your expenses day-in and day-out. While working towards early retirement doesn’t guarantee that you would discover your purpose, it surely can help.
What to do?
The best thing to do is, start planning to achieve financial independence or early retirement (F.I.R.E.). Of course, nothing in this world is free. To plan for financial independence or early retirement means taking some hard steps. You can read my detailed posts about how to retire early and how much would you need in retirement corpus. These might help you figure out what works best for you.
Once you have achieved some degree of financial independence, you can negotiate with your employer better for what you want. Whether it is respecting your personal life or learning a new skill.
Do let me know if this post was helpful or utter garbage. In both cases you would be helping me out gain mastery in writing.