Financial independence: ‘Enough’ is absolute, not relative to anyone else
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Key takeaways:
- To gain financial independence, consider enough is absolute and not relative.
- Happiness and sense of contentment should be fulfilled with your absolute level of enough.
Financial independence is the holy grail, which affords one to work for the sake of working with the peace of mind of knowing they are no longer dependent on a paycheck to maintain their lifestyle.
Understanding the concept of enough is critical if one wishes to achieve financial independence.
As much as needed
Enough means as much as is needed. If a person eats enough, he or she feels content and satiated. If one eats more than enough, then he or she feels bloated with indigestion. Sometimes, we must experience what is more than enough to define what is enough for ourselves.
Enough is absolute and not relative. We are tempted to compare ourselves with others who we may perceive as having more: more money, more time, more _______ (fill in the blank). This comparison can influence your definition of “enough” for yourself. Do not fall into this trap. Your “enough” is absolute, not relative to anyone else.
Once you have enough net worth to live your life at your chosen level for the rest of your days, any additional income is gravy. It can be spent with impunity.
Your happiness and sense of contentment should be fulfilled with your absolute level of enough. Any excess is a bonus.
If you are constantly chasing a moving target, constantly redefining what is enough for you to be content, then you will not enjoy the peace and happiness inherent to having enough.
Peace is a choice
Peace is a mindset and a choice.
Consider this definition of financial independence. If one saves 20% of their gross income and lives off the rest (minus taxes) and starts a career with $250,000 of debt, they achieve financial independence in 33 years.
For more information:
Chirag P. Shah, MD, MPH, is a soccer and nordic ski coach, who also practices medicine and teaches in Boston. He can be reached at cshah@post.harvard.edu.
Jayanth Sridhar, MD, is an award-winning podcaster, physician and educator who is chief of ophthalmology at Olive View Medical Center in Los Angeles. He can be reached at jsridhar119@gmail.com.
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