Why More Money Won’t Lead to Financial Independence

More money won't bring financial independence

When it comes to financial independence, people often talk about numbers.

  • “Will a six-figure salary make me financially free?”
  • “How much do I exactly need for a comfortable retirement?”
  • “Is 10 Million dollars enough to retire at 45?”

It’s great to have goals for your savings, income, retirement fund, and so forth. But it’s unhelpful when we forget why we’re working towards financial independence in the first place.

I used to have goals like, “I’d like to earn a million bucks in a year!” But as I started to study Stoicism and Mindfulness, I learned to practice non-attachment to outcomes. I gave up on those types of goals.

Let me tell you why.

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Luck vs Hard Work: 2 Case Studies of Career Success

luck-vs-hard-work

When it comes to building a career or wealth, luck and hard work both have an impact.

This is something the greatest investor of all time, Warren Buffett, often talks about. He admits that his success is also a matter of luck. After all, he applied the same investing strategy as his mentor Benjamin Graham.

But Buffett achieved better returns because of when he started. Graham had to invest through the most treacherous times for securities, the 1930s. But Buffett admits he was lucky in more ways than that. In his 2014 annual letter, he said:

“Through dumb luck, Charlie [his business partner] and I were born in the United States, and we are forever grateful for the staggering advantages this accident of birth has given us.”

But what about hard work? Didn’t Buffett and his partner Charlie Munger also put in the work?

It’s the age-old discussion of luck vs hard work. What matters more? Do you need both? Can you still succeed without much luck?

In this article, we’ll look at two people who are highly regarded in their field. One experienced luck much earlier than the other. But they both succeeded at what they wanted to do.

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Habits That Help You to Get More Done in Less Time

how-to-finish-your-work-earlier

The reason I’m always looking for ways to get more done in less time is that there are many other things in life I enjoy.

Look, I’m not the most socially active person. It’s not like I travel all the time or go out every day. I like to have an empty calendar some days.

I’ll exercise, go to the sauna, read a book, watch a movie, or spend time on my hobby or side project. To get more done in less time doesn’t necessarily mean you have to work harder or wake up earlier.

It’s all about optimizing your time so you get the most out of every hour you work. It’s about working smarter and being more effective. Here are 4 habits that will help you to achieve that.

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How to Enjoy Life When Everything is More Expensive

enjoy-life-during-inflation

I came across this WSJ article the other day. It featured a 34-year-old higher education worker named Rachel Yoke, who worked 2 jobs during the pandemic to make ends meet.

Later, she got a better, higher-paying job and she started to feel a bit more optimistic. Maybe she could now enjoy life better.

Then inflation happened. And everything from groceries, to gas, to clothing, and so forth suddenly became more expensive. Some people did the math and found that Americans are likely paying an extra $276 every month.

“I worked so hard to get this new job and make this shift. Why am I not making as much progress as I thought?” Yoke told WSJ in an interview.

I can understand Yoke’s frustration. Many of us try to live below our means and avoid big lifestyle changes. That’s so we can save more, increase our financial freedom, and achieve our goals.

But in today’s economy, it’s harder to do those things. To make matters worse, leisure expenses, like traveling or dining out, have also increased.

How do you enjoy life when everything is suddenly more expensive? You don’t want to throw everything in the wind. But having a life devoid of pleasure is also counterintuitive.

So in this article, I’ll share 3 simple tips you can do instead.

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