When you think of the word retirement, what kind of life comes to mind?
For most of my industry, this means working until you have enough money to stop. Then, you hand in your two weeks and find something else to do. From there, you’re just trying to avoid bouncing the last check.
In that mindset, the finish line = which you no longer need to work. With the language of financial independence, that’s a starting line instead. What would you do with true financial freedom? Today, I want to encourage you to leave the traditional retirement conversation behind.
The Freedom to Keep Doing What You Love
For many of us, we love what we do. Maybe not every day, but we experience a sense of purpose and satisfaction as a result of our occupation. We’re less driven by the freedom to be done.
Instead, aiming for financial independence allows us to say, “Are there other ways I could do this and it be more enjoyable?”
Maybe for you, you continue exactly as is for another few years past becoming financially independent. Or maybe, you want to downshift into a consulting role and work 20-30 hours a week while freeing up time for your family.
Becoming financially independent is not just about the freedom to be done. It’s about the freedom to do whatever you want–including getting creative with work that is lifegiving.
The Freedom to Maximize Your Impact
One of the amazing things I’ve had the privilege to watch is how many of our clients view their peak earning years. For these high-earning households, many of them could “retire” in their fifties and never work another day in their lives.
Even still–they see this peak earning window as a unique privilege. They can generate incredible amounts of capital they don’t need.
What does this mean? It means another 3-5 years at your highest income can set your kids and grandkids up for success in ways you had never imagined. It means you could support critical humanitarian projects and ministries on a transformative scale. You can fully fund a family Donor Advised Fund that becomes a multi-generational charitable war chest.
I can think of a few clients who were personally ready to step away, and they would be more than justified to do so. I’ve seen them take a deep breath and say, “I’ve got more left in the tank if it means that kind of impact.”
What an honor. What incredible character. To see one’s peak earning years devoted to improving the lives of others… It’s deeply moving to witness.
The Freedom to Live Intentionally
This final one is deeply personal for me. As an advisor, so much of the language of retirement is being “done”. You’ve done the most important work, and now you’re coasting to the next finish line. What a missed opportunity.
I want my life to compound in terms of impact and fulfillment. I want to take the wisdom and lessons from the last 50+ years of my life and turn them into purpose now.
This is why we don’t like the language of retirement. Retirement is “finish line” language. Financial independence is “starting line” language. With independence, we are saying welcome to full financial freedom to design the life you’ve dreamed about.
We adopted a phrase from Family Brand: “Your inheritance is not what you leave to your family. It’s what you leave in your family.”
How might you use this time of maximum financial freedom? What relationships do you want to strengthen? What vision and values do you want to transmit? What needs in your community are ripe for a lasting impact?
Envizioning More
I could go on here for far longer than anyone wants to read–thank you if you happened to make it this far. When you start to change your mindset from finish line to starting line, life changes for the better.
For now, ask yourself: “Are my family and I envisioning more?” What would it look like to embrace the big dream and the heart-burning goals?
Your financial plan is a critical part of making that vision happen. We’re here to help you every step of the way.