How to Know When To Retire - How Much Is Enough?
It might be difficult to imagine the idea of having too much financial success, but it’s a real thing in society, and it happens more often than you might think. Especially with an “overachiever” mentality that so many of us seem to have.
Consider this scenario…
George is the founder and CEO of a tech startup company. His work is intense, stressful and the hours are long, but his company is almost over “the hump”. His company went public last month, and George owns shares of the company that are worth over $5 million dollars at today’s price. These shares will vest over the next five years, so he just needs to grind it out, and then he will be set for life.
Sounds like The American Dream, right?
Except this is George’s third financial career success. He was already set for life after his second company was sold, and even before that, in his first decade of climbing the corporate ladder at a Fortune 500 company, which left him with over $2 million in investments and a paid-off house.
George had more than enough to retire, twenty years ago
Many people who are less fortunate, might view George’s situation as a great success story, and perhaps in some respects, it is.
But consider this… George is now 60 years old, with a collection of back and neck problems and several medical prescriptions piling up. He has two grown children nearing their thirties, but he wishes he had been able to spend more time with them as they grew up. He has all the money he needs and then some, but still has almost no free time (something I refer to as Time Freedom) and these next five years of vesting are starting to seem like an eternity.
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George is not alone. Many hard-working people fall into this success trap and many more climb the corporate ladder for decades to eventually find themselves trapped in “golden handcuffs”. They have talent and great work habits, but they are missing one important concept – that is the concept of having “enough”.
George could have stopped grinding it out after leaving the first company early in his career or perhaps after his second company was acquired, but his career success was addictive, so he kept doubling down without stopping to consider WHY he was doing this – and more importantly, what he was giving up in exchange…
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If you tune in to the concept of having “enough”, you will start to notice people who are caught in this “success cycle” like George, all around you. The key is to take some time and identify what you really want in life. Once you understand what is most important to you, you can begin the process of figuring out how much is “enough” in order to achieve the life you desire. Here is a question to consider…are your goals focused more on quality of life or quantity in life?
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To Your Success