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My question to anyone who REALLY strives for FU money is - Can you handle it? I was just discussing this with my friend yesterday. I'm scared of having all of

by chime 13y ago

My question to anyone who REALLY strives for FU money is - Can you handle it? I was just discussing this with my friend yesterday. I'm scared of having all of my debt paid off and have some extra left over. I don't think I'm mature enough to handle that lifestyle. Yet. Right now I have a simple, easy reason to motivate myself to work (and thus learn new tech and maintain my edge) - paying the bills. But if I have no debt, I could maintain my current standard of living (which is pretty high) AND save a lot by just working one day a week. My wife wouldn't even have to work! What are we supposed to do with all that free time and money? The correct answer is of course doing whatever we want (invent, travel, charity, art, teach etc.). But none of our friends or family have that lifestyle. We'd be the "rich" people who live in luxury and don't have to work. It is similar to winning a lottery and all the problems that come with it. We are already at a point that PG mentioned where most of the problems that could be solved with money, are being solved with money. We have a pet-sitter to take care of our home zoo. We have cleaning service, laundry-pickup, handyman, lawn guy, property manager etc. It may seem lavish but if I spent the same time doing the same chores, we'd lose a lot more money since I bill by the hour. And if we were debt free, we could afford all of that with me working just 1 day a week. I have invested in startups and virtual currency. There is a greater than zero chance that something can work in my favor and I end up being debt free and have more than enough to spend a decade or longer without working (barring medical, legal issues etc). As much as I want to hit the tech lottery, I'm not sure I have the self-discipline to maintain a healthy level of productivity, socialization, and carefreeness once I no longer have to work to pay the bills. However, that doesn't mean I want to do this forever. I think I need about a decade to grow into the idea of that lifestyle. Then not only can we live comfortably easily, our social circle will include other people who will want to go on National Geographic cruises or trips to Antarctic. Right now, our family/friends are working 9-5 or going to school. Having FU money today just makes for a very lonely social lifestyle in our location.

kolinko 13y ago
Well, it's a problem, but on the other hand, you'd have so much free time to learn to deal with it :)
- chime 13y ago
  That's my point exactly. The free time is scary. I had a typical 9-5 gig until 2010. Even then I was constantly making things on the side. Since 2010, I switched to 20hrs/week consulting and initially, life was awesome. But then I got really really bored. So I started watching online courses (e.g. bioengg lectures from Berkeley) and learned how to solve the Rubik's Cube. The self-inflicted mental pressure to not waste my free time was tremendous. If I wasn't being productive, I felt guilty. The guilt of not being productive was worse than the stress of working crappy hours. So I started working on an app for people with ALS and things were great for the next two years of development. Then I sold the app and now I'm back to having the same free-time = guilt problem. Next year I'm starting another project with a friend to help kids with psych issues. I know all of this sounds great but the stress of continuing to be productive 24/7 takes away from the leisure that starts at 4pm Fridays for people with 9-5 jobs. There is no period of downtime for me on weeknights or weekends or holidays. When you have a 9-5, you can do whatever you want outside of it and nobody bats an eye. When you can do anything you want all day, you being to wonder if you're using your time in the best possible way or not. Again, not saying I wouldn't mind being debt free immediately. Just confirming PGs statement about finally writing the book. When you have no excuses, how do you explain stagnation or failure?
voltagex_ 13y ago
It's really interesting. I'm nowhere (by several orders of magnitude) near FU money but when I started full time work it still took time to adjust to having income and having to manage that income. Do you think it's more the differential, rather than the amount that causes issues?
graeme 13y ago
There's a section of the four hour work week called filling the void. You may want to check it out, deals exactly with what you're experiencing. The answer could well be "keep working, just do less of it or avoid the stuff I don't like doing". It also helps to keep something in mind that you're working towards, beyond finance. For the past two years, my primary goal has been financial: earn enough recurring revenue that I can work on what I want. But it's obvious that that goal will eventually render itself obsolete if I succeed at it. So I know I need something beyond that. I have a few ideas of skills I'd like to learn. Latin is something I was working on before starting, I want to read roman authors in the original. If ever I no longer need to work, I know I can do that. And travel, and learning to draw. All things that I've done in the past, and enjoyed, but put aside to focus on my primary goal. I've heard you should always be looking for a new job. Likewise, I think you should always be looking for what to do when you don't need a job.

by chime 13y ago

kolinko 13y ago

Well, it's a problem, but on the other hand, you'd have so much free time to learn to deal with it :)

chime 13y ago
That's my point exactly. The free time is scary. I had a typical 9-5 gig until 2010. Even then I was constantly making things on the side. Since 2010, I switched to 20hrs/week consulting and initially, life was awesome. But then I got really really bored. So I started watching online courses (e.g. bioengg lectures from Berkeley) and learned how to solve the Rubik's Cube. The self-inflicted mental pressure to not waste my free time was tremendous. If I wasn't being productive, I felt guilty. The guilt of not being productive was worse than the stress of working crappy hours. So I started working on an app for people with ALS and things were great for the next two years of development. Then I sold the app and now I'm back to having the same free-time = guilt problem. Next year I'm starting another project with a friend to help kids with psych issues. I know all of this sounds great but the stress of continuing to be productive 24/7 takes away from the leisure that starts at 4pm Fridays for people with 9-5 jobs. There is no period of downtime for me on weeknights or weekends or holidays. When you have a 9-5, you can do whatever you want outside of it and nobody bats an eye. When you can do anything you want all day, you being to wonder if you're using your time in the best possible way or not. Again, not saying I wouldn't mind being debt free immediately. Just confirming PGs statement about finally writing the book. When you have no excuses, how do you explain stagnation or failure?

voltagex_ 13y ago

It's really interesting. I'm nowhere (by several orders of magnitude) near FU money but when I started full time work it still took time to adjust to having income and having to manage that income. Do you think it's more the differential, rather than the amount that causes issues?

graeme 13y ago

There's a section of the four hour work week called filling the void. You may want to check it out, deals exactly with what you're experiencing. The answer could well be "keep working, just do less of it or avoid the stuff I don't like doing". It also helps to keep something in mind that you're working towards, beyond finance. For the past two years, my primary goal has been financial: earn enough recurring revenue that I can work on what I want. But it's obvious that that goal will eventually render itself obsolete if I succeed at it. So I know I need something beyond that. I have a few ideas of skills I'd like to learn. Latin is something I was working on before starting, I want to read roman authors in the original. If ever I no longer need to work, I know I can do that. And travel, and learning to draw. All things that I've done in the past, and enjoyed, but put aside to focus on my primary goal. I've heard you should always be looking for a new job. Likewise, I think you should always be looking for what to do when you don't need a job.