How to Overcome Financial Traps and Create Career Freedom

As I walked through the casino, the sights and sounds were mesmerizing.

It reminded me of the coin-operated arcades I used to hang out in as a teen - the same digital noises and flashing lights. There was an excited buzz of voices punctuated by the occasional exclamation or expletive.

Did I bet a penny? Not on your life.

I had a great time watching my friends play games like blackjack, roulette, and baccarat. And part of me felt like I should make at least a small wager, but I never did.

I was never even really tempted.

You could say I’m a bit cautious with money. I know the odds in casinos are stacked against me. And, while I enjoyed the experience of this city, a true gambling sanctuary, I had no desire to partake in the action.

You probably wonder how someone like me could leave really good jobs twice to start his own business.

The simple explanation is I think about money and lifestyle differently than most people. It’s hard for many to accept, but often the way we live keeps us trapped and holds us back from pursuing what we really want. So, in this week’s article, I’m going to be a bit of an evangelist for a different mindset.

Let me explain.

The pre-dominant ways of living in America limit our Career Freedom.

Typically, Americans handle their finances in one of three ways:

1. Living beyond their means. This means they go into debt, and get trapped in cycles of needing to earn more and more.

2. Some do a little better. They spend everything they make. They don’t HAVE to earn more to maintain their current lifestyles. But if they want to retire one day or save for their kids’ college, they need to increase their incomes.

3. Those who we consider financially prudent save for retirement and other long-term expenses, but they spend the rest.

None of these three approaches creates Career Freedom.

So what? Why would you want Career Freedom, anyway?

Career Freedom makes Career Thriving much easier.

If you think about your job as “soul sucking”, Career Freedom gives you the opportunity to do something about it.

The root cause of career dissatisfaction is often we’ve optimized for compensation and advancement while ignoring other key elements of a thriving career - relationships, health, impact, and fulfillment.

For example, a friend of mine, Tim, is a seasoned professional working in a financial services firm. His days are packed with back-to-back meetings, leaving him with no choice but to burn the midnight oil and sacrifice weekends just to keep up with his work.

But he doesn’t find his work satisfying. Most of his job feels like an endless cycle of creating PowerPoint presentations for his micromanaging boss.

Despite all of his efforts, he often feels like he’s a cog in a vast machine, barely making a difference. The hours he’s lost in his job have taken a toll on his personal life. He barely has time to catch up with family and friends or squeeze in a workout. All of this leaves him feeling unfulfilled and depressed.

He’d like to make a career change, but his financial obligations - mortgage, car payment, credit card debt, and student loans - make the idea of a shift seem out of reach. He feels trapped.

But what if Tim navigated his finances differently? What if he wasn’t tethered to a job that doesn’t bring him joy? He might have the freedom to start his own business or explore opportunities that offer more fulfilling work, maybe even in the same company.

To get out of his trap, Tim needs to think differently about his finances.

The FIRE movement offers some ideas that will help him.

Adopting key principles of the FIRE movement creates more Career Freedom.

The idea behind the FIRE movement (Financial Independence Retire Early) is simple.

• Spend much less than you make.

• Invest the rest.

• Retire at an early age.

Brandon Ganch, aka the Mad Fientist, pulled this off at 34 years old. As a software engineer, he was well paid but wanted full control over his life. So, he turned to the FIRE community and used his analytical skills and available tools to map out a plan. But his discipline to minimize expenses and invest his income was most important.

You can learn more about his journey here.

While I believe following the principles of FIRE creates great freedom, I don’t fully identify with the movement.

A typical member of the FIRE community views work as “soul sucking”. They might hang out on r/anti-work, a Reddit community dedicated to those who “want to end work.” Their primary goal is to save as much money as possible so they don’t have to work anymore.

I, on the other hand, believe work should be “soul nourishing” with the right approach. It’s part of a life well lived.

So, rather than retire at 34, I hope you will create enough financial margin to give yourself more career freedom.

The great thing is this is much easier to achieve than early retirement. The principles are similar:

• Reduce expenses

• Invest wisely

• Build enough margin to create Career Freedom

And it requires much less financial sacrifice than early retirement.

The good news.

It’s not too late for most of us. It’s a matter of figuring out what we really want and making decisions to help us get there.

Most of us can find ways to scale back our lifestyles if we have sufficient motivation. We have to ask ourselves some really tough questions such as

• Is that exotic vacation every year really worth what I go through at work?

• Wouldn’t I be just as happy (or happier) in a more affordable home if it meant I had 10 extra hours a week to spend with friends and family?

• Do I really need to trade in this car that works perfectly well for the latest model?

Think through it and make the calculations. Worth it?

Here’s an idea to consider:

If you want something different in your life and career, it will require a change. For many of us, changing the way we look at finances will open up many possibilities.

It’s not about giving up what you love, but about making choices that align your lifestyle with your deepest values.

Isn't it time we reassessed what truly matters?

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