The fear of missing out on life is real. FOMO shows up when you are behind on retirement planning and even when your financial ducks are in a row. FOMO on life isn’t an entitlement attitude but it is the perception that there is more to this life than just working.
It’s a fear that a person or couple have: (1) paid their dues, (2) missed out on quality “me” time, and (3) don’t want to lose that last chance at living life the way they want to live it. The last chance to live a life worth living is called retirement.
The 2008-09 Financial Crisis was difficult for most Americans, me included. I came out of the financial crisis limping both financially and emotionally. My home was most of my net worth and it had just dropped in value by over 50%. My small investment portfolio took a hit as well.
The only thing that survived 2008-09 was a good job that I fought hard to keep. Unfortunately, my net worth was only $155,000 then. Plus, I had two kids that would be going to college soon and that’s when I got scared.
What scared me was having no financial dependence and the possibility of being jobless at over 50 years old. A study by ProPublica and the Urban Institute confirmed what I was fearing. They found that 56% of older workers suffer at least one layoff or other type of involuntary job loss between 50 years old and retirement. And after that job loss, only 1 in 10 earned as much as they previously did.
This realization scared the crap out of me, the fear that I’d be working forever, and it’s exactly what I needed. It was at that time that I got my financial act together.
“It’s really clear that the most precious resource we all have is time.“
Steve Jobs
Listen, I don’t hate my job or boss and I’m well paid. Why do I feel so compelled to get out of the rat race? I wouldn’t do my job for free. Maybe I’ve just lost the joy in my current role. It may be that simple and maybe I just need an attitude adjustment.
Several years ago, I remember telling a work friend that “I’ve fallen out of love with the company” and I’ve probably been going through the motions ever since. You can only go through so many reorganizations and downsizings until you feel like you’ve had enough “fun.”
Time is More Valuable Than Money
I was watching a Justin Timberlake movie last week called “In Time.” The movie was about people that stopped aging at 25 but they only lived for one more year unless they can get more time. If you wanted more time then you earned it … money was not important. People were paid for their work in time (not money). Coffee, clothes or food didn’t cost money, they cost time.
Will Salas: Four minutes for a cup of coffee?
Borel: Yesterday it was three!
Coffee Guy Server: You want coffee, or you want to reminisce?
Will Salas: Two coffee’s, please.
Movie “In Time” with Justin Timberlake
Ben Franklin once said that “that time is money” and he nailed it in this movie. The people in the movie were fighting for more time (not money) and they were desperate to live another day. It’s a concept that I’m starting to understand.
I discussed this topic with my recent college graduate daughter and her views reminded me of simpler times. When I asked her what she’d do if she made $250,000 annually but already saved enough money to retire. She couldn’t answer because she hasn’t experienced decades of significant personal or work responsibilities.
She hasn’t been downsized or been a sole income earner as her two kids were in college. The innocence of our kids as they enter the world of personal responsibility is beautiful and frightening at the same time.
She has energy, hope, and optimism. Is it possible that my years of being a corporate drone mixed with decades of responsibilities (kids, debt, expectations, etc…) has sucked the youth out of me? Wow, that’s a dark thought. Can I get it back or do I even want it back at this stage?
$1,100 per Day
Every day I turn on the work computer, I make on average $1,100 per day. It’s great when I’m accumulating assets but at some inflection point it loses its power. For me that inflection point should be 62 years old.
When I have enough assets to cover my retirement, the time I spend at work is costing me $1,100 per day. I’m selling my soul for money rather than spending time living the life I want to live with my wife. Every day I work past the time I have enough saved I’m paying the company with my time. Why would I continue working?
If I’m lucky enough to make it to 62, the CDC says I can expect to live another 20 years. Each day I work past financial independence cuts into my remaining life. I could die at 63 or 93 and for every day I work past reaching financial independence I’m trading my life in exchange for work.
My $1,100 per day isn’t buying me more time on this earth so what good is it? I love my kids, but do I want to trade my precious few years building their inheritance? Would they want me to do that at my expense?
I have a very real FOMO on living my life. I may be filling the coffers of my investment accounts but my body has an expiration date. Is collecting $1,100 per day worth it when I could be hiking in the Rocky Mountains or laying on the beach?
$1,100 per day isn’t buying me extra time on this earth. If it was, I’d probably be writing a different article.
Summary
FOMO on life doesn’t mean I’ve had a bad life. Sure there have been ups and downs but I’ve got a beautiful wife and two daughters. What else do I need? Those three are my entire life and I’ve given much to them. I suppose FOMO on life for me is a feeling that it’s my turn, that I’ve given a lot, and that I’m tired of living a life built around work and providing for others.
“Time is now the currency.”
Will Silas (Justin Timberlake) in movie “In Time”
I had my “woke” moment coming out of the 2008-09 Financial Crisis. My recommendation to my kids is to have your woke moment now and start saving to become financially independent. It doesn’t mean you need to retire at 45 or 50 but be financially independent by 50 years old. That solves many problems and removes of lots of stress later in life.
Maybe the answer to my dilemma of missing out is to start living a life I want to live now. The problem is the life I want to live is as a retired person that travels when he wants or hikes when he wants. I’d like to do all of this without having to consider my corporate life – deadlines, employees, and responsibilities.
Thanks for reading!
Mr. TLR