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As an investment professional, I know how easy it is to get stuck between two extremes: Chasing financial freedom to retire early or stay in the industry for a long time – we need more than business time for the title, bonus and perceived security. I have seen that both the paths regret it. Therefore, I believe that the real goal is not quickly retirement or late retirement – this is meaningful retirement. There is a magic window when we still have health, time and financial freedom. The key knows when to step into it – and ensure that you have created more than just money on the way.
Work is often stressful, especially in banking and finance. So it is no surprise that some professionals dreamed of leaving the daily piece behind. Lying on a beach and never responding to the email of any other work seems seductive, especially when you have a toxic colleague and inappropriate owner. However, after retiring, when the stress disappears, the golf course begins to feel repetitive, and lose his magic on the day of the spa. You start getting surprised: What is this?
Even though I have achieved my financial independence, but I have never subscribed to the fire movement because I know it is not enough to meet a retirement alone. If you focus most of your prime years perfectly on wealth accumulation, and neglect your identity out of your relationships, interests and work, then you have no purpose and no network post-winning.
Retirement
At the other end of the spectrum are those who wait for a very long time to retire-sometimes set high goals, afraid of leaving their career or leaving the status. A LinkedIn Pol showed that more than one third of the 2030 respondents believe that they need at least $ 10 million to retire. Do we really need it to retire?
In banking and finance where salary is good, it is easy to stay in a job, about which you are no longer emotional, just to clip the coupon. In doing so, you can miss the magical stage of your life.
Three stages of life
Life can be divided into three stages:
Stage 1: Youth
You have time and health, but do not have much money (unless you have a trust fund).
Stage 2: Mid-Life
You have money and health, but very short time – career and family consume it most.
Stage 3: Old Age
You have time and money (hope), but health starts deteriorating.
But there is a magical phase between Stage 2 and 3 where you have all three: Time, health and moneySome people expand stage 2 for a very long time, pursue publicity, accumulate money, and remember this precious window to live completely and deliberately.
I left banking to go to this magical phase in 2017, where I have the freedom to do what I like, and with whom I like. To avail the maximum advantage of this magical phase, and to ensure that your retirement is meaningful, not only comfortable, you first need to build three forms of capital: financial capital, human capital and social capital.
financial capital
This is the most obvious form of readiness of retirement. You need enough money to support your lifestyle, healthcare and travel plans.
During my banking years, I lived below my means. I did not buy Ferrari. I often did not eat in a michelin-starred restaurant. I wore a timeX instead of Rolex.
When I left UBS and returned to Singapore from Hong Kong, I bought the cheapest car ever. First, I was surprised: “Will people now see me down that I no longer have MD title or a luxury car? ,
I was uprooting. Nobody cared. What people Did It cared about how I infected – with a bigger on a lecturer and a writer from LinkedIn. There is no need to display money. Let your tasks and influences speak for yourself.
For my personal investment, I have transferred from assets and stocks to bonds and ETFs to reduce the risk.
Human capital
This refers to your skills, knowledge and interests – things that give you a sense of identity and purpose beyond the title of your job.
During my career, I invested in myself. I took the courses that gave rise to my curiosity – not only finance, but graphic design and portrait photography. I included those passions in my work, even offered to become photographers in client events.
I loved teaching, so I voluntarily conducted internal training for departments such as credit, compliance and legal, even though it was not part of my KPI. In the evening, I taught finance as an assistant associate professor at a top university in Asia. While in banking, I began writing about the development of career on LinkedIn.
Today, these skills and interests serve me well. I collaborate with major brands on sponsored materials and events and continue to find satisfaction in the work I choose.
Social capital
This is the trust and goodwill you have accumulated for years, treating and helping others. After leaving your day’s job, you will need it a lot.
When i published my book Small taskFormer banking colleagues supported me by purchasing several copies for their juniors. Some recommended me to speak Gigs; Others are regularly engaged with my linkedIn post.
Many people do not realize that a full -time job provides daily networking opportunities: you meet new colleagues and customers. After retiring, your social circle may quickly shrink. You meet some of the same friends, and you stop receiving new approaches.
When I was still a banker, I created a point to expand my network beyond the office. Today, I interact with many young professionals from diverse industries who keep me updated and relevant. When you are on your day’s job, invest in others: Buy lunch and coffee, protecting junior colleagues, and supporting your friends’ projects.
Don’t just deposit money, also accumulate life
Whether you retire early, late, or somewhere to retire WellYou need more than a number. You need financial, human and social capital. There is no need to hurry until you are not enough of the three and a meaningful project to start a meaningful project. But don’t wait for so long that when you miss your magic stage with wealth, health and time.
Retirement is not about slowing down or living a relaxed life. This is your grand finale.
