Can’t Let Go
Can’t Let Go
Financial independence is powerful. It not only allows us to pursue meaning and purpose but also has economic benefits. Once reaching financial freedom, there are certain costs that are no longer necessary. I have described, in one of my first blog posts, why it was hard to cancel my life insurance policy. Although the payout was for less than half my net worth, there were other reasons. It tied me to my father and my past. There are other things, similarly, that I can’t let go of.
It might be illogical. It might be a waste of time and money. Yet I can’t seem to pull the trigger.
Disability Insurance
I have disability insurance. It was one of the first pieces of advice I got from my parents. Whatever you do, make sure you have a good disability policy. And it made sense. If devastation occurred and I was not able to work, I would be in big trouble without some type of coverage.
When I went into private practice, I hired a broker and got a policy with all the bells and whistles. I insured up to the maximal amount and dutifully paid over five thousand dollars every year.
It got to the point last year where I was even going through the process of trying to secure more. That is, before I realized, that I was already self insured. If I have enough money in the bank to be financially independent, then am I really relying on my W2 income anymore?
Insurance is supposed to protect from catastrophic loss. Being unable to do my job would no longer be a catastrophic loss. Yet, I can’t let go. I find myself paying my yearly premium out of habit. Safety. Comfort.
It defies logic.
Hospice Work
I am truly stuck in the accumulation phase. I hate to admit it. But I don’t see an exit from the workforce anytime soon in my future. There are two main reasons.
Embarrassingly, I loathe the idea of drawing down from my portfolio. I can work the numbers as well as anyone, but it doesn’t make me feel better. The logical part of my mind shuts off. Even if I never need to accumulate another cent again, I will continue to do so.
The other reality is that I love my job. It creates a reason to get out of the house and interact with wonderful people. This is deep work which allows me to help my fellow man.
How could I just stop?
Side Hustles
I have a ridiculous love affair of side hustles. it defies logic. The money I make through side gigging is minuscule, and probably is a lose when considering what I could be making at my main gig.
Why do I waste my time? I am already financially independent, what is extra income going to help? Even though I don’ t need the money, I can’t let go of the thrill that comes with these ventures.
I love to make something out of nothing. I dream of starting a new businesses, building brands, and making sales. It is in my blood. I don’t think that it will ever go away.
Final Thoughts
Although I have reached financial independence, I can’t let go. I can’t cancel my disability policy. I refuse to stop side hustling. And I still enjoy work. Although I can spend my money and fill my time differently, I choose not to.
This is what I feel comfortable with.
I’ll stick with it.
So often when I read your posts I think that I could have written the same thing, only not in the same elegant prose. My wife still has term life coverage on me and we both have long term care insurance though we can really self insure for both. I’ve yet to draw from investments after three years of retirement because my side gigs still keep one of my feet in the work world. And, you know, I think we are doing life right!
Yes. Acceptance of what you need is important. Even if it may feel excessive.
I identify with this post! I’m an older doc (56) and my husband has already retired last year but I continue to work. I just don’t like the thought of not working as a doc anymore. I also don’t like the thought of drawing down our savings (even though that’s what we saved for!) Financial independence allowed me to negotiate a fairly flexible schedule that leaves a lot of free time for travel and fun. I hope all docs reach this point where they are working because they want to. It’s a good place to be at this age.
Yes. it’s a great place to be. I am happy to be there too.
Peace of mind is priceless.
Very True.
Hey Doc, check out my new interview series – It takes more than money to retire early.
You might like it. Also, I’d love some feedback from someone who is stuck in the accumulation phase.
What questions would you like to see in this series?
Thanks!
I’ll take a look and get back to you.
Ha.
I’m in the same boat.
Although “can’t let go” implies that I definitely should and that it is a problem. I love my life and the choices I have made.
I work because I want to, not because I “can’t” give it up or because “I’m a workaholic.” No embarrassment in continuing to serve and use one’s gifts.
It sounds like work still adds value to you above and beyond the economic gain.
I had a similar discussion with a patient this morning. At 69, he’s past retirement age, and judging by his address and career, he’s well past FI. He said everyone keeps telling him to retire, but he has no idea what he’d do and thinks he’d be bored. He told me found purpose in his work and doesn’t want to give it up. So I said, “Stay.” If you like it and you’re happy, why leave? No one says you have to quit. You’re not obligated to quit. I’ll work after hitting my FI number too.