Posted by Tim Stobbs on August 29, 2013
I swear some people must consider me a freak who is immune to temptation from the consumer world. Actually that couldn’t be further from the truth. I still see ads and want things I don’t need and fight the urge to spend money on upgrading something I already own. Yet when it comes to temptation the biggest two I face are: power and money.
The temptation of money is easy to explain, since I have already been saving for years and I’m in a good place financially if you extend my retirement date out to 50…I would have around $1.2 million in investments. Out to 55 and I could have $1.7 million saved. And if I conformed fully and retired at 65 I could save $3.4 million which would give me an annual spending rate of $136,000 per year (based on the 4% rule not including CPP or OAS). If I just continued saving gave up my dream of early retirement, it would be easy to become rich.
My other temptation is related to power. Just how far up the corporate later could I climb if I worked for another decade or two? Manager, Vice President, President? Or if I spent more time on politics how far could I go? MLA or MP…Cabinet? How much could I help the world out by devoting myself more to a career?
Yet while these odd daydreams are fun, I do tend to come around to a simple question: what do I want most? Money…frankly is fairly common. Power has its temptations for improving the lives of others, but I rather like my current life. In the end, I want freedom. Which is the most powerful option of them all…the ability to do either option above or none of them. So that is why I can push past temptations, I value freedom more than all the others.
So what temptations do you face on your path?