Money Questions

Welcome to Edition #2 of the new Money Questions blog!

I can’t shake the feeling of being behind. I know when I look at my situation with logic I am not behind - I have a great job with a great income and a solid savings rate. Financially, I am on track for my work optional goal by 50. Even with this evidence, I can’t shake the feeling that I’m not doing enough. I see others hitting work optional status at an earlier age or selling their companies for millions and it makes me feel inadequate. I’m constantly evaluating how I can be doing more - higher savings rate, higher income, maybe a side project to get there quicker but I worry I’m on a hamster wheel that no amount of money can take me off of. How can I evaluate if I’m doing enough?

44% of Americans can’t cover a $1,000 unexpected expense. The median retirement savings for those approaching retirement (ages 55 to 64) is $120,000.

I don’t share these statistics to say, “Look how much better you are than the rest of the world! Others have it worse. Anxiety gone :)”

I share them to start my answer with a reminder that you and I are in a bubble. We are in a little section of the world that spends an above average amount of time thinking about money. You are right - when it comes to money, you are doing great. Anyone who can retire by 50 is above average. But you know this. You mention that you are aware of what the evidence suggests. So, the answer cannot be rooted in logic and numbers.

If you’re like me, you have a habit of comparing upward. No matter how far you climb your gaze is fixed up. Toward the next person. The next milestone. You don’t pay attention to the person you passed. You don’t look down to see what most people are doing. You look up.

To visually portray this, I want to share an analogy I heard on a podcast somewhere*:

Imagine you are in a river on a tube. You are floating by with friends and family when you notice a beautiful mountain. You look around at your friends and family to see if they also notice it, but they aren’t looking up. Their eyes are closed sunbathing or chatting with friends. You say to them, “Do you see this mountain? I wonder what the views look like from up there.” They smile politely at you but clearly aren’t interested. Your gaze shifts back to the mountain and you imagine the hard climb required from a mountain of that size, but how amazing the views must look from the top. You’re shocked everyone else seems to be fine floating in the river while you feel compelled to go up that mountain.

Looking up is who you are. And I want that to keep being you. Like I want it to keep being me. I cant stay in the river. I want to go up that mountain.

But don’t forget perspective. Don’t forget to look back. I’m not saying to compare downward. There is no need to look down at the people still in the river. They have their own goals and their own mountains. And “other people have it worse than you” is a stupid argument for why you should feel fine.

But I do encourage you to look back at the you that was in that river. Look back at the you that was once at the foot of the mountain. Compare yourself to who you were 1, 5, 10 years ago. Do this often. Write letters to your future self as a reminder of how far you’ve come.

I promise you you are going to be fine. Not because other people aren’t fine.

But because you’re on the mountain. You left the river a long time ago.

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