[kirstendirksen]

I enjoyed your blog. Though I'm curious about one of your final comments: "To be clear, I still want a bank-vault sized pile of money but I have accurately recognized why I want it. I don’t really care about a big house and a fancy car. I might someday; I don’t right now. My cramped apartment is sufficient. What I really want is the financial freedom to sit in a quiet room by myself and explore my ideas".

Do you really think you need the money for that freedom? Don't you think if you work at what you enjoy than you can find enough money to pay for your "cramped apartment"? It doesn't sound like you're averse to working, and I'm guessing there is some work that you'd enjoy that would pay for your basic expenses.

I say this because I had a similar idea as you while in college (and I also had read Rand and loved the Fountainhead). So I studied economics and thought I'd do some business thing for awhile to make enough money to be free to do whatever I wanted to do. But then as I saw the jobs that were open to me, I realized I didn't really want any of them. And then as I began to explore careers, I began to talk to more people who chose to work for money and never really got away from that (and some of these people were getting ready to retire) and I realized my plan could be dangerous.

I started thinking about how short life was and decided to just go for something that interested me. So I decided to find a career where I could interview people. I tried to get a magazine internship, but couldn't find anything. Then someone told me about a television internship open at the local NBC affiliate. I applied and spent the next 7 years at that station (after working for 8 months for free, living at home and doing odd jobs on the side).

Maybe I just got lucky, but I am relieved that I didn't stick with my initial plan to make tons of money and then do what I wanted. Now I love what I do and for awhile, made some good money at it. Though I've since voluntarily downshifted to live in Spain with someone I love and be at home more with my young daughters.

[mcantor]

I think financial freedom is best achieved with a balanced combination of "spending less than you earn" and "earning more than you spend."

Personal finance expert Ramit Sethi has a lot to say on this subject; he leans more towards the "earn more than you spend" approach, but he focuses on brutally cutting spending on anything that doesn't really make you happy.

One of Ramit's favorite rants is to criticize people who encourage budding savers to avoid spending money on "lattes" (in Ramit's rants, it's always lattes). The way Ramit sees it: if lattes, or expensive cars, or Fabergé eggs make you happy, there is no reason not to spend money on it--as long as you have your other vital expenses, which includes savings, taken care of first.

I think that's the biggest takeaway from the "spend less than you earn" approach: lots of people buy expensive cars or big houses because they think it's what they want, or because they assume it is what they're "supposed" to have or want, but closer examination would probably show that often, enough is enough, and more is too much.

[kirstendirksen]

Funny about the lattes. I am probably complicit in that criticism, but maybe because I'm usually happier spending my $100/month (depending on how many you buy) making my own tea/coffee and spending that same amount renting movies on itunes.

But to the real point, I think you- and Sethi- are onto something with it being more about figuring out what really makes you happy. If, it turns out, that what makes you happy are big houses and expensive cars or planes (I have an uncle who truly seems happy with all 14 airplanes he owns.. though he's an ex-commercial pilot who usually finds old planes he refurbishes and doesn't mind if they crash land in corn fields.. I witnessed that one) then I can't criticize that.

But I wonder if the majority of us really are happier with more and would be just as happy realizing that "enough is enough" and focusing on things that really make us happy.

[chasingsparks]

As of right now, no, I do not need the money. In fact, I am burning through my savings sitting in a room and exploring ideas right now. When I get low on cash, I'll take a contract job or two. Also, starting in the fall I will be perusing an advanced degree in the field I enjoy.

However, I still want the money because it is project lubricant. Some projects I am interested in require many people, full-time.