When I was working at my previous place, I had a conversation with a work friend of my mine about Financial Independence. This came about because he was talking about how he had just come into a fair sum of money (£10,000) and he was not sure what to spend it on. New car?, Las Vegas? He really didn’t know what to do with it. I chimed in and said well why not invest most of it and treat yourself to something with £1,000 or something.
The conversation progressed and we spoke about it a few other times. Now at this point, I was fairly new to all of this FI business and was hooked on learning more and enjoyed talking about it more openly. I told him that with my current savings rate and a fair wind I could stop working in 23 years time at 50 and all my necessities would be met – £1000 a month with house owned. I didn’t tell him I saved over £1k a month but he could tell it was prob close to that, he was shocked… shocked that I would sacrifice so much fun, joy, entertainment for some future in 23 years time that might not even come and when it did just to live on basics covered only. He proudly said “Live for now man, spend now while you’re still young and healthy”.
Live for now or later
This idea that I might be depriving myself wasn’t something new to me. I had heard it many times on forums and comments on certain blogs. There was a dichotomy set up of live for now OR live for later. Below are common things I have heard online, in real life and that I have come up with when thinking about it:
- You’re only young once
- Stop sacrificing your happiness now for future happiness that might not come or not even be what you thought it would be
- You could lose all that money, if you spend it on doing things then you will actually get use out of it
- Stop living your life on fast forward, why do you want to race to being older. It’s like you are racing towards the box.
- You won’t enjoy your money as much when you’re older
- You are restricting your life far too much
- In short – you are depriving yourself
Am I depriving myself? Am I living my life on fast forward desperate to get to future FI. Now I think these are great questions and it’s easy to simply say no, of course not! and be done with it but there often can be some truth in the general view that you could be depriving yourself in the here and now whilst on the journey. I have certainly come to see this with myself.
Examples of my deprived life
- I could go on several holidays a year all around the world with many weekends away (Paris & New York even would be on the table every now and then)
- I could own a Mercedes car, even a Porsche if I wanted instead of regular basic car
- I could buy £200 jeans and have a full wardrobe of designer clothes but I buy from Sainsbury’s or Tesco instead
- I could have all sorts of gold chains and expensive watches but I don’t
- I could have a 70inch TV and buy new technology and stuff for my house almost every month.
- I could buy Sainsbury’s tase the difference or Tesco finest selections on all my food. I could eat like a king!