ThankYouJack wrote:IMO, people should also have some FOMO (fear of missing out). I'm not going to be on my death bed wishing that I had gone to more meetings or spent more time with work emails.
In my case, the answer is simple. I have known myself long enough to know what I like and the many entertainments to which I am indifferent. There are lots of things that many people spend huge amounts of time and money pursuing that I would not cross the street for if they were free. So I am not "missing out". I am "not interested". Fancy cars, dining, jewelry, cars, clothes, travel... I don't want that. I would not go there, wear that, eat that, drive that, whatever, if it were free. I would not buy it if I had 10 x my networth. No more than I would start smoking cigarettes. They are something I could buy that I do not want.
I am not on my death bed yet, but my regrets actually do revolve around not being more successful. Not having accomplished as much professionally as I would have hoped. So far, leaving too much on the table. At this point in my life my career trajectory is pretty well set. I am successful by most measures, but there are people in my field who have done better. I do spend a lot of free time, weekends and vacations catching up on things I did not get done during the week. The notion that my work day ends when I leave the office is completely alien.
By most measures I have ample reserves to retire now with way more than 25X annual expenses socked away. But I plan to work as long as I can. The longer I work the less it matters how much money I have saved. If I die at my desk then I will never have been in the situation of living off retirement income. That is by far the safest route.
I don't like my job, but I like my paycheck. I like saving money. I dislike spending money and I HATE the thought of spending investment income, let alone dipping into capital.
I don't have anywhere expensive or time consuming I want to go and I don't have anything expensive I want to buy. So my main FOMO is fear of missing out of earning, saving and investing opportunities.
To get me to quit my job and go travelling the world you would have to draft me, kidnap me, or hold a gun to my head.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama