TIME vs. MONEY! MORE IS GOOD, MORE IS BETTER?
“No one on their deathbed ever said I wish I had more money” Johnny Punish
Lately, many people have been asking me “How much $$ is enough? And How Do I Know When To Walk Away?”
I am going to give you a simple easy answer. But first, as most of you know, I walked away from the grind in 1998. I never looked back! I love my life living in relative freedom in our unfree world.
So yes I should discuss this important issue with you. I have some very valuable experience to offer. Besides, paying it forward is part of my ethos that connects me to my fellow man, brings me joy, and spreads good ideas around so others coming up behind me can find their success in our fantastic world!
But before I answer the question, a bit of background on me.
- By choice, I do not have a rent or mortgage. A long time ago, I bought a small piece of land and built a small home out of plastic bags and dirt. I checked out of the mortgage rat race and built a primitive home with cash and elbow grease instead. Later, after so many wanted to be part of it and rent it out, I transitioned into a BnB. The idea was the shart the success with others who care about freedom and sustainable building. You can see it all here at HaciendEcodomes.com
- By choice, I am debt free since 1998. And I hardly pay any overhead bills! It took me about 3 years to get there. I had to make a mental change in how I live and thought about money. It took a few years, but I did it and have never looked back. Yes, I still need money for necessities and fun stuff; but not too much! By being debt free, I no longer enrich the banks. Instead, now every bit of money I save, I invest and it makes life even better.
- I don’t invest in material things because I have no use for them. Instead, I spend my days doing whatever inspires me! I am free of those ego-chains!
So after I made these critical changes in my life, how much money was enough? Well, since I did NOT need that much, the answer for me was easy. I stepped off the grinding hamster wheel and never looked back.
But how about you?
Well, I am NOT that special! Anyone can make the changes needed to figure this out! And you can too!
For me, I let go of the material world! It just did not make cents to me! I did the mansion, 10 rental homes, 10 cars, etc… but it offered nothing of value to me.
You see, in a world that glorifies the hustle, it’s easy to forget why we started working hard in the first place.
- So how do you know when you’ve reached “enough”?
- How much is enough to walk away from the grind, and what does that “enough” even look like?
Ok, let’s do this…
1. Define “Enough” for Yourself
The concept of “enough” is deeply personal. While one person may feel secure with a modest amount of savings and a simple life, another might aspire to a multi-million-dollar nest egg. Your version of “enough” should be aligned with your personal goals, values, and lifestyle.
- Start with Your Desired Lifestyle: Consider what kind of life you want to live, both now and in the future. Are you content with a minimalist approach, or do you want the freedom to travel, indulge in hobbies, or live in a particular city?
- Evaluate Your Long-Term Goals: Think about what you want to accomplish with your money. Do you want to retire early? Fund a child’s education? These goals will significantly impact how much is enough.
- Account for Financial Obligations: Factor in any remaining debt, recurring expenses, and retirement needs. Avoid the common trap of underestimating the long-term costs of living—account for rising healthcare, inflation, and other potential financial surprises.
2. The Financial Independence Formula
Many people look to the concept of financial independence, which is often defined as having enough wealth to live without working actively for money. To determine this number, a popular approach is the “25x Rule,” which suggests saving 25 times your annual expenses. This allows you to safely withdraw around 4% each year in retirement.
For instance, if your annual expenses are $50,000, you’d aim for $1.25 million in savings. This strategy is built around the assumption that your investment returns will cover inflation and continue to grow your savings.
However, consider your unique situation, risk tolerance, and desired level of security:
- The FIRE Movement (Financial Independence, Retire Early): Many in the FIRE community advocate for saving aggressively and investing to reach financial independence faster. There’s also a “Lean FIRE” approach for minimalists who need less to live, and “Fat FIRE” for those who want a more comfortable lifestyle.
- Calculate Your Financial Freedom Number: Your financial freedom number isn’t a set rule. It’s the amount you feel would provide comfort and security without working full-time. Calculate your ideal number, factoring in investments, passive income, and anticipated lifestyle needs.
3. Set Boundaries for “Hustle Culture”
As you work toward financial goals, keep in mind the cost of constant grinding. Studies show that overworking can lead to stress, burnout, and even serious health issues. For many, the lifestyle sacrifices of the hustle simply aren’t worth the trade-off.
- Prioritize Mental and Physical Health: Consider the toll that grinding takes on your wellbeing. For many, the true wealth is in having time, health, and the mental space to pursue what they love.
- Reevaluate Your Work-Life Balance: If you’re constantly drained, ask yourself: Is the extra income really worth the stress? Sometimes, downsizing, simplifying, or reducing expenses can buy you the freedom you crave without needing to accumulate more wealth.
- Create Lifestyle Income Goals: Consider working toward creating passive income or lifestyle businesses. These sources of income can sustain your needs without the intensity of a full-time grind, offering you financial independence without “retirement” in the traditional sense.
4. Signs It Might Be Time to Walk Away
Knowing when to walk away isn’t always straightforward, especially if you’ve grown accustomed to always “pushing for more.” However, there are signs that indicate it may be time to consider scaling back or walking away from a demanding career.
- You’ve Reached Your Financial Independence Goal: If your finances are secure, it may be time to reconsider your relationship with work. Ask yourself if continued grinding brings joy or if it’s driven by habit.
- Diminishing Returns on Work Satisfaction: When work no longer feels rewarding or the financial benefits don’t seem worth the stress, it’s worth reassessing. A lack of fulfillment may indicate that it’s time to pursue other interests or to focus on other areas of life.
- Your Health or Relationships Are Suffering: Health and relationships are priceless. If work consistently detracts from your ability to maintain either, it’s worth seriously questioning whether the grind is still worth it.
5. What’s Next? Planning Your Exit Strategy
Walking away from the grind doesn’t have to be abrupt. Many people transition into a different type of work, take on part-time consulting, or start businesses they’re passionate about. The key is planning and having a clear vision of what you want to do with your freedom.
- Build Your Freedom Fund: Even if you’ve met your financial goals, create an additional fund to give yourself breathing room during this transition. This fund should cover a buffer of living expenses for at least six months to a year.
- Test the Waters: Before fully quitting, try experimenting with reduced hours or alternative income streams, such as freelancing or part-time work, to see if they provide enough for your desired lifestyle.
- Establish a Purpose Beyond Money: Many people struggle after leaving the grind because they lack a sense of purpose. Consider exploring new hobbies, volunteer work, or a passion project to keep your mind engaged and fulfilled.
Final Thoughts: You Define Enough
A lot of this is actually making the mental change in your head. We’ve been conditioned to think a certain way but to get off the money hamster wheel takes a paradigm shift.
“Enough” isn’t a static number; it’s a personal choice rooted in your values, lifestyle, and ambitions. Walking away from the grind is as much a psychological shift as it is a financial one. It’s about realizing when the pursuit of more no longer serves your happiness and health.
So, ask yourself “How much is enough for me?
Once you know that answer, you can start living a life that’s richer in time, freedom, and fulfillment.
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Coach J.P. Money is the founder of Coach J.P. Money. He is an expert in Coaching and Money! He is also a writer, global citizen eco-activist, visionary, musician, artist, entertainer, businessman, investor, life coach, and syndicated columnist. He is also known as the music artist “Johnny Punish”; a name given to him by a bandmate during his Punk Rock years fronting the rogue underground punk band “Twisted Nixon”
His Expat home base since the late 1990s is Mexico. J.P. Money, aka Charles Bivona Jr., was educated at the University of Nevada Las Vegas (1980-81) and California State University Fullerton (1981-1984) with studies in accounting, finance and business. He bought is first real estate income property at 17 years old with no money down. He has been debt-free and building wealth since 1998.
Before the “internets” had been invented, he also owned and ran (5) national newspapers in the United States of America from 1987-1998. In addition, he created and ran the important online media sites; HireVeterans.com (2004-2020) and VT Foreign Policy (2004-2023).
J.P. Money is married to Queen Albertina from Sinaloa Mexico (1985). Together they have 3 adult children and 7 grandkids. They live in Baja Mexico at the home they built together out of plastic bags and dirt (Super Adobe). Now they share their epic artistic piece with the world as a unique luxury BnB called “Hacienda Eco-Domes“.
Read J.P. Money’s Full Bio at PunishStudios.com >>>
