Why early retirement comes with one big clause | Vicki Robin | Big Think

Why early retirement comes with one big clause
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Vicki Robin and Joe Dominguez coauthored Your Money or Your Life in 1992, a now-classic finance book about liberating yourself from debt, waking up to obsessive materialism, and learning to be financially self-sufficient.
Anyone interested in becoming financially independent and retiring early needs to ask one big question first: Who are you without your job? What would you do with your life if income were not the focus? The biggest myth? Retiring is not the end of work; it's only the end of your job. It is not free time forever. Vicki Robin warns that people who don't know what to do with their time may be headed for an identity crisis.
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VICKI ROBIN:
Vicki Robin is a prolific social innovator, writer, and speaker. She is coauthor with Joe Dominguez of the international best-seller, Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence (Viking Penguin, 1992, 1998, 2008, 2018).
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TRANSCRIPT:
VICKI ROBIN: Well, 'Your Money or Your Life' has a long history. It's not just "a couple of people had a good idea and decided to be famous and write a book." Joe developed the program - Joe Dominguez, my co-author - developed the program in Your Money or Your Life in the 1960s, so that was a decade in development, and it was only for himself, only for his own early retirement. He just felt like financial service was like military service: you get through it because the real stuff of life is through the other door, the door out of wage slavery or paid employment. I met Joe after he had become financially independent. He had some savings, he explained what he had done, and it made a lot of sense to me for a very different reason from him.
For me I was a recent college graduate and I'd started on a professional track. I graduated from Brown University, I had lots of good prospects, but it just didn't make any sense to me to sell all my intelligence, time, creativity, to narrow that focus down to somebody else's agenda. I wanted to be free honestly, and well I was in my 20s-and we understand that, don't we? And so I applied his tools, and it freed me up to have a minimum income but be able to have maximum adventure. So fast forward, in the early 1980s, people began to be interested in like, why was Joe financially independent? Why was I not having to work when they had to go "back" to work? They'd meet us on their vacation and they'd go back to work. "Why do we have to go back?"
And so he started to develop a, "first I did this, then I did that, then I did that." So he developed what has become the holy writ of the nine-step program, but it was just really him describing his own process.
Over the 1980s, we produced live seminars and then a tape course so that word could get out, this approach to money.
Number one, if we define financial independence as the process of liberating your mind and liberating yourself from debt and developing savings, this - everybody needs to be on this path. It's a self-preservation path. So I'm not talking about freeing your time forever, "pulling the trigger," as they say in the FIRE movement, and getting financially independent.
As a matter of fact, that becomes a problem for a lot of people because they don't know what to do with their time. It's an identity crisis. You know, suddenly your boss or your profession or your context is not defining how you spend the hours of your day. You're free! Oh dear! Now you have to do it.
So I don't think that's the ultimate goal. As a matter of fact, I distinguish between work, job, income and identity. Those are four things that all go in the category of 'job'. So if you haven't thought about who am I, what is my work in life, apart from like, my job is what I do for money, but your work is more of a social role or a spiritual calling, you know? Your work is - everybody's work is to be a good person, boom. That's a basic assignment. We all got that one, you know, to be a moral human being. That takes work. Self-education takes work.
So I would hope that people start to think about that, that somebody who's a family man and he has a sort of pay grade job gets out of debt, realizes that money doesn't buy happiness, invests a lot in being with his grand-kids. That's somebody who is becoming financially independent, in my book. So that's one part of it, is that we have to stop thinking about some la-la land thing where we'...
For the full transcript, check out bigthink.com/v...

[@thejesuschrist]

I was lucky enough to retire at the age of 33.

[@rabihbourji2069]

Based jesus

[@Lchristyhastings]

You bring up an excellent point jesus. I had my dream job, did all the savings bullsht, no debt, yadda yadda yadda. I was a highly responsible, type A idiot. But one day I got "the flu", which turned out to be ME/CFS. Instead of being dead, I only wish I'm dead. Lots of fun. Disability is like an unexpected, forced, early retirement. Except, of course, most people WILL be driven into poverty. Nobody will tell you that part. So I'm sending you & your dad lots thanks for the poverty and ME/CFS (aka the hidden plague) #millionsmissing

[@spacecatboy2962]

you really nailed that one

[@taylorakinser]

You are in every comment section of every video I watch, you really are Jesus.

[@SXMtube]

Hey Jesus. Count your blessings. Poor Prince Charles of England is WAY past retirement age and he hasn't started working yet....

[@tlister67]

This makes more sense if you read the book. I recommend it. The idea of financial independence is that you can work on what you want (charity and family for example) versus what someone pays you to do. She is clarifying that you should still do meaningful things versus just leisure. One issue the book has is not utilizing investment in markets. Supplement with Mr Money Mustache for the financial side.

[@flowergrowersmith449]

I think my role in the village is to grow the food. I love all the bits and pieces to do with growing plants. My freedom job will be to tend a small flower farm and sell flowers at markets. That's my dream existence and it's about 6 months away..

[@forgiveness_denied]

gym, museums, books, videogames 🤷🏻‍♂️

[@tomorrowstrat]

I retired to recover from information addiction. I found a mathematical concept of god, took a vow of poverty, designed/discovered/dreamt/defined a religious framework, and became a monk of it. Now I'm a culture designer/programmer experimenting with myself, my partner, and our newborn. Retired 3 years and loving it at age 35. Super privileged and grateful to parents who contributed their savings to allow for the rehab. Same for goes for the savings my partner's contributing. We're looking to start a school for learning how to learn based on a "give what you can that we need" model once we ask for land and receive land, whenever that is.

[@sydrose13]

I've started my own I wrote a simple book disguised as something wise containing a bunch of obvious financial tips and distribute it with a MLM scheme. I should be retiring any day now It's called the key to financial independence is to be independently wealthy

[@elsagrace3893]

Michael Rosen ahh, you sound bitter and shallow. Even as you are, where you are you can figure out what makes life worth living. It’s not money!

[@sydrose13]

@@elsagrace3893 um I'm joking. And no, I'm quite satisfied and am very happy. The key tenet of the system is to first be able to live off the interest of ones savings along with reducing consumption needs

[@ChessMasteryOfficial]

*Of all sad words of tongue or pen, the saddest are these, 'It might have been.*

[@badhabitz69]

I feel sad now.........

[@thehiddenpaw7939]

Wrong. The saddest words are words, at all, for never born is best by far. Think about that next time you have a kid. If there's just one thing about life that any one person hates, why should another be dragged in to experience it, also. Misery loves company, and fear cares not for the suffering of others, so much so, that it brings others into it's presence without consideration for that which is inevitable. What care, or concern, or struggle, or death, is there for a person that is unborn? You looking forward to the uncertainties of death? The tragedy of war? The burden of societal expectation placed like a yoke upon your neck? A world that in it's ignorance, arrogance, and idiocy dares to make it's denizens feel as if they owe it a god damned thing. What does anyone owe the world when not one person ever asked to be born into it? The definition of rape is doing something against someone else's will. Everyone that has been brought into the world has, therefor, effectively, been raped. But to add insult to injury, the world also rapes you mind, body, and soul, during the length of time you are here, in every conceivable way, foremost among them being the fact they have intentionally blinded you to the fact you didn't have a choice in coming here. Knowing that simple fact, changes everything. It gives a person the right to do as they please in the world without care or concern for anyone else except themselves. And what would be wrong with that? Nothing. Also, a lie if anyone says to the contrary. No one owes the world a thing. So, what we have left, is to choose what we, each of us would like to do to free ourselves from the fear that is the source of why everyone is here to begin with. The fear of being alone. Then compound that with lack of self control, as without any doubt, whatsoever, almost everyone that is brought into the world is brought here due to a lack of self control, and preventative intimacy. How is it not considered insanity to bring a child into a place where there is not enough food, and then right before it's parents eyes it dies of starvation. Happens all the time. That's madness. And cruel, as well as stupid beyond reason. But, the whole world is madness like that. There is no form of beauty. No thing worth seeing or experiencing in the world, if the world you live in is one in which even one person gets burned alive. Nailed to a cross. Murdered like a dog on the street. What kind of entity would choose to persist as we do, and not only that, justify it, in a world full of such madness and horror as war? The saddest words are words, at all. For never born is best by far. Not even Chris Cornell made it through. Nor Robin Williams. This is the tragedy, and the legacy of this world, and those born into it. None can deny it.

[@badhabitz69]

@@thehiddenpaw7939 Wow. I'm speechless after reading that. Nothing more I could ever add to what you just wrote. Respect.

[@buzz-es]

@@thehiddenpaw7939 Can I borrow that?

[@thehiddenpaw7939]

@@buzz-es You would not really be borrowing it if you, yourself, have had the experience. The statement is one of origin, and perpetuation. Ie'. If there is a God, or some such entity that manifested all things, then said God's motives could, rightfully, be called into question as to the reasons why. Given, the entity would have known all initial, intermediate, and final outcomes of all the life it had brought into existence, there then must have been a reason beyond our understanding to proceed in spite of the suffering all lifeforms would, inevitably, experience. But, to compound the issue we, ourselves, were then given, or manifested a capability to procreate and in so doing, perpetuate all things, including, suffering. So, there are two focal points of cause that must be addressed. God, if such a creature there be, would be the initial. The secondary, cause, or, faulting would then be upon the shoulders of those that procreate thus continuing a cycle that for the most part no one is altogether happy with. We could, collectively, choose to end our existence, whereupon all things, including suffering would come to an end here on earth. We would not choose to do so, though, because we are afraid to, and to tickle our vanity, we like to think it's a noble thing to persist in the endless struggle for survival. Dumb really, and misguided, I think. But, this line of thought cleanly brings us to the only other choice we have. If we dare choose to persist, we ought with all our strength, and every fiber of our being work to make 'everyone's' stay here as pleasingly optimal as it can possibly be. But, we persist in defaulting on this choice. But, really, by design, if there were a God, no one would owe said entity any measure of responsibility. Neither would children brought into the world by those whom procreate, owe our parents a thing. Nothing at all. That simple fact has been twisted in purpose to fear, by a world, and it's parents that make their children slaves to a misguided owing of some debt, apparently, accrued at birth. I just ask questions, and ponder the deepest depths of all the choices we make, and call into question the many big words we use to justify everything we do. The world to me is beautiful beyond feeble words to express. But, it is, also, a place filled with much suffering, and terrors beyond imagining. It will always be so as long as people exist. If such experience you have, then by all means, speak it. But use it in peace. As it is not meant to bring harm.

[@imhote44]

That spectacular necklace distracted me from whatever she was saying - oh, what exactly was the main point? Was it a subtle advert for the nine step program for financial independence?

[@dakotadak100]

Read, write, exercise, parks, friends, family, art, library, museums....all better than working

[@tinylinkCC]

People actually had surplus income and savings in Vicki's day. Now it's basically impossible so her story seems quite impressive. But its not bigthink to reduce systemic complexity down to a simplistic narrative of changing your mind.

[@djdownie3]

She inherited it

[@greenanubis]

This sounds too vague. There is more coherent summary of whats she saying in the description. And no, i dont think that buying the book is worth it.

[@alexadnan1032]

I agree with her, work is not necessarily having a job. Work that you love to do will never feel like a mandatory job. The FIRE Movement knows that though

[@djvapid]

She did a lot of talking and said absolutely nothing.

[@holycrapchris]

You did a little listening and learned absolutely nothing.

[@StarTexaspets]

Shes not the best on this channel

[@RickyPayaso]

Bit unfair,,, she has about finding interest outside your career that defines you

[@luckybassturd7260]

Buy their book! If you want to retire early, sell a ton of books & don't buy stuff! Counting money, is always work!

[@MsWaggydog]

I totally agree!

[@dankole307]

Spend it before you get sick. Organ transplants heart failure and cancer kicked my ass.

[@bralex970]

I retired last month at the age of 27. All I'm going to do is play video games, workout, and chase girls

[@Ghost-vr5zg]

Did you really tho? If you did, more power to you and I would like to hear how you did it. If just for trolls then, Tag im the fool!

[@Psi01]

I get what it means, but I don't like the choice of words "financial independence". Independence is just a state of being independent, opposite of which is dependence. Finance is an umbrella term used to describe various activities that involve money in some way like borrowing or investing. Together, I don't think "financial independence" makes any sense, since everyone except maybe Tarzan living out in the jungle is dependent on finance to some extent so technically most people are financially dependent even if it's just a person living off a passive income of stock dividends. "Eligibility for retirement such that the sum of non-active incomes are are able to substitute the absence of an active income to pay for necessary expenditures as well discretionary expenses (as determined by the retiree)" doesn't sound as sexy, but at least it makes more sense than financial independence if you look at it piece by piece.

[@corinto1977]

The book is good. Its never clear how she retired st 26. It seems she has been working promoting the book for years.

[@djdownie3]

She inherited it

[@heisapilot]

Very vague.. not clear to the point.. rather clickbait video!

[@kekero540]

Weird background for thumbnail but ok.

[@LeonidasGGG]

So... What's the "big" clause?

[@gerardshorticultureculture7579]

This a goal of mine

[@stephenhoffman6869]

Going back to work @ 70 bored to death!Tried all the hobbies bullshit!

[@finthechat7134]

Starting early with the christmas puns.

[@iwantmyfriescrispynotburnt3981]

This necklace... I must have it!

[@joestar6194]

Bea Arthur looks good.

[@brendarua01]

is this an advert?

[@PETERLINNAH]

Wow, I just wasted 6 minutes of my retirement.

[@PETERLINNAH]

I just unsubscribed to this channel. This video was the last straw.

[@ECsponger2]

BUT Money isn't real so really it's just trading numbers with other people based upon your quality-of-life decisions. It's just numbers, they're not really there.

[@Andrew.baltazar]

Okay, can I have all your 'fake' money please?

[@ECsponger2]

@@Andrew.baltazar never said it was fake it's just not real.

[@benplus2053]

Incoherent.

[@BeckRD1]

Uh, whaat?

[@vrldc8966]

This may be great stuff but this particular video is one of the poorest that I've ever seen in this series. She talks and she doesn't really tell you anything about the system or the plan that they use to achieve this.

[@elsagrace3893]

Very attractive lady.

Big Think silently telling us they are ancaps.

[@yassinazarkan4207]

Social innovator wtf is that

[@wallario]

Wtf she talking about

[@slindenau]

"Wage slavery", you mean to be a productive human?

[@elsagrace3893]

slindenau NO! She means doing things that bring pleasure and meaning to life as well as dollars as opposed to slagging it out, forging yourself to do things that bring no pleasure or meaning and only dollars to then be traded for consumer goods that you think will make you happy with the crumbs of time you have left to yourself during a week. Do you anesthetize yourself regularly as the other wage slaves do in order to keep going?

[@psmith0423]

I wasted 6 minutes of my life that I will never get back....

[@Varguitas10]

First

[@Sami-ih1tq]

Second