“By the time I have money to burn, my fire will have burnt out.”
I was speaking with a friend recently, and this friend bet that I would become bored in retirement.
“You’ll go start some other company because you have the entrepreneurial fire burning within you,” my friend said (I paraphrase).
“Nope. I’ll be traveling the world. Wanna bet?” was my response.
Yes, I enjoy what I do as a profession. I enjoy entrepreneurship. I like the challenges and the freedom that both pose for me. I like that I have some say in controlling my destiny.
I suspect that there are few of you who would choose work over family, travel, the dog, your hobbies, etc.
While you want to enjoy your work so that you’re not in 8-12 hours a day of misery and drudgery, it’s not the absolute #1 item on your list of what’s important to you.
Certainly, I could become an angel investor, which might be intellectually rewarding and stimulating and potentially have some upside beyond what the stock market or real estate investing could offer; however, as we discussed in “Once You’ve Won, Stop Playing the Game,”, there are two primary risks in such a pursuit, or entrepreneurship for that matter, that I want to avoid when I’m done.
The first is the financial risk. While I obviously wouldn’t invest more than my at risk capital, there’d be no real purpose in taking such a risk if I will have already retired with the lifestyle that we want to have in retirement.
However, there’s a second risk which is much more intractable.