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Why Do You Work?By Larry Ferstenou Based on You CAN Retire YoungWhy do you work? Sounds like an easy question, but think about it. What is your real motivation for getting up and going to your job or business each day? Do you enjoy it so much that you can hardly wait to get there, or would you rather be doing something else? Would you work if you didn’t have to—if you could afford not to?
Those are the types of questions asked in a survey conducted for the book, You CAN Retire Young: How to Retire in Your 40s or 50s Without Being Rich (American Book Business Press, 2002). Although most of the answers seemed predictable, some were a little surprising. Here are several of the findings from that survey. Do these answers appear consistent with your thinking?
· People work for many different reasons (challenge, self-esteem, socialization, desire to help others, something to do, etc.), but the predominate reason they work full-time is money.· Most people would like to retire by 55, but few believe they will be able to meet that goal.· If they could afford not to work, 77 percent would continue working anyway. Most would choose to work part-time paid, some would volunteer, some would do both.· Half of all respondents are counting on Social Security in their retirement.· Most respondents will need to save and invest more than they currently are if they are serious about retiring by 55.
There are many reasons people work and only one of them is money. If you derive satisfaction from your job or career, then continue being the best at what you do for as long as that makes you happy. But when the time comes that going to work day after day is no longer a joy, then you will want to have options. To have choices later, you must prepare in advance. Spend less, save more, and invest wisely; that is your answer to having a choice when you are older and work is no longer as exciting as it may be today.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Larry Ferstenou retired over ten years ago at age 42 and is the author of You CAN Retire Young: How to Retire in Your 40s or 50s Without Being Rich (American Book Business Press, 2002). More information can be found at www.youcanretireyoung.com. Copyright © Larry A. Ferstenou, 2002–2003
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