This week’s topic is a real fork in the road for many of us: the choice between chasing a paycheque and finding joy in our work.
On one hand, there's the allure of a hefty wage or salary, tempting us with the promise of financial freedom. Yet, it's often paired with less personal fulfillment. On the flip side, pursuing a passion might fill the soul but thin out the wallet.
And since our eyes are on Financial Independence, Retire Early (FIRE) , we want the route that sustainably propels us towards our goal. What you choose and do today will shape your happiness, lifestyle, and how (or when) you achieve FIRE.
As we unpack this topic, you might find your opinions challenged or affirmed. Either way, we hope to give you something to think about and present different approaches to your situation.
Is it wiser to work for better pay or go for work you enjoy more?
In an ideal world, the advice is plain and simple. Find a middle ground that adds to your savings account without raising your blood pressure. And, indeed, job opportunities do exist in this sweet spot.
Yet, in reality, most of us find that locating that balance is rarely as simple as we’d like. In Dave’s experience, what this “balance” looks like in practice generally depends on the questions you ask yourself.
“Where am I now in life?”
Often, it's our priorities and circumstances that dictate which end we lean towards at a given time. What we value in our 20s might look entirely different in our 40s.
There are times when we chase happiness, letting income take a backseat. If you are a young adult with few responsibilities or have a healthy financial buffer, this path might be more sensible. But then, there are periods where financial goals take precedence. If you’re starting a family, for example, the certainty of earning a comfortable paycheque every month may outweigh everything else.
Similarly, age and experience are important things to consider.
From a professional standpoint, many of us are clueless about what we want to do for the next four decades. And that's okay. For Dave, pursuing a tolerable job at the beginning gave him the freedom to explore his passions on the side. That kind of middle ground eventually worked for him as he found a career in finance and investing.
“Can I make peace with a career decision?”
Alternatively, you might try to find “balance” by securing a job that leaves you content with the trade-offs you make. Some people are willing to endure several years of hard work and frugal lifestyle to enjoy financial freedom later. For others, finding joy in their daily work is non-negotiable, even if it means a longer road to Financial Independence.
And yet, there's always a part of us that wonders about the road not taken. This type of curiosity and second-guessing is a key part of human nature.
So, let this be a reminder that to make peace with our choices is to live authentically. No matter what path we choose, the grass will always seem greener on the other side.
The key to avoiding FOMO is to understand yourself. That’s the first step towards making work, work for you. Know what you value, what you can tolerate, and what brings you joy.
The “maximise your income so you can get your freedom back sooner” option
The advice “work hard, earn big, and get to financial freedom faster” sounds fabulous. However, as Hayden points out, chasing a high salary can be a double-edged sword.
On one hand, it accelerates your journey to Financial Independence and early retirement. On the other, high-paying jobs often come with high expectations that can lead to burnout and health issues.
And if you're not climbing the ladder fast enough, you might find yourself trapped in a lifestyle you can no longer afford. In these scenarios, “lifestyle creep” can turn into golden handcuffs. This could make it difficult for you to revert to a simpler but more enjoyable job without financial adjustments.
Now, we're not bashing the idea of pursuing a hefty paycheque. In fact, let’s think about it in a different way. Would you rather grind for 10 years to bask in freedom sooner, or opt for a more enjoyable 20-year stretch?
Whichever you choose, it circles back to choosing the trade-offs you can bear and afford. Hayden shares a personal anecdote about ditching a potentially cushy gig at Microsoft. Why? Because no amount of money was worth the Seattle winters and the dread of a life spent in the wrong place.
In other words, it all boils down to personal preferences, sensitivities, and, yes, the kind of stress (or boredom) you're wired to handle.
Jobs that might be monotonous for one person could be relaxing for another. Some thrive in high-stress environments because they find boredom and stagnation far more unbearable. Perhaps some find glamour in working longer hours. Understandably, others prefer a four-day work week with less pay.
Different strokes for different folks.
The “just find a job you love so you never want to retire” option
Loving what you do for work is the dream for many of us. Yet, the reality is often less rosy. Struggling financially in a job you love can be just as unfulfilling as the other option.
First of all, landing that dream job straight out of the gate is rare. Most of us need to navigate various roles before discovering what we genuinely love doing.
The other thing is, often, turning your passion into profit does not guarantee enjoyment and financial success. Dave shares stories of individuals who attempted to monetise their hobbies, only to find it diminished their love for the activity. The pressure to profit from a passion can sap the joy right out of it.
On top of that, life's curveballs don't care much about whether we enjoy a job or not. It could be health issues, family needs, or just the unexpected twists of fate. The notion of working in bliss until retirement is comforting – but it often overlooks the unpredictability of life.
It doesn’t have to all or nothing – there are other approaches to the middle ground
So, where does this leave us? Interestingly, there's a practical middle ground. However, getting there requires a compromise, where income often has to take the front seat.
- Take a regular job to build a safety net
Yes, doing what you love is the dream, but practicality can't take the back seat. After all, bills don't pay themselves. It’s not entirely impossible to find a job where you can find simple joys in your toils and still make enough (and then some).
While you’re there, focus on saving and investing as much as you can – especially in your younger, less encumbered years. It doesn't mean you’re giving up on job satisfaction. Instead, you’re securing financial freedom faster to pursue more enjoyable work later on (even if it pays less).
- Use your day job income to support your side project
Another path is to keep a day job that offers stability and opportunities for salary increases. Then, let your passions enrich your life outside of work hours. If your side hustle evolves into something more, fantastic! If not, you’ve still got a solid financial foundation, and you haven’t lost the joy it brings you. That’s a win-win in our book.
Put another way, pursue what you love because you love it, not because it might bring in income. This way, if it does turn into a profitable venture, it's a bonus, not a financial (and emotional) burden.
- The semi-retirement path
Consider the concept of semi-retirement as you reach the halfway point of your financial goals. It's the stage where the hard work of saving and investing begins to pay off (
earning dividends
, for example). By that time, you have the flexibility to shift towards more fulfilling work with potentially less financial pressure.
So, how do we decide what to shoot for, and when to change it?
We’ve mentioned the trade-offs at the beginning of this article. But arguably the biggest factor when deciding between working for income versus enjoyment is your family dynamics (either the one that you have, or one for which you’re planning).
Balancing the needs of your loved ones with career ambitions can mean tough compromises. For many parents, the dream gig might have to be shelved for something that fits the school run schedule. Others are taking extra shifts or working weekends – all while relying on family members for childcare – just to keep the financial gears turning.
The aspiration for financial freedom remains strong. Yet for some, the ceiling feels all too close, hemmed in by the sheer logistics of family responsibilities.
However, if parenthood is on your horizon, don’t leave room for self-reproach. Seen from another perspective, the quiet sacrifices parents make show their deep commitment to their family's well-being. For you, this means making the most compassionate choices for your situation. This way, you avoid getting trapped in a cycle of 'what-ifs' and 'if-onlys.’
For those without kids, now is the golden chance to plot thoughtfully. You've got the flexibility to make moves and decisions without worrying about other responsibilities. That's a luxury in itself, and planning your life and career with this freedom can set you up for happier times ahead.
Final thoughts
All this drives home an important point: life doesn't hand out clear-cut choices. Instead, we navigate a spectrum where the choice between the dream gig and the high-paying job blend in shades of gray. Our life chapter, priorities and preferences today, and plans for the future nudge us along this spectrum.
The ultimate goal remains – landing work that delights as much as it deposits. Then, as we inch closer to Financial Independence, we afford ourselves more freedom to choose work that lights us up. Of course, we don’t have to deliberately go for zero salary in the end. Rather, we want working with purpose and enjoyment to be independent of financial worries.
If you’re close to financial freedom or lucky enough to love a lucrative role, we're cheering for you still. The road to finding joy in work is long, but it's worth every step, especially when you've built that financial cushion. There's something special about work when the pressure to earn is off the table – it just hits differently.
And with that, we’re signing off this Aussie FIRE Podcast episode. Keep sending us your thoughts, suggestions, or any feedback you have.
Connect with us through socials
, ask a question on the
Pearler Exchange
, or drop us a line at hello@aussiefirepod.com. Thanks for tuning in, and we'll be back with more. Until then, stay curious and check out the
Pearler blog
for a wealth of resources, tools, and community insights.
Catch you in the next one, and happy investing!
Dave and Hayden
