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OFI 144: Would You Trade Your Farm Dream For A Bigger 401K?

SHOW NOTES

KEY IDEAS:

I recently read an article titled “Heart Is In The Farm But Financial Realities Loom.”  This article went on to describe the difficulties a woman named Melissa was having keeping her farm because of her high mortgage payment and middle class income.  The main point was that if she kept the farm, she would not have enough money to retire on.

I like to look at “retirement” differently than ceasing work, ceasing activity or not having income from work.  I like to think of retirement as waking up and doing what it is that you want to do.  If you want to wake up and go surfing every day, you probably have to have a really big nest egg saved up.  But, if you want to wake up every day and farm, perhaps not.

This article seemed to only offer Melissa two options – keep the farm and never “retire” or sell the farm and be able to “retire.”  But, by retire the financial advisor she spoke with meant cease all work and income creation.  I saw a third option here, and wanted to bring this to you to help with perspectives on how to make it.

THE MAN IN THE ARENA

                                          Excerpt from the speech “Citizenship In A Republic”
delivered at the Sorbonne, in Paris, France on 23 April, 1910
download PDF of complete speech

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

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