Being Content is Financial Independence Nirvana

One of my close friends called me up to tell me he bought a Tesla Model Y recently.  Honestly, I was excited for him.  He is a dear friend and we have been salivating over Tesla electric vehicles for years now.  Stereotypical physician I know…  It was actually a testament to his financial achievements as a physician and I couldn’t be happier for him.  I don’t want that to come across as disingenuous…I really am pumped!  In fact, I am making him take me out for a drive this weekend.  A funny thing happened once he told me about his purchase…I felt nothing but joy.  My intrinsic reaction of jealousy wasn’t there.  Who have I become?!  Am I really not envious that he has a Tesla and I don’t?  No… I have realized that I am content and that is an underappreciated feeling.  Here is why being content is financial independence nirvana.

Financial independence is a mindset (and a number…)

There was a time, previously, that I wanted to write an article titled ‘Debt Elimination is a Mindset.’  I spent time brainstorming and outlining that entire article…but I never wrote it.  I realized something more impactful was transpiring as I navigated my financial woes.  All the things that are so important to financial independence, from debt elimination to avoiding lifestyle creep and saving are made entirely more achievable if you are content with what you have.  This is why ‘live like a resident’ rings true.  I was completely content and happy when I was living in a 600 square foot 1 bedroom, 1 bathroom apartment as an intern.  I was busy and I had everything I needed.  Despite receiving a trainee salary (and less than minimum wage given the number of hours I worked) I was satisfied.

Now, it is a bit more complicated than that, obviously.  We have so much in life to factor in.  Take me, for example, I have a wife who also is a high-income earner.  I have a child and another on the way.  I have two large dogs who never seem to tire.  Lastly, I have family coming and going from my home constantly.  I may be very content, but that does not change the fact that sometimes there are necessities I am unable to accommodate.  More on what this looks like in day-to-day practice later.  For now, let’s talk about what contentment really is.

What does it mean to be content?

So, this may seem somewhat elementary, but I feel it important to comment nonetheless.  Personally, I think finding contentment in modern society can prove difficult.  We are inundated constantly with advertisements, social media, and relative influences all driving our consumer culture.  Generations of this expectation have garnered a sense of constant ‘need.’  Needing to have the newest model of car.  Feeling that you absolutely must have a certain brand of gear, clothing, or furniture.  More, more, more!  Believe me…I am no different.  Even as I type this article, I reflect on all the hours I have spent scrolling through my phone, endlessly in pursuit of the latest ‘must-have’ products.  It’s maddening!

Also, contentment is not binary, I view it as a spectrum.  For me at least, it waxes and wanes.  Some days I have all the self-determination in the world to tune out ‘the noise’ and execute our financial plan.  Other days…not so much.  But the mentality I search for is one of general comfort in what I have. 

A personal example…

I am a 30-something year old specialty physician practicing in a high cost-of-living area in the United States.  Financially and economically, I fall into the category of a high-income earner.  Further my household, based on annual income, would be categorized as wealthy.  That said, those numbers fail to capture the overwhelming debt I accumulated throughout my medical education.  This also does not factor how much ‘catching up’ I have to do towards retirement.  When others start to build wealth at 18 or 21, I was 33 before I completed training.  Others have more than a decade’s heads up creating a legitimate nest egg. 

Like so many others reading this, I too have lofty financial goals.  I want a larger house (preferably on the water).  I also would love to upgrade to an electric car (for a multitude of reasons).  It would be nice to work less and travel more.  All of these things I would prefer…and now!  But that is not reality.  Currently, I remain a 30 something year old physician practicing in a high cost of living area… with a mountain of debt.  As I have written about previously, however, I have an expectation to pay off my debt as efficiently as possible, all while self-educating about intelligent financial decisions. 

Understand that some things are out of your control

There are a few aspects of debt elimination that are out of my control.  I only have so much income to go around.  I am incredibly lucky to have a significant other who also makes a substantial contribution to our finances, but like many things, our money is finite.  We can only do so much with each paycheck.  Secondly, I and I alone have the power to control how I react to extrinsic pressures.  I absolutely wish I never accumulated educational debt, but it was a necessary evil to be able to achieve what I have.  The frustration that comes with my debt is wasted emotion.  I have to be at peace with my debt and focus on executing my plan.  If not, it will plague me endlessly…and that only hurts myself.

So…what is contentment?  It is being satisfied with what you have.  Easier said than done.

What does contentment look like?

What does contentment look like in practice?  That is probably an even better question to answer.  I can write all I want to about how I feel, but that doesn’t help you much now does it?  In practice, being content means having little to no visceral response to outside financial influences.  I am now eager and happy to share in the joy a new Tesla brings my friend, but I feel no compulsion to buy one myself.  There will likely come a time where I can purchase that car in cash, but now is not the time.  Even if I did have $40,000 lying around, I would immediately apply all of that towards debt elimination.  Buying a new car would literally never cross my mind!

This was not a mindset that I stumbled upon.  Being at peace with my financial situation took years of internal motivation and habitual application of ‘best’ practices.  If you ‘pay yourself first’ the day you receive your paycheck, you force yourself to limit the pool of discretionary income you have.  This makes it easier to not spend quite as lavishly. Why?  Because if your primary motivation is debt elimination, financial independence, or early retirement, you need to be saving a substantial amount anyways (>20% or more based on when you want to retire).  Also, if the money isn’t there, then you can’t spend it!  How do you do this?  You find contentment in the life you have, not the one you feel you deserve. 

You will build wealth

For the majority of high-income earners reading this, you will build wealth.  Just being an individual seeking out information (or stumbling onto this website) means you are already seeking out pertinent information.  You are self-motivated.  If you live below your means, save, invest, and avoid liabilities, the odds are you will achieve the majority of your financial goals. 

For most physicians, financial independence is roughly 10 years away at any given moment.  Your high income affords you substantial opportunities, you just have to be able to harness this financial superpower into a vehicle for change.  Leading with a mindset of contentment means you can tune out the unnecessary influences and tackle your financial goals without feelings of inadequacy or envy.  This ‘financial nirvana’ allows you to be at peace funneling money towards your financial goals (building a nest egg, creating an emergency fund, eliminating debt) without an expectation of significant lifestyle creep (aside from the necessities).  This is a good place to be my friend.

How am I incorporating this into my daily life?

Now… how am I incorporating a ‘contentment’ mentality into my day-to-day life.  First and foremost, I am sticking with the basics.  I have ranted about these in the past, but to touch on them briefly… I am still sticking with my budget.  We are keeping our emergency fund full and still prioritizing $100,000 towards debt elimination annually.  I still review my financial plan with my wife regularly, and have occasional ‘dinner dates’ where we review our financial footing.  This is ‘personal finance 101’ in my opinion.

I am choosing to recognize my current financial position.  I have a roof over my head (finally) in a home that fits my needs.  Even with child number two on the way, our home will continue to fit our needs…it will just require a bit of rearranging.  I have a car that works, and following some ‘life happens’ events, I was able to appropriately use my emergency fund to purchase a used car that also fits our growing needs.  I am building a career in an academic hospital with a work-life balance that I find healthy.  Like many jobs, there are a few things I would change if I could, but all-in-all my job affords me both a healthy and stable lifestyle and the means to achieve my financial goals. 

What more do I need?

When you approach future expenses with a ‘contentment’ mentality, the ‘lens’ with which you view purchases comes from a place of necessity, not want.  Of course, OLED televisions look better than my current flat screen…but I have no reason to upgrade.  Of course, renovating the entire interior of my home would be more pleasing on the eyes.  Yet, with kids in an age range where each day brings a new interior blemish, I am in no rush. 

I truly am at a point in my life where I am quite content.  This does not change the fact that following debt elimination I may want to pursue a larger home or spend more on travel.  The two are not mutually exclusive.  It just means I no longer feel a compulsion to spend strictly because I have the income of an attending physician now.  I do have a compulsion to put more and more towards my debt, and that is something I can live with. 

Take home points

After spending time inside my friend’s Tesla… I get it.  The ride is beautiful, the user interface is seamless, and the technological advances are near comical when compared to my truck.  But I am comfortable in my beat-up truck with 140,000 miles on it.  I am honestly hoping to get it to 300,000 if it holds up!  Personally, my intrinsic motivation remains strong seeing progress towards my financial goals.  Can we put an extra $25,000 towards our debts this year?  Will we be able to increase our emergency fund?  Can we get our children’s 529s to $30,000 soon?  All of these things bring me real satisfaction. 

This article is not meant to be a lecture on happiness.  Far from it.  My motive is nothing more than to convince you that reaching a place of contentment can both bolster your financial vigor while shielding you against the feelings of inadequacy.  This, my friend, is financial independence Nirvana.  As always…

Stay Motivated!

The Motivated M.D.

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