The Challenge, Part 2

A Shift in Thinking

Matt Viera
October 07, 2022

So why did I shift my thinking from living "my life on my terms” to retirement in five years?

A significant moment this past summer shifted my mindset.

However, how did I actually get to this point? What was it aside from working from home full-time to commuting and working in the office full-time?

As I mentioned, I have had and am living a relatively good life. Thinking back, most of my jobs provided me with a decent work-life balance. Most of the jobs I worked allowed me to explore what life has to offer.

Shortly after high school, I enlisted in the United States Army and ultimately served eight years. This experience really set the stage for my way of thinking. I loved serving in the Army—from the camaraderie to the opportunities for travel. The Army provided me with the opportunity to live or spend a significant amount of time in:

Haiti
Germany
Zimbabwe, Africa
Seoul, South Korea

I decided to leave the Army (another story), move to Miami, finish college, and ultimately go to law school. I spent eight years in Miami as a student working a few different jobs. Living in Miami was an incredible experience, and I definitely miss it. Living in one of the vacation capitals of the world with the means to enjoy it is a phenomenal experience.

I graduated from law school in 2008. There were two variables to consider at this point in my life: 1) I incurred over $200,000 in student loan debt, and 2) the Great Recession.

I moved back to New York City the day I graduated from law school.

After three years of practicing law, I realized I needed more of a work-life balance. I loved practicing law, and the law will always be a passion of mine. However, opportunities to explore what life has to offer matter to me a bit more. I would not be able to explore life with minimum billable hours, one week of vacation, or working on the weekends.

I assure you that trading a minimum of eight hours daily for a paycheck is trivial compared to what life offers.

With my current job, I traveled throughout Europe for a month in both 2018 and 2019. I attended my best friend’s wedding in Scotland. This past summer I spent five weeks in Spain. Upon returning to the States, I took a road trip to Colorado for a reunion with good friends I served with in the Army.

And I spent some alone time in Wyoming.

Now you may be asking yourself: why would you want to stop working when your job allows you to explore what life has to offer?

The answer is simple. I am fifty years old, and as much as I hate to say it, I have more life behind me than I do ahead of me. I want to enjoy the rest of my life and expand my life experiences on my terms without any conditions, i.e., being shackled to a job.

What was the moment I shifted my thinking from living "my life on my terms” to retirement in five years?

The day I was notified this past July that my entire federal student loans was forgiven.

$153,000 in federal student loans disappeared.

My net worth went from a huge negative to a positive.

It was like winning the lottery.

With that huge burden lifted off of my shoulders, game on.

My current situation:

I do not own real estate
I make a six-figure salary
I do not have a trust fund
I am not expecting an inheritance
I do not have any credit card debt
No one assists me in paying my bills
I do have a high-yield savings account
I do investment money in ETFs and dividend stocks
I have been keeping track of my daily spending since September 2021
I do invest pre-tax income into my employer sponsored tax-deferred annuity
I do have a car (I have to get out of New York City on occasion + road trips which are critical to my mental well-being)

The challenge: how do I accomplish my ambitious goal to comfortably retire in five years while living in a high-cost-of-living area such as New York City?

I will accomplish my goal by exploring effective personal finance control strategies to grow wealth for a superior quality of life.