The One More Year Syndrome

Some people are lucky enough to achieve financial independence, however instead of quitting their jobs, they continue working for just one more year to have an extra buffer. The next year financially they are even better off, and again, instead of quitting, they stay just one more year. The above behaviour creates a loop that cannot be broken and these people end up never quitting.

The trigger for the OMYS is very powerful: a combination of fear and greed. What if my numbers are wrong? What if the stock market collapses (that should be taken into account)? I am too old and won’t be able to get a job, if needed. If I have more money, I could travel on this luxurious cruise. I’m going to pay the property tax of the house for the next 10 years before retiring.

One of the problems is to determine how much is enough. From our professional experience, “enough” is much more than what people get on the first calculation. In any case, once you figure out how much you need a year to live the way you want (that means travelling, restaurants, etc..., if desired), and you find reliable passive income that matches your expenses without forgetting inflation, the problem is solved.

If you suffer from OMYS, just create an extra buffer to use the new money on tangible purposes, and quit once you reach them without thinking. We have to remind ourselves that we can get sick and not enjoy the rest of our lives anymore. Also, that the mental transition from working to leisure is a tough one (it lasts more than a year) but the sooner and younger we go through, the better.

Perfection is the enemy of good.