Why early retirement comes with one big clause
Here's why financial independence doesn't mean free time forever.
Vicki Robin is a prolific social innovator, writer, and speaker. She is coauthor with Joe Dominguez of the international best-seller, Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence (Viking Penguin, 1992, 1998, 2008, 2018).
VICKI ROBIN: Well, 'Your Money or Your Life' has a long history. It's not just "a couple of people had a good idea and decided to be famous and write a book." Joe developed the program — Joe Dominguez, my co-author — developed the program in Your Money or Your Life in the 1960s, so that was a decade in development, and it was only for himself, only for his own early retirement. He just felt like financial service was like military service: you get through it because the real stuff of life is through the other door, the door out of wage slavery or paid employment. I met Joe after he had become financially independent. He had some savings, he explained what he had done, and it made a lot of sense to me for a very different reason from him.
For me I was a recent college graduate and I'd started on a professional track. I graduated from Brown University, I had lots of good prospects, but it just didn't make any sense to me to sell all my intelligence, time, creativity, to narrow that focus down to somebody else's agenda. I wanted to be free honestly, and well I was in my 20s—and we understand that, don't we? And so I applied his tools, and it freed me up to have a minimum income but be able to have maximum adventure. So fast forward, in the early 1980s, people began to be interested in like, why was Joe financially independent? Why was I not having to work when they had to go "back" to work? They'd meet us on their vacation and they'd go back to work. "Why do we have to go back?"
And so he started to develop a, "first I did this, then I did that, then I did that." So he developed what has become the holy writ of the nine-step program, but it was just really him describing his own process.
Over the 1980s, we produced live seminars and then a tape course so that word could get out, this approach to money.
Number one, if we define financial independence as the process of liberating your mind and liberating yourself from debt and developing savings, this – everybody needs to be on this path. It's a self-preservation path. So I'm not talking about freeing your time forever, "pulling the trigger," as they say in the FIRE movement, and getting financially independent.
As a matter of fact, that becomes a problem for a lot of people because they don't know what to do with their time. It's an identity crisis. You know, suddenly your boss or your profession or your context is not defining how you spend the hours of your day. You're free! Oh dear! Now you have to do it.
So I don't think that's the ultimate goal. As a matter of fact, I distinguish between work, job, income and identity. Those are four things that all go in the category of 'job'. So if you haven't thought about who am I, what is my work in life, apart from like, my job is what I do for money, but your work is more of a social role or a spiritual calling, you know? Your work is — everybody's work is to be a good person, boom. That's a basic assignment. We all got that one, you know, to be a moral human being. That takes work. Self-education takes work.
So I would hope that people start to think about that, that somebody who's a family man and he has a sort of pay grade job gets out of debt, realizes that money doesn't buy happiness, invests a lot in being with his grand-kids. That's somebody who is becoming financially independent, in my book. So that's one part of it, is that we have to stop thinking about some la-la land thing where we're going to get out of everything, because we don't want to! We will be working until the day we die. Granny is going to be like, you know, helping out with the grand-kids. And work is actually what we love to do. We love to belong and we love to make a contribution, and we love to be appreciated for the gifts that we bring. That is a lifelong task. So I just wanted to say that, that the financial independence path really is freeing up your life from debt and from the obsessive desire, obsessive materialism.
So there are certain things—one is, I'm not saying everybody should pull the trigger and free up their time to have an identity crisis and an existential angst about "What do I do with my time?!" Because it's a process of freeing yourself. This combination of values and dreams and dollars and cents in a very pedestrian way, and a sort of a decloaking of the dynamics of the consumer culture, so people can see that the things they think they want are very often ideas that have are planted in their heads.
We're not giving people back their lives. They read the book, they get onto this program and they just like go, "I'm taking it. I'm going to take my life back, because this game is not worth the candle. This is not equal to who I really am. This is not a noble path and I am going to change."
So, long history, but it came out of just one guy, you know. When he was 12 years old at PS 81 in New York City he had to write an essay about "What do you want to be when you're 30?" He said, "Financially independent."
- Vicki Robin and Joe Dominguez coauthored Your Money or Your Life in 1992, a now-classic finance book about liberating yourself from debt, waking up to obsessive materialism, and learning to be financially self-sufficient.
- Anyone interested in becoming financially independent and retiring early needs to ask one big question first: Who are you without your job? What would you do with your life if income were not the focus?
- The biggest myth? Retiring is not the end of work; it's only the end of your job. It is not free time forever. Vicki Robin warns that people who don't know what to do with their time may be headed for an identity crisis.
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A study looks at the ingredients of a good scare.
Catching fear in a bottle<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYyNzg1Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyOTQwMTcyMn0.WtpJ1E_dhK2o09fBpKARynj4_p5NXeklgsXsbd7xr9w/img.jpg?width=980" id="8ff51" class="rm-shortcode" data-rm-shortcode-id="f10dd9188b173f4a36e85e9325507c6b" data-rm-shortcode-name="rebelmouse-image" />
Credit: Photo Boards/Unsplash<p>Previous studies have tracked physiological signs of fear arousal, but none have established a one-to-one correlation between that arousal and specific, actual fear events.</p><p>Andersen says that much of the research has been conducted in lab settings with weak fear stimuli, observing subjects as they experience things like scary videos. Scares in these situations tend to be weak and difficult to measure. Even harder to track in these situations is the link between enjoyment and fear. </p>
Eyes everywhere<iframe src="https://player.vimeo.com/video/109695164" width="100%" height="480" frameborder="0" scrolling="no" class="rm-shortcode" data-rm-shortcode-id="267ba87cfb8591ed5830499574d2272a"></iframe><p>Andersen and his colleagues conducted their experiments at <a href="https://dystopia.dk" target="_blank" rel="noopener noreferrer">Dystopia</a> Haunted House, a commercial attraction in Vejle, Denmark constructed in an old, run-down factory. The Recreational Fear Lab has a long-standing partnership with the spook shack.</p><p>They outfitted 100 volunteers with heart monitors and sent them on their terrifying way through the 50-room horror mansion. The facility incorporates a number of fright mechanisms including frequent jump scares in which a sudden threat takes a visitor by surprise.</p><p>Researchers surreptitiously observed their participants on closed-circuit video as they made their way through the attraction. They tracked each individual's scares, scoring them for intensity according to their visible reactions. After exiting the attraction, individuals self-reported their experiences in the haunted house.</p><p>Combining these self-reports with observer notes and each participant's heart-rate data gave the researchers subjective, behavioral, and physiological insights into the ways in which fear is experienced, and when it's a good thing or not.</p>
A pair of inverted U-shapes<p>In analyzing their data, the researchers saw two separate inverted u-shape curves. One depicted participants' enjoyment based on their self-reports and observed behavior. A similar u-curve was detected in their heart rates showing that just the right amount of heartbeat acceleration is associated with fun, but too much is too much. It's the terror Goldilocks zone.</p><p>Says Andersen, "If people are not very scared, they do not enjoy the attraction as much, and the same happens if they are too scared. Instead, it seems to be the case that a 'just-right' amount of fear is central for maximizing enjoyment."</p><p>The research suggests that being scared is enjoyable when it represents just a quick minor physiological deviation from one's normal state. When it goes on too long, however, or triggers too severe a physiological change, it becomes disturbing. Game over.</p><p>Andersen notes that this is not dissimilar to the factors known to make interpersonal play enjoyable: just the right amount of uncertainty and surprise. These are, maybe not coincidentally, also the ingredients of a successful joke.</p>
A meteorite that smashed into a frozen lake in Michigan may explain the origins of life on Earth, finds study.
- A new paper reveals a meteorite that crashed in Michigan in 2018 contained organic matter.
- The findings support the panspermia theory and could explain the origins of life on Earth.
- The organic compounds on the meteorite were well-preserved.
Meteor streaks through Michigan sky<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="80b7f30820153b35fc515592d7475f53"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/EPu2qnqMYBo?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
The meteorite that smashed into Strawberry Lake carried pristine extraterrestrial organic compounds.
Credit: Field Museum
A Mercury-bound spacecraft's noisy flyby of our home planet.
- There is no sound in space, but if there was, this is what it might sound like passing by Earth.
- A spacecraft bound for Mercury recorded data while swinging around our planet, and that data was converted into sound.
- Yes, in space no one can hear you scream, but this is still some chill stuff.
First off, let's be clear what we mean by "hear" here. (Here, here!)
Sound, as we know it, requires air. What our ears capture is actually oscillating waves of fluctuating air pressure. Cilia, fibers in our ears, respond to these fluctuations by firing off corresponding clusters of tones at different pitches to our brains. This is what we perceive as sound.
All of which is to say, sound requires air, and space is notoriously void of that. So, in terms of human-perceivable sound, it's silent out there. Nonetheless, there can be cyclical events in space — such as oscillating values in streams of captured data — that can be mapped to pitches, and thus made audible.
Image source: European Space Agency
The European Space Agency's BepiColombo spacecraft took off from Kourou, French Guyana on October 20, 2019, on its way to Mercury. To reduce its speed for the proper trajectory to Mercury, BepiColombo executed a "gravity-assist flyby," slinging itself around the Earth before leaving home. Over the course of its 34-minute flyby, its two data recorders captured five data sets that Italy's National Institute for Astrophysics (INAF) enhanced and converted into sound waves.
Into and out of Earth's shadow
In April, BepiColombo began its closest approach to Earth, ranging from 256,393 kilometers (159,315 miles) to 129,488 kilometers (80,460 miles) away. The audio above starts as BepiColombo begins to sneak into the Earth's shadow facing away from the sun.
The data was captured by BepiColombo's Italian Spring Accelerometer (ISA) instrument. Says Carmelo Magnafico of the ISA team, "When the spacecraft enters the shadow and the force of the Sun disappears, we can hear a slight vibration. The solar panels, previously flexed by the Sun, then find a new balance. Upon exiting the shadow, we can hear the effect again."
In addition to making for some cool sounds, the phenomenon allowed the ISA team to confirm just how sensitive their instrument is. "This is an extraordinary situation," says Carmelo. "Since we started the cruise, we have only been in direct sunshine, so we did not have the possibility to check effectively whether our instrument is measuring the variations of the force of the sunlight."
When the craft arrives at Mercury, the ISA will be tasked with studying the planets gravity.
The second clip is derived from data captured by BepiColombo's MPO-MAG magnetometer, AKA MERMAG, as the craft traveled through Earth's magnetosphere, the area surrounding the planet that's determined by the its magnetic field.
BepiColombo eventually entered the hellish mangentosheath, the region battered by cosmic plasma from the sun before the craft passed into the relatively peaceful magentopause that marks the transition between the magnetosphere and Earth's own magnetic field.
MERMAG will map Mercury's magnetosphere, as well as the magnetic state of the planet's interior. As a secondary objective, it will assess the interaction of the solar wind, Mercury's magnetic field, and the planet, analyzing the dynamics of the magnetosphere and its interaction with Mercury.
Recording session over, BepiColombo is now slipping through space silently with its arrival at Mercury planned for 2025.
A heated debate is occurring at the University of Miami.
- Students say they were identified with facial recognition technology after a protest at the University of Miami; campus police claim this isn't true.
- Over 60 universities nationwide have banned facial recognition; a few colleges, such as USC, regularly use it.
- Civil rights groups in Miami have called for the University of Miami to have talks on this topic.
Arthur Holland Michel: The Future of Surveillance Technology<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="8c330ab8c4df396f5313be796c0d96da"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/hIC-kaYcq34?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>Americans don't always agree with that assessment, especially on college campuses. Over 60 universities—Harvard, MIT, and UCLA are on the list—have banned facial recognition. Of the few schools that utilize it, USC lets students enter their rooms via face scans; the software also ensures intruders cannot access buildings.</p><p>These are great uses of this technology. You could argue it's how any progress with our devices should work: in service of people. The problem, of course, is that those in power don't tend to stop when they have a little taste of the possibilities.</p><p>University of Miami is the <a href="https://www.forbes.com/sites/rachelsandler/2020/10/27/human-rights-groups-call-on-the-university-of-miami-to-ban-facial-recognition/#a11c8bf2965a" target="_blank">latest school</a> to be embroiled in a battle over facial recognition. The ACLU of Florida was joined by 21 other groups when requesting that the university hold an open forum so that students can express their concerns. A piece of their letter is below. </p><p>This call for action was inspired after a September incident in which students <a href="https://www.miaminewtimes.com/news/university-of-miami-tracked-protesters-with-video-surveillance-11712139" target="_blank">protested</a> returning for in-person classes during the pandemic. The students, concerned about their health, predominantly wore face masks. Still, a number of them were identified, leading to concerns that facial recognition was used. Campus police denied it—the chief even claimed the tech "doesn't work," though that notion <a href="https://www.cnn.com/2020/08/12/tech/face-recognition-masks/index.html" target="_blank">has been refuted</a>—yet civil liberties groups are worried that an invasion of privacy occurred.</p><p>Lia Holland, a member of the digital rights nonprofit <a href="https://www.fightforthefuture.org/news/2020-10-27-20-human-rights-organizations-call-on-university-of-miami-to-ban-facial-recognition-and-meet-f6f2119fd41b/" target="_blank">Fight for the Future</a>, wants answers from school administrators. </p><p style="margin-left: 20px;">"UMiami is struggling to answer to their creepy surveillance practices, and clarify whether they are using their own facial recognition system, or Florida's state facial recognition database."</p>
Credit: Pixel Shot / Adobe Stock<p>The police chief in question, David Rivero, claims overhead surveillance cameras provided identification at the protest. Yet speaking of another case involving facial-recognition software, he's <a href="https://www.miaminewtimes.com/news/university-of-miami-tracked-protesters-with-video-surveillance-11712139" target="_blank">on the record stating</a>, "We were able to [easily] identify and arrest him. We've [detected] a few bad guys that way."</p><p>The letter sent to the Board of Administrators <a href="https://www.fightforthefuture.org/news/2020-10-27-20-human-rights-organizations-call-on-university-of-miami-to-ban-facial-recognition-and-meet-f6f2119fd41b/" target="_blank">includes the following demands</a>: </p><ol><li>Issue a campus-wide policy banning non-personal use of facial recognition technology, and issue a statement that you have done so.</li><li>Immediately schedule an open forum with students and faculty/staff to discuss community concerns and clarify how student activists who participated in First Amendment protected protest activities were identified by campus police.</li><li>Immediately schedule a meeting with the UMiami Employee Student Alliance (UMESA) to address their COVID-19 safety concerns, the subject of the original protest.</li></ol><p>There's no doubt facial-recognition technology has a place in law enforcement. Victims of unsolved crimes are relieved when the perpetrators are brought to justice, regardless of the means. As Michel writes, some police forces are already surveilling large regions of their districts using the Gorgon Stare, a camera used from airplanes. Cameras are ubiquitous, and that's not going to change. </p>As a society, we need honest discussions regarding the application of surveillance. Nearly every citizen in China has <a href="https://www.cnet.com/news/in-china-facial-recognition-public-shaming-and-control-go-hand-in-hand/" target="_blank">already been logged</a> by facial recognition software, which has led to human rights abuses. While the stated intention of this tech by American police is pure, good intentions are known to pave the way...well, we know how that ends. <p>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a> and <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank" rel="noopener noreferrer">Facebook</a>. His new book is</em> "<em><a href="https://www.amazon.com/gp/product/B08KRVMP2M?pf_rd_r=MDJW43337675SZ0X00FH&pf_rd_p=edaba0ee-c2fe-4124-9f5d-b31d6b1bfbee" target="_blank" rel="noopener noreferrer">Hero's Dose: The Case For Psychedelics in Ritual and Therapy</a>."</em></p>