Work Optional
Work / wərk / (noun) a task or tasks to be undertaken; something a person or thing must do.
Optional / ˈäpSH(ə)n(ə)l / (adjective) available to be chosen but not obligatory.
Why not be on vacay every day? You deserve it. My name is Mark Vivian and I am the founder of VIP, a practice that focuses on the relentless pursuit of a work optional lifestyle and financial independence.
I have been in the practice of financial planning for clients for over two decades. I established my private practice in 2018. This is a story about my journey chasing a work optional lifestyle for my family and the lessons I have learned about maintaining and helping preserve financial independence. Interwoven in this story will be practical thinking points on financial matters that apply to all ages and in all phases of life.
A bit of observation is required at this point. Some may achieve wealth overnight and others may achieve wealth over years and decades. I am one of those who fall into the latter category. In fact, nearly all those I work with fall into that category. There is nothing wrong with the former. Who wouldn’t want that instant gratification? I started saving and investing in my mid-20s. I am now in my late 40s and have proudly achieved a work optional lifestyle. This achievement cannot be done alone, I have a partner of over a decade who has stood by my side and has been the perennial cheerleader to help us get to this point.
My goal in this series of blogs, is to offer the reader an insight into my journey. From working as an employee for a major corporation, to starting a business, to being a single dad of 2 children, surviving the great recession, remarriage, and literally having to start over several times. Through these trials and tribulations, I want to demonstrate that it is possible, for an everyday dude and his wife, to reach milestones such as a work optional lifestyle and/or financial independence.
Being an advisor for all these years, for hundreds of families, I have come to appreciate what works and what does not when it comes to financial matters and designing plans for accumulating assets. Heck, even in life for that matter! Here are some principles on accumulating wealth I feel we all should agree upon before proceeding.
One: Building wealth takes time. Period. There are no get rich quick schemes (at least none that I know of) out there. If you hear of one, consider running in the opposite direction as fast as you can. Building wealth is a slow cooker like process. It’s the longest slow cooker you will ever know. However, with the right ingredients, time, and pressure, you will be able to have options, you could only have imagined once the process is complete. In fact, more time can translate to better results. Thus, the importance of getting started, like yesterday! Even if you seem to be short on time due to reasons in or out of your control, it is never too late to get started. You simply will have to make adjustments to help achieve a work optional lifestyle or financial independence.
Two: Build wealth with quality investments. In other words, do not buy speculative or junk investments. Unless you are prepared to lose what you put into it. High quality investments tend to grow over longer periods of time and typically bounce back faster after periodic declines due to economic downturns or hardships. I always say invest in what you use everyday or are familiar with. Buying quality investments goes a long way to accumulating wealth and moving you closer to a work optional lifestyle.
Three: Discipline. Simply put, no matter how small or large of an amount, have the discipline to pay yourself first. A consistent approach to socking away money will provide you the opportunity to accumulate wealth over time with smaller chunks of change. All those slabs or dabs of money you sock away will likely add up to something huge down the road! Let me share a story with you. I approached my son when he was 17 years of age. This was about the time he was getting his first paying job at the local supermarket. I said to him, “I don’t care what you do in life so as long as you are a respectable citizen, work hard, and do the best you can. And by the way, putting away $100 a month into your Roth IRA account is not an option. Pay yourself first.” Based on a long-term hypothetical showing the growth of a high-quality investment I ran for him, he should have accumulated a substantial, and I mean substantial, amount of funds by his age 60. And since this is going into a Roth IRA, it’ all tax free later in life! Since that conversation, he has stuck to the discipline of saving a $100 per month into his account. He is now approaching 21 years of age and he is on track for his long-term goals.
The principles of time, quality, and discipline will likely provide a person with rewarding results in the long run, especially when accumulating wealth for financial independence. One can look at these as the main ingredients to get started with. With that being said, there are so many more factors that go into helping to achieve a lifestyle of confidence, being work optional, feeling fulfilled and potentially attaining and maintaining financial independence.
The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Vivian Investment Partners LLC and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. The scenario(s) above are hypothetical examples for illustration purposes only. Actual investor results will vary. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.