Category: Business

This is an excerpt of a great Financial Times article by Thomas Barlow that’s been circulating around the office:

A friend of mine recently met a young American woman who was studying on a Rhodes Scholarship at Oxford. She already had two degrees from top US universities, had worked as a lawyer and as a social worker in the US, and somewhere along the way had acquired a black belt in kung fu. Now, however, her course at Oxford was coming to an end and she was thoroughly angst-ridden about what to do next.

Her problem was no ordinary one.

She couldn’t decide whether she should make a lot of money as a corporate lawyer/management consultant, devote herself to charity work helping battered wives in disadvantaged Communities, or go to Hollywood to work as a stunt double in kung fu films. What most struck my friend was not the disparity of this woman’s choices, but the earnestness and bad grace with which she ruminated on them. It was almost as though she begrudged her own talents, Opportunities and freedom – as though the world had treated her unkindly by forcing her to make such a hard choice.

Her case is symptomatic of our times. In recent years, there has grown up a culture of discontent among the highly educated young something that seems to flare up, especially, when people reach their late 20s and early 30s. It arises not from frustration caused by lack of opportunity, as may have been true in the past, but from an excess of possibilities.

[…snip…]

The idea has grown up, in recent years, that work should not be just a means to an end a way to make money, support a family, or gain social prestige but should provide a rich and fulfilling experience in and of itself. Jobs are no longer just jobs; they are lifestyle options. Recruiters at financial companies, consultancies and law firms have promoted this conception of work. Job advertisements promise challenge, wide experiences, opportunities for travel and relentless personal development.

[…snip…]

The notion that one can do anything is clearly liberating. But life without constraints has also proved a recipe for endless searching, endless questioning of aspirations. It has made this generation obsessed with self-development and determined, for as long as possible, to minimise personal commitments in order to maximise the options open to them. One might see this as a sign of extended adolescence.

Eventually, they will be forced to realise that living is as much about closing possibilities as it is about creating them.

(c) The Financial Times Limited

I was perusing the March 6th edition of Business Week when I came across a page entitled “Follow My Money”, an article about a host of young bloggers who have opened their finances for all to see and learn from. It’s a fascinating change from the time when personal finances were just that – very personal – and people all took their lumps the same way, by committing the same mistakes and bouncing back.

One section of the article details a 27-year-old guy, Jonathan Ping, who lives in a rented house in Portland, Oregon, with his wife and dog. His blog details his trials and tribulations as he moves from graduation with $500 in the bank in December, 2004, to his goal of financial independence and $1 million net worth by the time he’s in his mid-forties. Sure, it’s a lofty goal, but he’s on track to meet his objectives.

I checked out the blog and was fascinated by his depth of analysis, given that he’s not a financial guru nor a financial planner of any kind. He’s just watching his expenses with the help of his dedicated readers, who come in droves to offer their advice and see what Jonathan is doing next. It’s a captivating read!

Jonathan isn’t the only one doing this, either. Check out: moneyblognetwork.com, myopenwallet.blogspot.com, and savvysaver.blogspot.com for some different takes on saving and spending. Even better, check out pfblog.com to see someone who’s really trucking toward financial independence.