Working to Live (Not Living to Work)
Why I'm over $40,000 in debt and taking a month-long trip to Uruguay.
Custom Carpentry Daydreaming
As I plug away at work, below-freezing temperatures numb my fingers and remind me of the warm summer days of the past. It’s mid-December yet I am still lakeside, building a custom screened-in porch for our last client of the season. Bone-chilling temperatures have me bundled in 4 layers, finding the most physical activities to maintain my body temperature.
Today is my second day of trimming the custom screens with 3/4 inch by 3/4 inch ripped cedar, which entails measuring the lengths of each opening with precise accuracy, attentively selecting the most eye-appealing trim pieces, and cutting them with the mitre saw for the sharpest finish. I work with eight pieces at a time for efficiency, but I must remember which pieces go where. I bring them over to the work table, where I lay out evenly spaced marks for pre-drilling, and then, with the drill in hand, I plunge between four and six holes in each piece.
As I prepare for installation, I grab the surge - our primary impact driver for precise work - and throw a mitfull of screws into the left hip pouch of my Diamond Back toolbelt. As I cautiously step up the icy stairs and onto the brand-new deck, I become exposed to the fetch of the open lake. On December days like today, the wind coming off the lake brings a sharp chill. I keep moving; it’s all part of the job. As I reach my screen of focus, I’m fucking frozen. My imagination takes me to a warmer place - a beach house on the Uruguayan coast.
You read that right - Uruguay - a tiny country of roughly 3.5 million people, situated south of Brazil and bordering Argentina to the east. Why Uruguay, you might ask? My partner Fernanda was born there, and her family has strong roots in the country. In January, I will be crossing the equator for the first time, ready to dive deep into Uruguayan culture, explore Montevideo and the countryside, and embrace the warmth of extended family.
The Numbers
With all this past talk about debt repayment, you might be wondering how in hell a month-long trip to a faraway land is in my cards. I’ll cut to the chase: Here is my 12-month budget as of the beginning of November.
I know a lot is going on here. Hang tight, I’ll give you the basic rundown.
First, row 59 represents cash flows in (+) and out (-) of my Uruguay savings account. See how leading up to January, there are two months where I save $430 each? This $860, plus the existing balance of $1,490 will bring me to my savings goal of $2,350 by the end of 2023. As you can see, I am withdrawing $2,350 (the total balance) from the account in January to fund my expenses. If you read the note in E59, you will see the basic plan for this $2,350.
Ok, so I saved enough to fund the trip… so what? That doesn’t explicitly mean that the trip is affordable or financially responsible.
To assess my financial position more accurately, let’s look at disposable income in row 41. Over the 12-month budget, I have an average disposable income of roughly $1,400/month, that’s over 60% of my average net income! The disposable income line is key to my assessment because it tells me how much flexible cash I have after paying all my bills and other financial obligations (like debt payments). With $1,400 in disposable income, I have enough monthly flexibility to fund discretionary expenses (like entertainment or take-out), pay off debt, and progress on savings goals.
Of course, if I channelled every dollar of disposable income toward my debt, I could wipe out my interest-bearing debt more quickly - likely within 9 months. Compare that to my current projection of 11 months, and it seems like the Uruguay trip should wait, right?
Well, let’s see how much more I’m paying in interest due to the 2-month extension of my debt repayment timeline.
Additional Interest Calculation
additional balance subject to 2 months of interest: $2,800
additional balance subject to 1 month of interest: $1,400
monthly interest rate (Ontario Student Loan): 8.2%/12 = 0.68%
additional interest = (2,800+1,400)*0.68% = $28.56
In plain English, taking the trip instead of paying off debt only costs me $28.56.
Literal pocket change.
I could discuss my 12-month budget table all day, but I think you get the point. When cash is flexible and debt isn’t out of control, saving and debt repayment can be concurrent activities.
Feel free to reach out if you have questions about budgeting or want to learn more.
The 4-Hour Workweek by Tim Ferriss
The cold fasteners chill my fingertips as I grip them tightly. I ask myself, “What the fuck am I doing workout outside in the Canadian winter?” A fair question indeed, but I already know why I’m here. This work provides me with many joys: I enjoy working outside, learning new skills and sharing my time with a good group of guys. That said, carpentry is not my life pursuit, and Uruguay is all part of the plan to shake things up - motivated by Tim Ferriss’s 4-Hour Workweek (4HWW).
The 4HWW has changed my life forever, and this trip is my first big push toward living the ideals of the New Rich, as Tim would say. The New Rich are people who abandon the traditional work-life balance and the typical notion of retirement for a lifestyle that prioritizes living in the moment and enjoying life now.
Tim discusses the idea of mini-retirements: extended time off that you take throughout your life instead of saving all your leisure time for the end of your career. My trip to Uruguay is my first of many mini-retirements, thanks to Mr. Ferriss. The flexibility of my work in the winter months makes mini-retirements like this trip to Uruguay very realistic, especially with solid compensation during the working months.
As I drive screws into my pre-drilled holes, I ask myself where the pursuit of meaningful work and mini-retirements will take me. I am given enough autonomy in my current role to take a mini-retirement - and I enjoy my job - so am I part of the New Rich? In my opinion, no. I aim to be self-employed with more autonomy, demanding that my work gives me the freedom to work remotely. While globetrotting, I can strike a better balance of mini-retirements and meaningful work compared to my current position.
Another two windows are trimmed, so I begin the process again. I pull out my tape measure for the next set of openings, but what’s really on my mind is you - the readers of my blog. I figured that a piece about pre-Uruguay reflections would be unfinished without mention of 4HWW, but in no way could my 4HWW discussions end there. The readers are due for some 4HWW content - likely best suited for when I return.
Working to Live (Not Living to Work)
Greater than my pursuit of freedom and autonomy are the underlying ideas of life design and redefining success. ‘Going against the crowd’ is a common theme of many influential thinkers and doers, and Tim's blueprint for the defiance of social norms adds the practicality necessary to take action. Where many people gauge their success using income or job title, transitioning to different metrics - ones according to your values, like family, autonomy, etc. - is a life hack that aligns your incentives in pursuit of a meaningful life. It’s unnecessary to work and live on two different fronts, trading off one value for another. With the principles of life design, you can build a life where work isn't an obstacle. You can decide how to spend your time rather than passively accepting societal norms or traditional career paths.
I want to ‘work to live’ instead of ‘live to work’, but that doesn't mean merely using work as a means to an end. Honestly, it’s always been clear that a meaningful life is incomplete without a career where I build something to be proud of. Using meaningful work to support my life pursuits, both on and off the job, is the ultimate balance.
Before I cut my next set of trim pieces, I quickly step inside the house, hoping to regain some sense in my digits. The dry warmth hits my face with a burst of relief, and I begin my 2-minute defrost. As I thaw - messy hair and covered in sawdust - I wear a subtle grin. I am truly happy to be here on this quest for something great.
As you read this, I’m in Uruguay! I pre-wrote and scheduled this post so I could leave my laptop at home, but you can still connect with me via LinkedIn.
Like the piece? I seriously suggest you read The 4-Hour Workweek - I am not lying when I say it changed my life. Of course, like the post and drop a comment too!
Your engagement helps spread my content to new audiences.
See you in 2 weeks!
Evan Clementino
This was awesome Evan! Tim Ferriss’ 4HWW also really changed how I see the rules of the game
Love it man
Fuck yeah, love seeing the first mini-retirement in effect!