My wife has been part-time for 7 years, ever since our daughter was born. She recently found out that 4 of her 7 male peers are now part-time also!
They’re getting full benefits, the same hourly pay, and less stress than their full-time counterparts. And they’re still in leadership positions at a Fortune 100 company. What’s not to like?
These are 30-something engineers with a decade or more of experience who have worked hard to get to this position in their careers. They’ve put in long hours for many years, and were burnt out during all of the turmoil that the pandemic brought to the workplace.
They’ve been responsible enough with money that they can afford to cut their salary by 20% or more. They have savings, and are living below their means. And they might be financially independent—like my wife and I—and choosing to continue working in a field that interests and challenges them.
Part-time work is the perfect solution to the work-life balance problem
It’s difficult to balance work and personal life when you’re working 45 or 50 hours a week. This is especially true when you’re commuting an hour or more on top of that.
This challenge has been a major factor in the popularity of Financial Independence, Retire Early (FIRE). The other factor, of course, is that millions of people just don’t like their jobs. But would they like them if they were only there 20 or 30 hours a week?
Humans need to work in order to thrive. Our brains are wired for progress and accomplishment. To learn and create. To contribute to something meaningful.
Even the most mundane job has elements of these things, if you think about it. Performing a needed service. Becoming proficient at a task. Earning an income to support your family. Creating profits that allow the company’s owners and shareholders—parents and grandparents—to retire with dignity.
Some early retirees find fulfillment through volunteering or engaging in challenging, creative hobbies. Some build lifestyle businesses in a new field. Writing at PathwayToFI is my avenue for creation and contribution to something I am passionate about—personal finance.
But many early retirees fall back into part-time work, using the skills they honed in their previous career. I have seen this over and over again. Many of my coworkers retired at 55, and then returned a year later as part-time contractors, limited to 1000 hours per year.
Part-time work solves the work-life balance problem. It also satisfies the need to work. And you can do it years before you reach financial independence. Why retire and make a huge change in your life if simply reducing your hours could be the answer?
Tired of the 9-5? Don’t quit yet. Try a 10-4!
Why I didn’t choose part-time work
I tried blogging 8 years ago. My website was called RentalProperties101, and I taught others how to build a portfolio of long-term rental properties. I had 5 at the time, and was considering more.
I enjoyed the writing process, and had articles featured on BiggerPockets and Money within a few months. Then I stopped.
Why did I quit when it was going so well?
My time was more important to me than being a successful writer. My career was also going well, and I had to choose one over the other. And I knew that when my child was born the following year, time would have even more of a premium.
But that didn’t mean I was done writing forever. I continued devouring everything I could find on personal finance, and wanted to give it another shot some day. That day is now!
When I told my manager I was going to quit so that I could pursue writing and move to Colorado, I was offered as low as 10 hours per week to stay on remotely. But even 1 day a week would have distracted me from this writing project, and would ultimately take time away from my family. So I again had to make a choice: work part-time as an engineer or dedicate my working hours to PathwayToFI.
This time, I chose PathwayToFI.
The first time around, money was an issue. I couldn’t give up a well-paying job unless my writing was already generating profits.
This time around, money was not an issue. The extra 8 years of heavy saving and investing made me financially independent! I could now afford to prioritize my personal life over my work life.
The first time around, I wasn’t ready to walk away from engineering. I had finished my master’s degree just one year prior, and was putting that to use. I was working on interesting technologies, alongside great people, and had a great career ahead of me.
This time around, I was ready for the change. I had reached my dream role, and had been a Chief Engineer for two years. I was ready to reduce my hours, but I couldn’t hold that role part-time. I would have to step down to a lower role, which was fine, but I had another calling.
Without the strong pull to PathwayToFI, I would be a part-time engineer today.
PathwayToFI is my part-time job. So, in fact, I did choose part-time work over early retirement!
It’s OK to slow down. But never stop working. Only expand your concept of work.
Summary
Part-time work is the new early retirement. It’s achievable earlier in life. It can be arrived at in many ways. And it can be more fulfilling than stopping work altogether.
Part-time work solves the work-life balance problem that many people are escaping through early retirement. It is often a better solution than leaving a successful career or business altogether. Most early retirees discover this by experiencing life without work, and end up returning to some form of work anyway.
Even someone like me, who doesn’t need to work for money, will find great satisfaction in learning, creating, and making a contribution to the world.
Have you been dreaming about an early retirement? What will you ‘work’ on for the rest of your life?
Have you considered part-time work as a stepping stone, alternative, or reframing of retirement?
Reach out to me here or on social media to share!
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