The Identity Trap That Keeps People Working Years After They Can Afford to Quit

The Identity Trap That Keeps People Working Years After They Can Afford to Quit Carl Sullivan Wed, May 6, 2026 at 7:17 PM GMT+7 6 min read GOOG Quick Read Achieving your Financial Independence (FI) Number — roughly 25 times your annual expenses — is necessary but doesn’t guarantee a fulfilling life. The real challenge is discovering your identity and purpose beyond work. The Financial Independence, Retire Early (FIRE) movement calls for high savings rates — often exceeding the 10–15% typically recommended. FU money refers to having enough savings to be able to walk away from a job. Are you ahead, or behind on retirement? SmartAsset s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don t waste another minute; learn more here.(Sponsor) It was a peak career moment. Googler Adam Coelho stood in front of Google CEO Sundar Pichai and other execs, leading a two-hour mindfulness workshop. A week later, a new boss said he wasn t doing enough thought leadership. Months later came an ambush meeting. Coelho was given three days to choose between a small severance or a performance improvement plan. Sharing this story on the ChooseFI podcast, Coelho said he realized he was financially able to leave his job after 14 years. Still he struggled to walk away. Are you ahead, or behind on retirement? SmartAsset s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don t waste another minute; learn more here.(Sponsor) "You had different choices available to you that wouldn t be available to the normal person out there, or even the normal Googler who, like most people, spend most or all of their money, even if they re making $200,000, $400,000," said ChooseFI host Brad Barrett. So why would someone like Coelho stick around in a bad work situation even though they ve achieved financial independence? The FI (Financial Independence) Number, developed by Barrett, is the invested assets needed so investment returns cover annual living expenses indefinitely, freeing you from needing a paycheck. The rule of thumb is roughly 25 times your annual expenses, derived from the 4% safe withdrawal guideline. It s the central goal of the FIRE (Financial Independence, Retire Early) movement. Hitting your FI number is "necessary, but not sufficient for a great financially independent life," Barrett said. The real challenge isn t accumulating wealth but figuring out who you are without work. Coelho, who eventually left Google after spending his entire career there, explains that people often use the "one-more-year syndrome" as an excuse. They claim they need more money when "if they really are honest with themselves, it s probably that they just are afraid of who they are without work." Our professional identity becomes deeply intertwined with our self-worth. Being a Googler wasn t just a job for Coelho, it was a core part of his identity that signaled success both internally and externally. The reality is that job security doesn t exist in today s economy. You can be excellent at your job and still be abruptly laid off. Building financial independence creates options when facing these career crossroads and also allows you the freedom to quit toxic work situations. "FU money" (having enough savings to be able to walk away from a job) certainly helps. But it doesn t solve everything. "FU money gives you options and security," Coelho said. "But vision gives you direction and momentum." He suggested listeners start experimenting with life without work before you reach your FI number. Don t wait until retirement to discover what gives you meaning beyond your career. Coelho emphasized that "the sooner you start to explore that for yourself, the better off you re going to be, both on the path and once you actually move into that new chapter." Barrett suggested using zero-based thinking. "If I were to blow it all up today, every aspect of my life, and started over, would I pick X?" he asked. Apply this framework to your career, location, relationships, and daily activities. Recognize that adjusting to life after work can take a lot of time, even for someone financially prepared. Start the identity work now rather than waiting until retirement. FI creates "a nothing to lose scenario because you ve built so much power on your side of the ledger," Barrett said. Coehlo explains that having financial independence without a clear vision is like "getting in the car and just starting to drive without looking where you re going or having GPS." The real power of FI isn t just the money itself, it s the freedom to ask "What do I actually want?" without the constraints of current reality. For Coelho, he had been building his next chapter inside his Google job. His Mindful Fire podcast and teaching seminars at Google were

The Identity Trap That Keeps People Working Years After They Can Afford to Quit

Key takeaways

Also covered by

The Identity Trap That Keeps People Working Years After They Can Afford to Quit

Key takeaways

Also covered by

More in business