Golden handcuffs: Should you stay in a high-paying but unfulfilling role?

The latest edition of  MaltaCEOs.mt’s Work and Wealth Watch series where Money Coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth. Want to see your own questions answered on MaltaCEOs.mt? Send your questions on info@moneycoachinghub.com

Dear Luca,

For the past 15 years I have been working in the legal sector, and am currently a Partner in one of the leading firms in Malta, with a great salary, and lots of influence (gained obviously along the years)

I am not going to lie; this gives me a sense of pride each time I think about it. It was always my dream being in this position, managing, attending conferences, speaking at major events etc. Apart from that I earn a 6-figure yearly income which I have grown accustomed to, and absolutely fits my lifestyle.

Yet, at the age of 45 I am feeling very dissatisfied. Although the job is something I always dreamt of, I couldn’t help but feel that I can be doing something entirely different which I may enjoy more. For example, for years I’ve been dreaming of an idea which, with focus, can turn out to be a great prospect as it involves AI and I hugely believe in its potential to make a difference.

I feel gradually losing all motivation, and the only thing keeping me in the current job is the salary that comes with it.

Is this some form of mid-life crises? Or am I being too attached to money?

Golden Handcuffed

Luca Responds

Dear Golden Handcuffed,

In life, there are many forms of success, and for many people, they’re often tied directly to the accumulation of money. But in truth, real wealth doesn’t necessarily lie in having the highest number of euros in the bank.

For years, I believed the same thing. I saved diligently, invested wisely, and cringed whenever someone mentioned buying something I deemed “expensive.” I had no concept of using money to enhance my experiences or of achieving the true meaning of wealth.

You mentioned a lack of motivation, yet also acknowledge that your job provides a comfortable lifestyle. The question, then, is simple: Is it lifestyle over motivation? Will it continue to be lifestyle over pursuing something you’re truly passionate about?

This is about purpose over money, which is why I encourage you to start planning to make your dream a reality if you’re convinced it would be both more motivating and self-fulfilling.

Of course, plan ahead. Ask yourself:

1. How strong is your emergency fund?
2. Do you have other savings that could support a new venture?
3. Are you prepared to reduce your current workload and dedicate some hours toward making this a reality?

I recommend a step-by-step process, as this will make the transition easier for you and allow enough time to save more to maintain your lifestyle as much as possible.

I hope this helps.

Luca

The Money Coach, from the Money Coaching Hub

CEO & Founder of Monipal

Measure your Money Health in 1 Minute: https://moneycoachluca.scoreapp.com/