I wasn’t sure what I wanted to write about this week, then, as I was heading into work a few days ago I received a notification on my phone informing me that Adrian Wojnarowski was retiring from ESPN and the news industry.
If you don’t pay much attention to sports, you likely have no clue who Adrian Wojnarowski or “Woj” is. For some context, he might be (or was) the biggest sports reporter in America and maybe the only journalist whose retirement announcement could send shock waves throughout the sports world.
He became famous and integral to the fabric of the NBA as his coverage helped turn the league into a 365-day-year online spectacle. He developed a massive following as he would tweet out trades, draft picks, and league dealings before anyone else. He was the sole source of NBA information for millions of fans, and even players and teams in the league.
Over time, Woj became an even bigger personality than the teams and players he reported on. Each of his tweets became an event in and of themselves, commonly referred to as “Woj bombs.”
For many of the bigger news stories, especially news about the Utah Jazz, I can still remember where I was and what I was doing when I saw Woj’s tweets.
But more than his surprising departure from the news industry, what caught my attention was the statement he posted to Twitter.
How often do we see people at the peak of their profession, at the peak of their popularity, and during their peak earning years voluntarily decide to opt-out?
Obviously, I have no inside information, but I have to imagine that in his meetings with ESPN about his departure they had to have presented him with something close to a blank-check offer. “What can we do to get you to stay?”
Apparently, Woj’s answer was nothing. The time commitment and stress associated with maintaining relationships, constantly being on TV, and traveling to various games across the country must have been intense.
This was the part of his statement that impressed me the most:
“I understand the commitment required in my role and it’s an investment that I’m no longer driven to make. Time isn’t in endless supply and I want to spend mine in ways that are more personally meaningful.”
The process of progressing in our careers and making more and more money provides validation, self-worth, and security. It can be extremely difficult to give those things up, particularly if you’re someone like Wojnarowski who has been in pursuit of his career for more than 30 years.
Many prospective retirees are not only hesitant at the idea of turning off the income tap a job provides, but also the direction, purpose, and identity many of us glean from our careers.
However, one of the most important financial skills is getting the proverbial goalpost to stop moving. There will always be higher career levels to reach and more money to be made. It’s a game that can never truly be won. So in a a game that can’t be won, it’s important to identify what winning means for you.
It seems like Woj was able to identify what game he wanted to play and what winning meant for him.
On one hand, it’s a good thing to be driven to improve your place in life. This drive to get better is what fuels innovation, growth, and progress. But those same attributes can drive you mad if you never feel satisfied with your accomplishments.
Managing expectations around money and your career doesn’t mean you’re unambitious.
It’s just realizing that an insatiable appetite for more will always push you to the point of disappointment. Having some ability to deny an extra dollar from work, a potential investment opportunity, a bigger house, or a nicer car, is a crucial financial skill for a better life.
I reference this analogy from Morgan Housel frequently:
“Money buys happiness in the same way drugs bring pleasure: Incredible if done right, dangerous if used to mask a weakness, and disastrous when no amount is ever enough.”
Thanks for reading!
Jake Elm, CFP® is a financial advisor at Dentist Advisors. Jake a graduate of Utah Valley University’s nationally ranked Personal Financial Planning program. As a financial advisor at Dentist Advisors, he provides dentists with fiduciary guidance related to investments, debt, savings, taxes, and insurance. Learn more about Jake.