This narrative, shared as a firsthand account, originates from an extended conversation with Eric Sim, who at 55 reflects on his transformation from a high-powered UBS banker to an accomplished author, sought-after professional speaker, and dedicated career coach. The material has been carefully edited for precision and readability. Business Insider has rigorously verified Sim’s academic background and professional experience.
When Sim began his career in the competitive world of banking, he was constantly surrounded by colleagues who equated visible wealth with success. They often took pride in flaunting the latest status symbols—exquisite luxury watches, cutting-edge sports cars, and other emblems of financial achievement. Immersed in such an environment, Sim soon found himself succumbing to the subtle yet powerful force of peer pressure. Convincing himself that owning a high-end item would grant him both admiration and self-satisfaction, he invested $3,000 in an elegant watch. Initially, the purchase delivered a fleeting thrill—a brief period during which the possession seemed to affirm his professional worth. Yet, within a matter of weeks, that sense of satisfaction eroded as the novelty faded. The watch that had once represented prestige became just another object. Disillusioned, Sim abandoned it and returned to his modest Timex—a practical and unpretentious accessory that he continues to wear to this day.
That experience became a turning point. Observing colleagues as they advanced to even grander forms of indulgence—imported cars, elite wine collections, and lavish displays of prosperity—Sim consciously decided not to follow their path. He began to understand that these expenditures, while socially impressive, did little to enhance genuine happiness. Instead of devoting his hard-earned income to impress others, he came to value using money as a means of purchasing autonomy—his own freedom. Freedom, he realized, is the true luxury: the ability to make choices about how to spend one’s time and with whom to work. In contrast, a salaried professional life often necessitates cooperating with individuals one might not enjoy or respect, because financial dependence limits one’s options. Recognizing this, Sim made deliberate choices that ultimately enabled him to achieve financial independence and retire comfortably while still in his forties.
During his years in banking, Sim’s restraint in spending on ostentatious possessions created the foundation for his post-career freedom. By resisting the urge to overspend, he retained the flexibility to pursue passions and personal interests during his retirement—interests that would have been impossible to explore if burdened by the weight of expensive liabilities. In 2005, well before retirement, he even contemplated returning to academia to study architecture—a long-held dream. However, after thoroughly analyzing the financial and practical implications, he realized the endeavor was not feasible. Committing to a five-year degree program would mean losing years of earnings and bonuses from his finance career, making such a dramatic shift economically unsound. Consequently, he set the idea aside, understanding that timing and readiness were as critical as aspiration.
Years later, with financial independence achieved, Sim finally revisited that passion without hesitation or monetary anxiety. In retirement, he enrolled in a six-week summer course in landscape architecture at the University of California, Berkeley. Although the course entailed significant expenses—approximately $20,000 in tuition, travel, and accommodation—it symbolized much more than academic curiosity. It represented the realization of a deferred personal goal and a celebration of the freedom he had worked so hard to secure. Moreover, such an immersive experience would have been nearly impossible had he still been working full-time, constrained by corporate schedules and limited vacation allowances.
Sim’s story underscores a powerful contrast: while many of his former banking peers remain tied to demanding jobs due to their ongoing financial commitments—mortgages for large homes, loan payments for expensive cars, and other lifestyle burdens—he is able to use his savings to invest in fulfilling experiences. Choosing not to accumulate status symbols like supercars or private wine cellars gave him the priceless privilege of time and choice, enabling him to rediscover the joy of learning and self-development.
Reflecting on broader societal behavior, Sim observes that people often waste considerable mental and emotional energy worrying about how others perceive their material circumstances. Many fear being judged for living in smaller homes or driving ordinary vehicles, assuming external validation defines worth. After leaving banking, Sim found himself confronting similar insecurities when he purchased the smallest car of his life. Initially, he fretted about what others—particularly those familiar with his former executive lifestyle—would think. Would they interpret his modest car as a sign of diminished success? To his surprise, no one cared. Friends, colleagues, and acquaintances who rode with him showed no change in attitude or respect. He realized that such anxieties existed mainly in his own imagination. Most individuals are far more preoccupied with maintaining their own image than analyzing someone else’s.
Through this insight, Sim formulated a guiding perspective: true happiness and fulfillment stem from how one allocates time and resources, not from how impressive one appears. He divides life into three distinct stages. The first begins as a person enters the workforce—an exciting yet financially constrained period characterized by ample time and good health but little money. The second stage marks one’s professional prime, when both health and income flourish, but time becomes scarce due to work obligations and family duties. Finally, the third stage arrives with retirement, bringing financial resources and more free hours but often at the expense of vitality and physical wellbeing.
Sim believes, however, in what he calls a unique and often fleeting “magical stage” that exists between the second and third phases of life. In this rare window, an individual simultaneously possesses time, health, and financial security—a combination that allows for unparalleled freedom. For most, this period lasts only a few short years, as poor financial planning or overconsumption hastens the transition from professional intensity to physical decline. Sim’s goal has always been to extend this precious interval for as long as possible. He advocates disciplined consumption during one’s peak earning years as the key to lengthening the magical stage from a brief few years to perhaps a decade or more. By exercising restraint and prioritizing long-term fulfillment over immediate gratification, one can cultivate the balance of time, health, and wealth that forms life’s true sweet spot—the essence of authentic prosperity.
Sourse: https://www.businessinsider.com/investment-banker-lavish-spending-freedom-satisfaction-retirement-fire-2025-11
