Two-Track Work Filter

A framework for deciding what work to pursue, based on Morgan Housel's approach to career decisions and financial independence.

Core Decision Framework

• Only pursue work that falls into one of two categories:
  • Pure joy - work done solely for personal enjoyment regardless of money
  • Significant financial reward - work that leads to substantial wealth creation
• Eliminate work that falls in between these two tracks
• Once reaching financial independence, use this filter more strictly

Financial Independence Impact

• Having financial security allows more selective work choices
• Reduces anxiety around career decisions
• Enables focus on work that truly matters personally
• Doesn't necessarily lead to working less, but working differently
• Changes relationship with work from "means to an end" to purposeful choice

Key Principles

• Money reduces anxiety rather than creating happiness
• Contentment comes from having enough, not endless pursuit of more
• Focus on sustainable, long-term returns over short-term gains
• Aim for "strategic mediocrity" - consistent average performance over time
• Value endurance and longevity over maximum short-term performance

Implementation Strategy

• Calculate personal financial independence number
  • Based on 4% withdrawal rate
  • Account for comfortable but not extravagant lifestyle
• Use this number as a threshold for decision-making
• After reaching threshold:
  • Pursue passion projects without financial pressure
  • Only take on financially motivated work if returns are substantial
  • Eliminate work that neither brings joy nor significant wealth

This framework emphasizes the importance of intentional work choices and the freedom that comes from financial independence to pursue meaningful opportunities.