Welcome to The Money Coach, a Times of Malta column where readers can ask questions about life's money issues. Send your questions about personal finances, inheritance, gifting or other personal finance topics to moneycoach@timesofmalta.com

Dear Luca,

I know that you usually reply to questions about better money strategies, investments and money-related conflicts, but I have a different problem I'd like your perspective on. 

I am 39 years old, and have followed a strict financial strategy throughout my adult life. 

I've invested aggressively since the age of 16, saved I've rarely taken holidays, and I managed to pay off my home loan entirely by the time I was 27 (I bought a small apartment when I was 21, with some help from my parents).

I also purposefully chose never to drive a car, opting for walking or the bus instead, and consistently saved about 2/3rds of my salary. 

This came with some costs. I missed out on social events and dinners with friends, I very rarely went abroad and I did not get married.

My work colleagues often teased me about my lifestyle, but I did it all with a single goal in mind - financial independence.

Now I have amassed €1.4 million, mostly in careful consistent investments I have made throughout the years. I know this can easily double in 10 years, even if I do not invest any more additional money. 

But I do not feel satisfied at all.

Despite having the money, I am still afraid of spending it. And though I spent my entire life planning on early retirement, the prospect of stopping work makes me feel anxious.

I am proud of what I achieved, but this success has made me feel more insecure than ever before!

Anxious Saver  

Luca responds:

First, congratulations on your achievement. Few 39-year-olds can boast of such amounts – your strategy has certainly paid good dividends.

Having said that, what you’re currently feeling is quite normal.

Many people in your position choose to continue working (albeit perhaps on a part-time basis) once they have amassed enough wealth to retire.

It might not be in your current job - especially if you don't enjoy what you do - but there are very good reasons why it is ideal to continue working. 

Spending will of course not come naturally to you, since for years you’ve been cautious with your money. Strong habits are not easy to break… and while I am all for saving and investing diligently, you need to train yourself to start taking a more balanced approach to life and use the money you accumulated to create nice memories with your loved ones.

Let me tell you a personal story which relates to this. When I was 18, my father lost his job. We had no savings to live off and our family was suddenly plunged into near-poverty.

I became obsessed with saving and investing, to the extent that I was consumed with anxiety if I saw a small drop in the money I was accumulating. It led to tensions with my loved ones, and some relationships were almost broken beyond repair, because in my head I was certain I was doing the right thing, hoarding money for the sake of seeing it grow. It was the only thing that gave me satisfaction for a decade.

Then I suffered two seizures in one night, leaving me very close to death. When I woke up at hospital hours later, and when I slowly regained my memory, I started asking a very simple, yet crucial question:

‘Why?’

Why was I accumulating all that money? And the only reason I could find was to not pass through the same hardship my parents went through. My financial goal had a negative connotation. Gradually, I started changing it and loosening my resolve, and nowadays, I live a balanced life. I still save and invest rigorously, but I ensure that money is used to create enjoyable moments with my wife and children.

Don’t let your financial goal be solely about watching your money grow. Money is a tool – use it to enrich your life, not just your bank account. Your wellbeing deserves more than a rising number.

I hope this helps.

Luca is the founder of the Money Coaching Hub. Email him your financial questions or your response to today's question for a chance to be featured in a future column.

Disclaimer: This column is intended to provide general information on various topics related to personal finance. The information provided is for educational purposes only and should not be construed as personalised financial advice for your specific situation. Financial decisions are highly individual and can vary greatly based on your unique circumstances, goals, and risk tolerance. The author of this column is not authorised to provide financial advice. Before making any financial decisions, it is recommended to seek professional financial advice from an authorised financial advisor.