The strategic value of a “Third Space”

What defines you when you aren’t looking at a spreadsheet or a balance sheet? For many high-achieving individuals, the answer is often “very little.”

We spend so much of our lives building our professional identities that we often neglect our personal ones. Yet, as we look at life beyond the office, the importance of hobbies and niche interests cannot be overstated.

The Psychological “Third Space”

Sociologists often discuss the concept of the “Third Space”—an environment that is distinct from the high-pressure world of work and the domestic duties of home. Having a dedicated hobby provides this space. Whether it is photography, restoring vintage furniture, competitive trail running, or learning to cultivate indigenous fynbos, a hobby allows you to “switch off” the professional part of your brain and engage in a “flow state.”

In this state, you are fully immersed in a task that is challenging yet rewarding. This has been shown to drastically reduce cortisol levels and prevent burnout, ultimately making you more productive when you do return to the office.

The Social Currency of Interests

One of the greatest risks in retirement is “social atrophy.” Many professionals find that once they stop working, their entire social network disappears. Hobbies act as a bridge to new communities. In South Africa, we have vibrant sub-cultures for almost every interest—from 4×4 overland clubs and wine-tasting societies to community orchestras and birding groups.

Joining these groups provides “social currency”—a sense of belonging and purpose that is independent of your job title. These connections are often the most rewarding parts of a client’s retirement years, providing a structured way to stay engaged with the world.

Building Your Hobby Portfolio

Just as we recommend a diversified investment portfolio, we recommend a diversified “interest portfolio.” A balanced lifestyle should include:

An Active Interest: Something that keeps your body moving (like hiking or golf).
A Cognitive Interest: Something that keeps your mind sharp (like chess, bridge, or learning a language).
A Creative Interest: Something that allows you to produce something tangible (like woodworking, painting, or gardening).

This February, as you tidy up your tax affairs, take a moment to look at your calendar as well. Are you allocating enough time to the things that make you “you”? Financial independence gives you the choice to spend your time as you wish, but a hobby gives you the reason to enjoy it.

The information contained in this article is of a general nature and intended for information purposes only.