How many of you are financially independent? What have you done since FI? What did you do before FI?

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TopHatFox
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How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by TopHatFox »

As the title asks, and if you'd like to share:

1. Are you financially independent? (more passive income--or material security--than current expenses indefinitely)
2. What did you do before FI?
3. What have you done since? How do you spend your time now?
Last edited by TopHatFox on Sun Jul 19, 2015 3:27 pm, edited 2 times in total.

IlliniDave
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by IlliniDave »

I could make an argument that I'm FI in an absolute sense. But I haven't yet achieved the degree of margin I would like. So I'm continuing to work. At least until October my job is something I enjoy enough that going to work is not a net negative experience.

OldPro
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by OldPro »

I've been FI for 26 years now.

Before, I worked, what else did you expect to hear?
Since, I have travelled and lived in various countries.
Do now? What does that mean? I do whatever I want to do every day. That's what being FI allows you to do.

SimpleLife
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by SimpleLife »

IlliniDave wrote:I could make an argument that I'm FI in an absolute sense. But I haven't yet achieved the degree of margin I would like. So I'm continuing to work. At least until October my job is something I enjoy enough that going to work is not a net negative experience.

Same here. I'm planning on toughing it out for 6.5 more years to build a huge buffer, options, and more than one stream of income.

unno2002
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by unno2002 »

It depends. We have a paid for house, solar panels, garden, pensions, rental income, blah, blah, BUT, we cannot know what the politicians are going to do to us. Cut off our pensions? If all else remained the same, we could go on. Add rent controls in an inflationary environment, then we’re in trouble. Pretty much the same if our property taxes take big leaps.

Did
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Did »

I have not worked for 2 years. We have spent more money during this time than came in through investments but then we now have a paid off house to live in. I would guess we are FI in the ERE sense - we could live here in a frugal manner and our income would cover our expenses. I must admit I would like more cash. I think that's normal. I recall even Jacob saying in a thread (excuse my poor recollection) that even he fears not having enough. I think it's human.

The answer is of course to get some more, but in a way that doesn't break your spirit or curtail your freedom. Even working at a gift shop would give some more. You could quit at any moment. Very different to a career.

But back to your questions:

1. Are you financially independent? (more passive income--or material security--than current expenses indefinitely)

Yes, strictly I think so. But I crave more so I can travel more I think.

2. What did you do before FI?

Law. Don't do it.

3. What have you done since? How do you spend your time now?

Travelled Australia for 7 months, visited thailand for 1 month, lived in Ireland for 7 months. Bought and renoed a very small cottage in Ireland. From day to day I explore and read basically. Feel a bit restless. I think it's that high achiever thing. You want to be doing something don't you. Still searching for the next thing I want to do. Going to try and get some housesitting gigs and give myself a kick up the arse to write more.

OldPro
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by OldPro »

Did, being FI does not preclude supplementing income. Being FI simply means not HAVING to work. Being FI means you have F**k You money and if you choose to do something you can also choose to cease at any time you please.

When I first became FI, I was relatively young at 43 and the amusing thing I found was that when people found out I didn't work for a living and was 'retired', their immediate assumption seemed to be that I must know something etc. It was quite surprising to me how many people tried to involve me in things as a result. Most of course were just trying to find a way to 'use' me and my perceived abilities, for their own advantage and I ignored them but over the years, I have 'fallen into' several things that earned me money.

Those things were all something that I saw as being fun to do, not work. They have also been things I would never have considered doing before I retired. In each case, after a period of time, the fun wore off and at that point where it started to become just work, I quit doing it.

There are a few things they all had in common though and a few 'rules' that they had to fit. First, it had to be fun. The main reason of achieving FI after all was to not have to work and to be free to do as I please with my time. So I'm not about to do anything that I perceive as work and trade my free time for it. Even if it is fun, I'm not about to do anything that pays peanuts either. I wouldn't do anything that doesn't pay cash or that requires me to report income. For example, one thing I did was design and sell decks for gardens. I spent (and I see it as time SPENT) around 6 to 10 hours a week doing that and in return I earned around $2k per month CASH. I enjoyed designing the decks and at $50-80 an hour tax free, considered it worth my time doing.

In all cases, I did not go looking for a job. As I said, I 'fell into' them. When you are FI, you can see opportunities that you would not see otherwise. You are also free to accept offers you would not accept otherwise. I think if you look for something to do, it will almost inevitably be a 'job' and as such, work. I would never consider anything that was full time in any way.

One idea that I find interesting and that relates to travel, is something a guy called Conor Woodman tried. Have you heard of Around The World in 80 Trades? See here: https://www.google.ca/#q=around+the+wor ... +episode+1

I'm not up to this at this point in my life (getting too old and too lazy) but I could see it applying to your desire to travel more and who knows, at the same time make some money. Or not. I see it as taking X amount of money that you are willing to lose and then seeing what you can do with it whilel having a good time along the way. Some of the pluses I see with it are that it can be done as a one time thing, not an ongoing for years, full time job. It can be done as a series of trades as Woodman did or it can be done as one off trades. You can hope to make serious profit or you can just hope to break even and earn enough to pay for your travel.

I once did something similar, buying 50 Zippo lighters in N. America for $30 each and selling them in Europe for $60 where the usual retail price was $90 each. The classic example is when young backpackers going to Europe could sell their Levi jeans for two or three times what they originally cost. Such gaps and differences in the market always exist with something. My 50 Zippos earned me $1500 which paid my return airfare to Europe. Free travel.

Nor did I go looking for that. Someone asked me to bring them back a Zippo(I was living in Europe) because they knew how much cheaper they were in N. America. That's the 'fell into it' factor again. So all I had to do was say to myself, why buy just one?

Anyway, my point is, you don't have to "search for the next thing", you just have to have your eyes open to see an opportunity when it is presented to you.

Did
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Did »

@OldPro, thanks for the insight I enjoy hearing about your experiences, and thanks for the reminder. I have reasoned through that line of thinking myself before but sometimes on darker days you lose your nerve and think about a part time job that may not be fun. I would guess most of us have been there if we are honest. Well, for the benefit of readers, I admit I have. Doesn't mean I've taken one!

OldPro
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by OldPro »

Here's another Did. I've done a lot of travelling and also some writing from time to time. I've had articles published in several well known magazines and won some prizes in writing 'competitions'. That is another possibility that might appeal to you. All you have to do is Google 'travel writing competitions' and you'll find plenty. Just make sure to pick the right ones, none that ask you for money.
http://www.tomcoote.net/competitions.html It's possible to earn a little money while having fun doing that.

Non-paid articles can even lead to paid writing. One article I wrote that was published in a freebee London magazine was read by 2 guys there who were starting up a new online site (never went online, they crashed when the DotCom bubble burst) for backpacker style travellers. They contacted me and asked me to do a tour all around Scotland and write reviews on hostels, restaurants and pubs. Three weeks travel, all expenses paid, direct deposit to my bank account.

Another time, I offered an article to a small local newspaper written on the basis of an incomer's (new resident) view of things. It turned into a series of articles. I didn't get paid (paper was too small to afford to pay) but it sure got me known around town. One was on the amount of chewing gum and spit on the High Street sidewalks. Have you noticed a lot of chewing gum on the sidewalks of your little Irish village? I also was amazed (this was in Scotland) at how many young people spit on the street. All kinds of wet spots on the sidewalk testified to that. I attributed that to emulating football players who are constantly shown on TV, spitting on the field. That article caused a lot of controversy in town. LOL

People often think they should write a book about travel or whatever and then submit it to major publishers. They have next to no chance. But a lot of free articles, competition wins, etc. gives you a resume to tack on to anything you write, showing you have been published and how many times. It all adds up. You don't start at the top.

You mention renovating your Irish cottage. I think of A Year in Provence. Have you read it? A couple move to France, buy and renovate a small property. Voila, an international best seller. So I think to myself, hmmm, where are all the Irish in the USA, answer Boston. I wonder if a Boston newspaper Travel editor would be interested in some articles on renovating a place in Ireland compared to the USA norm, with a humorous slant to it? Write article number one synopsis, e-mail to Christine Morris at the Boston Globe, see what happens.

I don't call that searching for work, I call it inventing something to do. I could have fun writing that first article and explaining how central heating differs from N. America and how they still build with a lot of small rooms, not open plan, close room doors every time they enter and leave a room to keep the heat in (thus defeating the entire idea of central heating), have individual thermostats on radiators, etc. Complain about midges or flies but don't have screens on any windows. The differences can be quite amusing if you choose to write about them that way.

"The window salesman gave me his pitch and it all sounded fine until I asked him if the price included screens. 'Screens?' he said with a blank look on his face. 'Yes, screens' I replied. Then I thought, 'maybe my accent is throwing him off'. So I added, 'you know, to keep flies and bugs out if you have the window open.' 'Och no, ye dinna need them here man, they canna get through the glass and if ye opened the windows ye let the rain in man.' " (OK, needs some work Did but you get the idea I'm sure.)

I could spend several days writing and re-writing on that quite happily and who knows Christine might buy it. But I wouldn't have to give myself 'a kick up the arse to write more', I'd be having fun, not working. Getting it published would be a kick, getting paid would be even better but the fun was in writing it at all and if nothing more resulted than that, who cares. I'm FI remember, I don't have to care.

Stahlmann
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Stahlmann »

I read newsfeed quite regulary so I have outlook for 10-15 most active folks (and 5-10 who stopped contributing). Reading whole journal section is a little beyond my time capabilities.

I refresh this Zalo topic.

How about new stories now?

TopHatFox
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by TopHatFox »

Well, I graduated college and I'm moving to right outside the Big Apple in a week. I've paired my stuff down to 3 suit cases, and I'm 10% to FI.

Would be much harder--and hardly as fun--w/o you all. Go team go! :D

Farm_or
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Farm_or »

1) yes. Going on year five.
2) Worked as electrician/millwright full time + over time and farmed on the side.
3) Forage farming. Really busy in summer, but not at all during winter. Chop wood and read. I spend a lot of time helping neighbors, wilderness hikes, farm auto or metal projects and occasionally blog.

enigmaT120
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by enigmaT120 »

How close are you to Eagle Cap, Farm_or? I love that place and want to go back. I need to figure out a loop route if possible, to avoid needing two cars to cross the whole thing.

enigmaT120
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by enigmaT120 »

Oh the OP. Not yet. If I have to I'll wait another 2 years 3 months, as I can retire at age 56. But if they offer an early out (drain the swamp, Trump!) then I'm taking it. My pension plus 3% withdrawal from my Thrift Savings Plan would get me around $30,000/year which should be plenty. And I have trees to sell when I get free time to log them.
I'm a fruit and vegetable (and military entrees) inspector working for the USDA, and have almost 31 years in.
Last edited by enigmaT120 on Mon Jun 26, 2017 10:12 am, edited 1 time in total.

Farm_or
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Farm_or »

@enigma. Eagle Cap is far enough that I had to go to the bat computer to find out where it is. The old nez Perce country; enchanted country! About two hours driving. I am closer to the owyhee canyon lands- desert dweller. In fact, I am right on the edge of many miles of open land- old snake Indian country...

Allagash
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Allagash »

I'm FI and stopped paid work or running a business at 45 years old. I had a few careers/biz before FI in high tech and real estate. I blew all my money in my 20's and a lot of my 30's being dumb and having fun. So when I hit late 30's I knew I had to make a lot of money fast to make up for lost time unless I wanted to slave away at a job the next 30 yrs. So I found a way to bust my butt and make a lot of money quick in my business, and made some timely/lucky real estate investments, and went from near zero net worth in 2008 to FI by 2015. I never reached the extreme frugality levels of many people on this site and still haven't. So I didn't get FI by extreme frugality. I made FI more by jacking up my income for a stretch where I worked really hard. I still was relatively frugal, but nowhere near the extremes people on this forum go to (i.e I had my own apartment, car, etc...). So I made up for all my mistakes in my 20's and 30's by focusing really hard and making a lot of money quickly.

I could have kept working and built more wealth and had a nicer place to live, etc.... And sometimes I really question my decision to stop and go ERE. I could have significantly increased my net worth working for 3, 5 or more years. I see people around me working continuing to get wealthier, buy nice houses, etc... But I just hate having my whole day, whole week tied up by work I HAVE to do. I always hated school because of the structure and boredom day after day with the routine, and also never really liked my jobs I had that much. But it remains to be seen whether in a few years I will look back and regret not acquiring more wealth. My net worth is growing via investments, but a lot slower than if I had a high income to feed my investments. Sometimes I wonder if it at 45 I should have sought out more career and business success.

Post FI I spend time working on my investments, go see family, take road trips, etc... Still looking for what my niche will be post FI. I would love to figure out a business where I could make say an extra $20k a year with very little work/time, doing it remotely, something on autopilot. Something to supplement my income. I retired at 45 with no pension, 100% on my own savings. 100% of my income comes from the yield I get from investing a big chunk of my liquid net worth.

TheRedHare
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by TheRedHare »

Allagash wrote:
Wed Jun 28, 2017 11:10 pm
I' had a few careers/biz before FI in high tech and real estate. I blew all my money in my 20's and a lot of my 30's being dumb and having fun.
If you don't mind me asking, what type of business were you in in the high tech sector? My cousin and I have started a software business as contractors..so far things are going very well and there seems to be more work than we can handle. Might need to hire on other people in the future. Just looking for some advice.
Allagash wrote:
Wed Jun 28, 2017 11:10 pm
I would love to figure out a business where I could make say an extra $20k a year with very little work/time, doing it remotely, something on autopilot.
Maybe try high end vending machines? That is, if you live near a city. I met a guy who worked full time in the military, but owned several "healthy" vending machines. He hired a guy to check on them and restock them whenever he wasn't around/ away on deployment. He told me it brought in about 50k a year.

Allagash
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Allagash »

If you don't mind me asking, what type of business were you in in the high tech sector? My cousin and I have started a software business as contractors..so far things are going very well and there seems to be more work than we can handle. Might need to hire on other people in the future. Just looking for some advice.
I was in the tech business a long time ago. Started as a market research analyst for a consulting firm, and then was a product manager for various software developers. Mostly start ups in Silicon Valley. But I blew most of my income from that era of my life and didn't like the industry or any of my jobs, total rat race, you pretty much work 24-7. I switched to real estate in 2002. I finally learned to make a lot of money, save it, and invest it well during my great run from 2008-2015 that got me to FI.

TheRedHare
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by TheRedHare »

Allagash wrote:
Thu Jun 29, 2017 10:23 am
I switched to real estate in 2002. I finally learned to make a lot of money, save it, and invest it well during my great run from 2008-2015 that got me to FI.
Were you a real estate agent? Or did you buy and hold properties?

Allagash
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Re: How many of you are financially independent? What have you done since FI? What did you do before FI?

Post by Allagash »

TheRedHare wrote:
Thu Jun 29, 2017 4:53 pm
Allagash wrote:
Thu Jun 29, 2017 10:23 am
I switched to real estate in 2002. I finally learned to make a lot of money, save it, and invest it well during my great run from 2008-2015 that got me to FI.
Were you a real estate agent? Or did you buy and hold properties?
Bought rentals when they were really cheap post 2008 crash in CA and was in real estate lending.

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