Hi all, I just registered to reply to a post so I thought I'd drop by and introduce myself. I've read the forums a bit now and then over the past couple of months.
One thing that surprised me when reading the forums is that so few of the participants are living the lifestyle yet- most seem to be in prep mode, which is great though too.
So just to give those folks a bit of hope- I don't know if I fall into ERE (haven't read the book) but I have been semi-retired since the age of 24, and I am almost 45 now. I started out working around half-time once I realized I hated full-time work, and valued time over money (I think I had always known this), and I gradually pared work down to where I probably don't have to work at all, but still work around 3 months a year, on contract. I'm a nurse.
I've been financially mostly-independent (not sure if I'd feel comfortable completely retiring, especially in these volatile times for investment) for around 10 years, and got to that stage working part-time, so you don't even have to kill yourself necessarily to get there. I've always been frugal, but now can ease off a bit and enjoy a few luxuries, such as having a car (one of the ways I became financially mostly-independent was by not having a car for many years... they eat money). I can buy pretty much anything I want, which works as I really don't want very much, I'm inherently not very materialistic. Still, it is nice that if I need or want something for one of my hobbies or activities, I just go get it, no need to agonize, lots of room in the budget of a frugal person.
So, that's the nutshell of my situation... hello to anyone reading, and good luck to those who are hoping to achieve financial independence, it is definitely worth it.
Semi-retired for past 20 years
-
BeyondtheWrap
- Posts: 598
- Joined: Thu Jul 22, 2010 3:38 pm
- Location: NYC
Great post. Nursing is one of those careers that offer a lot of flexibility and pay well. You must have been able to live a very frugal lifestyle to be able to save so much working half time. Can you share some of the budget details? living situation? work schedule (all at once or spread out over the year)?
-
DividendGuy
- Posts: 441
- Joined: Sun Dec 05, 2010 9:58 pm
Just want to reiterate, thanks for posting.
My strategy was to work hard and accumulate until I have enough. After 20 years of accumulating, I realise I could have ERE earlier
My strategy now is to diversify, not in investment methods, but in my methods of income
It's taken me 20 years to realise there are alternative strategies, and you're a shining example.
Really interested in your thoughts on what encouraged you at 24 to see the light, and actually ERE. I know you didn't like full time work, but I wonder if there was a specific event, moment.
Also I have the mentality that I must earn what i can because I don't know what's around the corner, how did you avoid this?
Thanks again
My strategy was to work hard and accumulate until I have enough. After 20 years of accumulating, I realise I could have ERE earlier
My strategy now is to diversify, not in investment methods, but in my methods of income
It's taken me 20 years to realise there are alternative strategies, and you're a shining example.
Really interested in your thoughts on what encouraged you at 24 to see the light, and actually ERE. I know you didn't like full time work, but I wonder if there was a specific event, moment.
Also I have the mentality that I must earn what i can because I don't know what's around the corner, how did you avoid this?
Thanks again
great post!
I'm just finishing up college this year and I'm really gaining a mindset of not wanting a 9-5 job with two weeks vacation. (yuk)
I'm planning on working 5 years in the mining industry on a shift job where you work 1-2 weeks on/off. Then depending on what I've saved, move into part time consulting for another 5 years or so until I have enough to completely quit.
I'm just finishing up college this year and I'm really gaining a mindset of not wanting a 9-5 job with two weeks vacation. (yuk)
I'm planning on working 5 years in the mining industry on a shift job where you work 1-2 weeks on/off. Then depending on what I've saved, move into part time consulting for another 5 years or so until I have enough to completely quit.
-
Bingeworker
- Posts: 48
- Joined: Fri Nov 04, 2011 7:41 pm
Hi guys... thanks for the replies. I'll reply to your questions in separate replies and will spread them out over the day (want to get outside and enjoy the sunshine!)
BeyondtheWrap: It's funny, I've been struggling with the "how do I spend my time" question lately, which is funny since I have around 20 years of "experience" at having 50% or more of my time being my own.
Functionally, I travel (this is new-ish, travel is expensive too so I had to get to a comfortable level first). I have hobbies that may or may not pay off in additional income over time (mostly not), like painting, writing, piano, learning french, various crafts in the past. I read a lot, always have, but do a lot of my reading on the internet these days.
I spend more time on things like cooking than the average person, which is partly hobby, but mostly a desire to eat as well as possible for as little as possible. I've become a pretty good cook over the years. Cooking is very time-consuming, it takes a lot of my "spare" time, actually.
I find that I slack off though even from hobbies, and this leads to guilt on my part because I am not being "productive". This "productive" thing is very deeply embedded culturally, even in someone who bucks the pattern to the degree I do. In recent days though, I have been reasoning with myself, that if I am self-supporting (I am!), responsible (I am, pathologically so), etc, then really, if I am not bored (I NEVER am) and am keeping myself busy and engaged with the world, then who cares what I am doing?
I feel this guilt though, that since I am so blessed with time (even though I have carefully designed my life to give it to me), I should be "doing" something with it. But really, I don't have to. I can, and maybe I will, but I don't have to, and I need to absorb that. I think that just living this life can be an example to others, and that can be my big project. I am encouraged in stumbling across this site, which I found a few months ago, to know that the movement (is there a movement?) might be gaining a bit of momentum.
BeyondtheWrap: It's funny, I've been struggling with the "how do I spend my time" question lately, which is funny since I have around 20 years of "experience" at having 50% or more of my time being my own.
Functionally, I travel (this is new-ish, travel is expensive too so I had to get to a comfortable level first). I have hobbies that may or may not pay off in additional income over time (mostly not), like painting, writing, piano, learning french, various crafts in the past. I read a lot, always have, but do a lot of my reading on the internet these days.
I spend more time on things like cooking than the average person, which is partly hobby, but mostly a desire to eat as well as possible for as little as possible. I've become a pretty good cook over the years. Cooking is very time-consuming, it takes a lot of my "spare" time, actually.
I find that I slack off though even from hobbies, and this leads to guilt on my part because I am not being "productive". This "productive" thing is very deeply embedded culturally, even in someone who bucks the pattern to the degree I do. In recent days though, I have been reasoning with myself, that if I am self-supporting (I am!), responsible (I am, pathologically so), etc, then really, if I am not bored (I NEVER am) and am keeping myself busy and engaged with the world, then who cares what I am doing?
I feel this guilt though, that since I am so blessed with time (even though I have carefully designed my life to give it to me), I should be "doing" something with it. But really, I don't have to. I can, and maybe I will, but I don't have to, and I need to absorb that. I think that just living this life can be an example to others, and that can be my big project. I am encouraged in stumbling across this site, which I found a few months ago, to know that the movement (is there a movement?) might be gaining a bit of momentum.
-
Bingeworker
- Posts: 48
- Joined: Fri Nov 04, 2011 7:41 pm
To the question of what made me see the light at age 24: I found almost immediately that I hated full-time work!
I did the math on what I spent to live, and how much I would save on taxes by working half-time, and found I could make around 3/4 of the income by working half time. Part of this was tax saving, part is that part-timers get an additional percentage in lieu of benefits. In Canada health insurance is covered by gov't, so the benefits we get really aren't essential, although people have been convinced that they are.
For me, I didn't want to trade my life and happiness for a few benefits like dental- I'd rather spend less, have more time, and pay the dentist myself.
It was very hard to go against the grain though and do this- everyone was (and is) convinced that you have to work like a dog in your early years in order to not lose ground and to get ahead. I actually found though (and after 20 years, I think I can pretty much claim success) that I was financially ahead of full-time workers by working part-time. I spent less, as I had lots more time to live a more frugal lifestyle, and by being a frugal person in general I saved much more than the average person. It was scary at first, but I stuck to it and it worked out just as I had projected it would. (Better, in fact.)
A few things that really accelerated my financial independence: buying a house at age 33. I would have done it sooner but by this time the nursing market had gone bad and I was self-employed for a few years as a graphic designer. Couldn't get a mortgage without putting half down, so it took me that long to save that. Mortgage payment was less than rent, so savings rate went up then.
Next thing was paying off the mortgage 3.5 years later. Then I had no rent or mortgage, and that is huge for increasing savings rate. That's when I reached financial near-independence, when I could live on very little income.
Another major contributor was not having a car. Cars are just so expensive, that if you can live walking distance to work and most errands then you save a bundle. My bundle went into the house.
Someone asked about work schedule- that has varied over the years. Sometimes I would work locally, in which case it was 50% (or less) work on a week by week basis, i.e. around 2 days a week. Right now I do full-time contracts in remote areas, and in my favourite gig that I get, it is 13 weeks at a time, so I do that all at once and then am done for the year, unless I decide to take another short contract over the year. I could afford to work less though and very well may.
I did the math on what I spent to live, and how much I would save on taxes by working half-time, and found I could make around 3/4 of the income by working half time. Part of this was tax saving, part is that part-timers get an additional percentage in lieu of benefits. In Canada health insurance is covered by gov't, so the benefits we get really aren't essential, although people have been convinced that they are.
For me, I didn't want to trade my life and happiness for a few benefits like dental- I'd rather spend less, have more time, and pay the dentist myself.
It was very hard to go against the grain though and do this- everyone was (and is) convinced that you have to work like a dog in your early years in order to not lose ground and to get ahead. I actually found though (and after 20 years, I think I can pretty much claim success) that I was financially ahead of full-time workers by working part-time. I spent less, as I had lots more time to live a more frugal lifestyle, and by being a frugal person in general I saved much more than the average person. It was scary at first, but I stuck to it and it worked out just as I had projected it would. (Better, in fact.)
A few things that really accelerated my financial independence: buying a house at age 33. I would have done it sooner but by this time the nursing market had gone bad and I was self-employed for a few years as a graphic designer. Couldn't get a mortgage without putting half down, so it took me that long to save that. Mortgage payment was less than rent, so savings rate went up then.
Next thing was paying off the mortgage 3.5 years later. Then I had no rent or mortgage, and that is huge for increasing savings rate. That's when I reached financial near-independence, when I could live on very little income.
Another major contributor was not having a car. Cars are just so expensive, that if you can live walking distance to work and most errands then you save a bundle. My bundle went into the house.
Someone asked about work schedule- that has varied over the years. Sometimes I would work locally, in which case it was 50% (or less) work on a week by week basis, i.e. around 2 days a week. Right now I do full-time contracts in remote areas, and in my favourite gig that I get, it is 13 weeks at a time, so I do that all at once and then am done for the year, unless I decide to take another short contract over the year. I could afford to work less though and very well may.
Very enlightening. I also have changed careers at times, I find it interesting that in my case it reinforced my need to earn what i can while I can, whereas you've stuck to the plan of a balanced life.
I agree with you in hindsight about not trading off happiness. For me the decision point was realising life is a journey not a destination.
Thanks again and I'll be watching your posts. 20 years, well done.
I agree with you in hindsight about not trading off happiness. For me the decision point was realising life is a journey not a destination.
Thanks again and I'll be watching your posts. 20 years, well done.
Thanks for the additional information Bingeworker. I think that your style of semi retirement is great. It reminds me of a short essay that I read a few years ago by John Anderson:
http://www.whywork.org/about/features/s ... ement.html
I have two children. I don't like the idea of them spending a lot of time and money on college and then working very hard through their twenties and thirties so that they can achieve ERE. I have found myself gently directing my oldest child toward careers that will give him a skill set that will allow him to work for himself. I tell him that if he is frugal with money as we have been (and doesn't know any other way), then he can work only a few hours per week and still meet his needs if he has one of the higher paying jobs that I have suggested for his consideration.
http://www.whywork.org/about/features/s ... ement.html
I have two children. I don't like the idea of them spending a lot of time and money on college and then working very hard through their twenties and thirties so that they can achieve ERE. I have found myself gently directing my oldest child toward careers that will give him a skill set that will allow him to work for himself. I tell him that if he is frugal with money as we have been (and doesn't know any other way), then he can work only a few hours per week and still meet his needs if he has one of the higher paying jobs that I have suggested for his consideration.
-
Bingeworker
- Posts: 48
- Joined: Fri Nov 04, 2011 7:41 pm
I think that's great advice to your kids, Spartan. I think it's more balanced too, to pare down one's work but stretch it out over the lifetime. I think it might be economically safer, too.
I have a brother who retired at 41 after doing the full-time grind, but then the tech stocks crashed at the same time he retired (this was 2000 or so) so he still works, but just on a casual consulting basis, a few hours a week. I'm guessing he'd be doing it a bit anyway regardless of the income thing.
It's hard to work like a maniac for a decade or two and then just drop it, and it's not really necessary to achieve freedom that way, unless you have an "all or nothing" personality. It's also economically safer to "keep your hand in" in a profession, in case things change and you need to work again. Doing the life-long semi retirement approach worked for me, and I didn't even lose ground financially compared to my full-time peers (that said, I made many strategic choices along the way).
I have a brother who retired at 41 after doing the full-time grind, but then the tech stocks crashed at the same time he retired (this was 2000 or so) so he still works, but just on a casual consulting basis, a few hours a week. I'm guessing he'd be doing it a bit anyway regardless of the income thing.
It's hard to work like a maniac for a decade or two and then just drop it, and it's not really necessary to achieve freedom that way, unless you have an "all or nothing" personality. It's also economically safer to "keep your hand in" in a profession, in case things change and you need to work again. Doing the life-long semi retirement approach worked for me, and I didn't even lose ground financially compared to my full-time peers (that said, I made many strategic choices along the way).