Early Retirement Extreme Forums

I think OMY depends on how the money was made. Insofar it was a single high-income job/career, people would understandably/wisely realize that it would be hard to get such an income again after retiring. On top of that they might also not have the experience in working other kinds of jobs in and out/from time to time. Finally, there's the significantly larger spending/stashes required in those forums.

Conversely, those who are used to jumping around and living on little money might not even consider FI in the first place, but rather operate on a work-save-rest-spend cycle knowing they can always and easily find a job and make whatever money they need.

I think people on this forum are somewhere in between those two extremes.

I think my focus should shift to getting toward the later extreme. All of my money has been made in a corporate setting. I have no degree and with a profession in sales, I think employment in the future would not be an issue, but I would hate to HAVE to go back to a cubicle for several years to make ends meet.

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It's a combination of both.

My initially nomadic lifestyle desires would prevent me from being able to take on a part time job. So it would have to be some sort of creative income streams that I have not yet identified. My biggest struggle, as Jacob pointed out, is that almost all of my income to this point has been earned from my career. I am sure future PT work can happen, and if I could sustain my lifestyle on that income it could mean my investments growing in the background. I just worry about suddenly going from accumulating 2X annual expenses a year, to spending 1X annual expenses when we are only at ~9X combined.

The kids and house thing does not interest me, but a more "middle class" lifestyle might appeal once we are tired of traveling and not having a place to "call home". Priorities change, the world is changing, and I struggle with balancing future and current desires. I might not want to live on $20k/yr indefinitely, nor might that be sustainable long term.

Being at a turning point in my career, has me questioning so many things about my short and long term goals.

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classical_Liberal wrote: ↑

Wed Feb 21, 2018 7:41 pm

@2B1S
Yeah man, I hear ya.

I know you do. You're one of the very few people who actually do.

You've already reinvented yourself a few times, successfully, so the confidence is there.

I'm happy to do so myself, and am quite confident that my innate ability to genuinely give a shit about people and(or) organizations and want to solve their problems, helps me as an effective sales professional, where I always look for the "win-win", to a fault sometimes. I'm just worried that once I get a taste of freedom, I'll just want to keep going and getting back to the earning and growing the nest egg mentality might go out the wayside.

Today.

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2Birds1Stone wrote: ↑

Wed Feb 21, 2018 9:30 pm

I'm just worried that once I get a taste of freedom, I'll just want to keep going and getting back to the earning and growing the nest egg mentality might go out the wayside.

There's only one way to find out!

classical_Liberal wrote: ↑

Sat Feb 24, 2018 11:00 am

Yikes! That wasn't anticipated, was it? I'm not sure weather to congratulate or say sorry.

If I were the type to believe the universe is sending you a message...

My GF pulled a super surprise move on me yesterday. Out of the blue she sold her money pit, super luxury car! WTF? I asked her why, she said so she can save for our sabbatical instead. There had been some general talk about her best financial moves, but I never anticipated she'd ditch her beloved so quickly.

Unanticipated to a degree. She started there last May and wasn't happy and it wasn't going as well as she had hoped. I'm sure she would have preferred to find a new gig on her own, now she's got a fire under her ass before she has to tap her savings to pay bills.

Wow! That's a huge move. I'm contemplating selling my Infiniti when the weather gets nicer. It's a RWD 6MT so finding buying in NY in February is going to be hard. I have some deferred maintenance coming up that will cost $1k. Needs all new tires and brakes.

trailblazer wrote: ↑

Sat Feb 24, 2018 8:06 pm

2Birds1Stone wrote: ↑

Wed Feb 21, 2018 9:30 pm

I'm just worried that once I get a taste of freedom, I'll just want to keep going and getting back to the earning and growing the nest egg mentality might go out the wayside.

There's only one way to find out!

=)

I watched the documentary "Minimalism" yesterday, featuring the folks from www.theminimalists.com and I found some inspiration to further declutter and get rid of more stuff.

I also want to try a spending experiment moving forward.

The goal will be to see if I could live off of the amount equivalent to 5% of my assets. I would go for 4%, but right now it's simply unrealistic. 5% would still force me to spend significantly less than I did in the past, narrow the gap to FI, and practice for when I am ready to pull the plug.

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classical_Liberal wrote: ↑

Sat Mar 10, 2018 1:51 pm

Did you enjoy the movie enough/feel it had enough good content to recommend it to the already ERE minded?

Nope!

I want to sleep on my answer to the rest of your post =)

What are some of the proven models of side income you are referring to?

My hobbies are largely outdoor activities like running, mountain-biking, hiking, swimming, etc.......but I'm not super competitive at any of them. I just really enjoy being outside, getting fresh air, adrenaline rush, camaraderie from group runs/rides/swims with my team mates. etc.

I did nutritional consulting/coaching for a while while working retail before switching to my current profession, I was making between $200-800/month but that was during I time I competed in drug free physique and powerlifting competitions and was waaaay involved in that community. I've been out for 4+ years.

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Ah yes, your last paragraph is amusing and timely, and speaking of asset levels, your journal is overdue for an update *hint hint*.

I'm having a hard time quitting a job when I'm still a good clip away from being able to sustain myself on a 4% WR.

I also worry that if I have to go back to FT work, I would be miserable working a job making $40-50k/yr when I had the situation I am in now. One thing is for sure, there is no future for me at current Megacorp. I feel like taking this other job I'm in the process of interviewing (despite it's INSANE commute/costs) is a way spice things up from a variety standpoint, build up the resume, and since it's sales give it my 100% best shot and try to make some commission before I reach that burnout phase you are talking about, I don't think I'm quite there yet, or I would be writing my resignation letter.

We will see who cracks first Will be a fun experiment.

"The Subtle Art of Not Giving a F*ck" by Mark Mason.

Read it in one sitting yesterday, some interesting concepts that I hope to deploy in my thinking and living. ERE makes a lot more sense once you internalize a few of the concepts.

The market has been giving me a bit of anxiety about my plans. Specifically how much of my long term success in ERE will be based on market returns. This makes me realize even more that I should focus on skills outside of my job to ensure I am not only able to find work on a need to basis, but also to barter my time for that of others in a useful manner.

I'm not confident in longer term healthcare spending in the USA.

Revisiting your journal!

I read through “The Subtle Art” a few months ago. Maybe the book Jacob would have written if he was a frat bro that really liked the F-word Or maybe not . . . it’s not going to be for everyone but one concept that stuck with me was the idea of deciding what metrics you use to define your personal success - there was a world famous rocker who was depressed because he had been kicked out of a band that sold even more albums than he did. He could have benefited from understanding the whole web of goals/renaissance ideal concept. He was unable to redefine the situation or expand his understanding of it.

I admire what you’ve achieved, especially as you did it without a degree. When I think of the time and money I spent on that . . . ughh. And you’ve built what is hands down the most transferrable skills in business: sales. You’ve earned a break for sure, but nothing wrong with working a bit more - especially if you still have a sense that your current job might wrap up soon anyway.

Since you’ve kind of, sort of achieved FI with your current savings, you could consider “investing” some of your extra earnings into activities that will give you full reassurance to take the plunge. Maybe build up an additional 12 to 24 months cash that can fund the first year or two apart from any market returns. Or spend some of your earnings on trial runs even while still employed, even if it’s a bit more expensive than doing it long-term on your own - rent a boat for a week, do a short trek, take a class in auto mechanics, etc. I don’t have a lightning bolt idea, but I guess my gut is telling me you have the resourcefulness - just need a bit of confidence to push yourself over the edge.