Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Have reached FI, can't bring myself to RE
Old 07-09-2007, 09:55 PM   #1
Recycles dryer sheets
 
Join Date: Feb 2007
Posts: 51
Have reached FI, can't bring myself to RE

For about a year, I've been debating RE, so I feel right at home here.

Thanks to some luck, some skill, and LBYM we are in the enviable position of being FI while still in our early 40's. We started with nothing. Now, our net worth is currently around $2M with about $1M tied up in an income producing property that covers most of our basic living expenses and $1M in our portfolio ($800K taxable thanks mainly to my company's IPO, and $200K in various retirement accounts). I've run Firecalc and it gives me a 100% chance of success at our current spending level. We do have a very expensive travel habit but otherwise we are pretty frugal.

DH has already pretty much retired, although he takes a small contract now and then if he wants to buy a new lens for his camera. My problem is that I've always had that fear of being 80 years old, alone, and living on cat food. Apparently this is a (mainly irrational) fear that is relatively common in women. DH is working hard to get me over this, and reading the posts on this board is also really helping.

I hate my job and I'd love to quit, but I'm not quite there yet mentally. Hopefully I'll get over that hump soon and just do it.
__________________

__________________
meridiver is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-09-2007, 10:11 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,293
Welcome, kid!

Would it help you to think about your own personal financial situation independently? Just as an exercise in self-esteem? I mean your 401k, etc. I am sure everything is OK, but consider setting up your own personal accounts, separate from DH. It all works out to be the same, but you might feel better.

As to leaving the workplace, you might consider taking extended time off from your job. Consider it practice. I'll bet it has been a while since you took two weeks in a row off. Sneak up on it. Go beyond your annual 2-weeks. Take 2+2 without pay. Come back with a tan. Speaking Spanish. Or Danish (without the tan).

Cheers,

Gypsy,
One who still wears the ball and chain.
__________________

__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 07-10-2007, 04:04 PM   #3
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 198
Well, you mentioned your assets, but you didn't mention your expenses. What do you consider your basic expenses, and how much is your expensive travel habit costing you?

If the 1M property covers your basic expenses, is it only the travel that is left over? Or when you say basic, do you mean food/water/shelter? The 30-35k you could pull from the other 1M would be a pretty large travel budget for anyone.

Take a look at your expenses, and check to see what percentage your expenses are compared to your assets.
__________________
HobbyDave is offline   Reply With Quote
Old 07-10-2007, 07:43 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
You're on the road and have taken the first steps.
One step at a time.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Old 07-10-2007, 07:47 PM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Quote:
Originally Posted by meridiver View Post
I hate my job and I'd love to quit, but I'm not quite there yet mentally. Hopefully I'll get over that hump soon and just do it.
Welcome to the board, meridiver.

Have you read this thread?

Does the hatred for your job fuel you with enough motivation to check your expenses, run a couple more FIRECalc scenarios, and test out the ER lifestyle with a month or two of extended vacation?

Or would you rather wait for your job-induced stress to give you a medical nudge toward the exit?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 07-10-2007, 08:12 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
You're basically a jumper that just asked a bunch of crazy people if he should take the dive or not.

JUMP! JUMP! JUMP!

Try it for 3 months, six months. Take a sabbatical. Travel the world. You can always get your old job back, or something just like it.

I took a separation package of a years pay, bonuses and bennies with a rider that in a year I could apply for my old job back. Seemed like a no-brainer. Free years paid vacation at worst.

Never went back.

Ten bucks says you dont go back either.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 07-10-2007, 08:14 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Quote:
Originally Posted by Nords View Post
Welcome to the board, meridiver.

Or would you rather wait for your job-induced stress to give you a medical nudge toward the exit?
This is a nothing but a scare tactic. There is absolutely no evidence that supports the idea that not working leads to a longer life- unless perhaps you are a dope dealer or tree faller or Alaskan crab fisherman.

What evidence that does exists points in the other direction --working prolongs life.

Ha
__________________
haha is offline   Reply With Quote
Old 07-10-2007, 08:20 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Actually Ha, those studies were all hooey. The boeing and sandia studies...

One turned out to be a pitch to aerospace engineers years ago to not retire early, and the data backing it was created from air.

The other major "study" that covered this was done by a guy who later admitted to making up much of the data, getting some from the above mentioned aerospace study, and some from a couple of companies who derived the data from HR records from the late 1800's and anecdotally passed it forward six decades.

So maybe, but no evidence that i'm aware of that working prolongs ones life. The only concrete connection I found was that sick people often retire early and die shortly after their retirement from the same illness.

Retire early, live longer
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 07-10-2007, 08:26 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,441
Quote:
Originally Posted by haha View Post
This is a nothing but a scare tactic. There is absolutely no evidence that supports the idea that not working leads to a longer life- unless perhaps you are a dope dealer or tree faller or Alaskan crab fisherman.

What evidence that does exists points in the other direction --working prolongs life.

Ha
You still working?
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-10-2007, 08:38 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Quote:
Originally Posted by Dawg52 View Post
You still working?
No, but it is because I got tired of work, not because I think it will preserve my health.

If you want to do what I did, retire without enough money, with 2 little kids and a non-working wife. Then make it; then get divorced and experience an emotional blow and financial harcut.

It was great fun, but once is enough and maybe someone else might prefer a more judicious approach.

I think sometimes one is better off retiring, sometimes better off continuing to work. Depends on the person, and the circumstance. OTOH, it is always good to be FI.

Ha
__________________
haha is offline   Reply With Quote
Old 07-10-2007, 08:41 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Quote:
Originally Posted by cute fuzzy bunny View Post
Actually So maybe, but no evidence that i'm aware of that working prolongs ones life. The only concrete connection I found was that sick people often retire early and die shortly after their retirement from the same illness.

Retire early, live longer
I agree, there is not much evidence either way. Not enough to sway one's decision to work or retire.
ha
__________________
haha is offline   Reply With Quote
Old 07-10-2007, 08:57 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,293
Quote:
JUMP! JUMP! JUMP!
Like CFB said.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 07-10-2007, 09:03 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,441
Quote:
Originally Posted by haha View Post
I think sometimes one is better off retiring, sometimes better off continuing to work. Depends on the person, and the circumstance. OTOH, it is always good to be FI.

Ha
I can't argue with that.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-10-2007, 10:28 PM   #14
Recycles dryer sheets
 
Join Date: May 2005
Posts: 189
Quote:
Originally Posted by Nords View Post

Have you read this thread?
I had the same problem, one more year, although it was for a different reason. I finally manged to move back to my original country and things are getting out OK. I had a lot of fear of unknown before moving but things turned out fine. One thing I have learned from this experience, prepare well and try to execute best, set reasonable expectation, rest is just luck. I know my situation is not directly comparable and my steps are somewhat reversible. But every day you loose by trading money for your time, is never coming back.
__________________
landover is offline   Reply With Quote
Old 07-10-2007, 11:29 PM   #15
Recycles dryer sheets
 
Join Date: Feb 2007
Posts: 51
Quote:
Originally Posted by Nords View Post
Welcome to the board, meridiver.

Have you read this thread?
Thanks, that was very helpful.

Although I dislike my job, it does give me lots of flexibility. I work for large companies on a contract basis for anywhere from 3-12 months at a time, so for the last two years I've been experimenting with taking a month or two off in between contracts. Each time I do this, it is harder to go back, yet something keeps pushing me to take one more contract. After being off since May, I've just done it again and signed up for a new 3 month gig. However, I'm planning to wrap up in November and take the rest of the year off. Maybe this time I will make a New Years resolution to just say no to another contract.
__________________
meridiver is offline   Reply With Quote
Old 07-11-2007, 08:16 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,738
Send a message via Skype™ to kcowan
You are facing the common fear of living off your savings IMHO. Try it for two years. Consider portfolio earnings as your income and see it you can LYBM even with your travel expenses.

If that is successful, the next contract will take the form of a hobby. You will face it with a much different attitude.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Old 07-14-2007, 06:15 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Welcome meridiver! It is a difficult decision. Study it carefully, make a decision when, plan, then execute your plan.

Quote:
Originally Posted by haha View Post
I think sometimes one is better off retiring, sometimes better off continuing to work. Depends on the person, and the circumstance. OTOH, it is always good to be FI.

Ha

Ha - I agree. It is a personal choice.
__________________
chinaco is offline   Reply With Quote
Old 07-14-2007, 07:43 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,019
Quote:
Originally Posted by meridiver View Post
Although I dislike my job, it does give me lots of flexibility. I work for large companies on a contract basis for anywhere from 3-12 months at a time.
Do these contracts involve travel to the places you want to go when retired? If so, and if some of your travel is currently expensed, you'll need to budget for increased travel costs in RE. And remember, you won't be getting the corporate rate at the Hilton.

I am in this position. I go to lots of meetings and conferences, and if it's somewhere interesting, I may add on a couple of vacation days. I pay for accommodation, but the flight is a business expense. But if I didn't have to attend the conference, I probably would not spend my own money to visit.
__________________

__________________
Meadbh is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
2 goals reached! Celany Young Dreamers 11 07-03-2007 12:11 PM
Bring lunch from home or buy? saluki9 FIRE and Money 53 05-04-2007 09:08 AM
First Milestone Reached! NinjaPigeon Young Dreamers 16 04-06-2006 05:28 PM
Hobbies that bring in cash guesswho Life after FIRE 49 01-08-2006 03:01 PM
Bring your own snacks VoyT Other topics 4 06-12-2005 11:26 AM

 

 
All times are GMT -6. The time now is 08:01 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.