Hello everybody, I am trying to prepare for retirement now. I am 43, but I feel that if I begin taking the necessary steps now, my wife and I will be better situated when the time comes to enjoy our retirement. I'll be looking forward to any wise advise anyone would like to share. For now I am currently trying to find the best investment opportunity for 10k I have and would like it to do something, anything other than just sit in savings not doing much. Anyone have any advise.
Hello everyone, everyday is a Saturday for me~
- Thread starter aoneone81
- Start date
Hi PA09356 and welcome to the forum. You'll get plenty of advice here, and some may actually be wise. You'll probably get more responses to your question ob how to invest if you post it at the FIRE and Money forum here FIRE and Money - Early Retirement & Financial Independence Community and when you have a moment please introduce yourself at here Hi, I am... - Early Retirement & Financial Independence Community
SandsofTime
Dryer sheet aficionado
- Joined
- May 14, 2011
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Great to hear that you ER'd at 30. I am self-employed and have done some interesting things with my practice:
1. About 2 yrs ago, I reduced my schedule by 1 day a week (started taking Friday off completely) since my DW was also working 4 days/wk at a teacher, by choice. I did not tell anyone that I dealt with in my business that I don't work Fridays. I started with Fridays because in my line of work, Fridays tend to be the slowest days of the week. I also tried to make some changes in my redundancies at the office to make the practice more "efficient".
2. About 1.5 yrs ago, after 4 days/wk had become a comfortable norm for me at my practice (and no clients apparently realizing my cut-back of hours, I then decided to reduce my hours from 8:30-5:00 pm to 9:00- 2:00 (with 1 hr break for lunch), still sticking to the 4 days/wk.
3. About 1 yr, ago, I reduced my schedule further to 3 days per week (hours remained from 9:00 am to 2:00 pm). I reduced my work-load by about 20%.
4. Last summer, I reduced my work schedule to 2 days one week, 3 days next week, with "official" work day being 9 am -12 noon.
5. On Jan 1, I intend to make my practice part-time (essentially a hobby that will give me something to do since I need hardly any income from the practice for day to day living). The planned schedule is this: whatever work I do will be done from the home office, except to go to the office a few miles away to check the mail every few days, and to meet any clients (maybe 1 or 2 meetings a week)
For me (as a self-employed person), this process of work reduction and transition towards a part-time gig has worked well.
1. About 2 yrs ago, I reduced my schedule by 1 day a week (started taking Friday off completely) since my DW was also working 4 days/wk at a teacher, by choice. I did not tell anyone that I dealt with in my business that I don't work Fridays. I started with Fridays because in my line of work, Fridays tend to be the slowest days of the week. I also tried to make some changes in my redundancies at the office to make the practice more "efficient".
2. About 1.5 yrs ago, after 4 days/wk had become a comfortable norm for me at my practice (and no clients apparently realizing my cut-back of hours, I then decided to reduce my hours from 8:30-5:00 pm to 9:00- 2:00 (with 1 hr break for lunch), still sticking to the 4 days/wk.
3. About 1 yr, ago, I reduced my schedule further to 3 days per week (hours remained from 9:00 am to 2:00 pm). I reduced my work-load by about 20%.
4. Last summer, I reduced my work schedule to 2 days one week, 3 days next week, with "official" work day being 9 am -12 noon.
5. On Jan 1, I intend to make my practice part-time (essentially a hobby that will give me something to do since I need hardly any income from the practice for day to day living). The planned schedule is this: whatever work I do will be done from the home office, except to go to the office a few miles away to check the mail every few days, and to meet any clients (maybe 1 or 2 meetings a week)
For me (as a self-employed person), this process of work reduction and transition towards a part-time gig has worked well.
Meadbh
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- Jul 22, 2006
- Messages
- 11,401
Very clever, Sands!
This is how I would like to ease into FIRE also. I already have a j*b with several components, plus a consulting gig. When I'm ready, I plan to begin by dropping one component, whatever is least attractive at the time.
This is how I would like to ease into FIRE also. I already have a j*b with several components, plus a consulting gig. When I'm ready, I plan to begin by dropping one component, whatever is least attractive at the time.
Are you paying rent on the office? Does that leave you with any income at all?
Why didn't I think of that!! How did I miss that check box at my broker??
Commendable accomplishment aoneone81!
Wishing you many more years of stress-free retirement and freedom to sculpt each day as it comes.
At 54, my FIRE date approaches on January 2, 2012. I couldn't be happier for those who manage to transition into this far-better quality of life. I truly enjoy the stories I read here. ~Rico
Wishing you many more years of stress-free retirement and freedom to sculpt each day as it comes.
At 54, my FIRE date approaches on January 2, 2012. I couldn't be happier for those who manage to transition into this far-better quality of life. I truly enjoy the stories I read here. ~Rico
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SandsofTime
Dryer sheet aficionado
- Joined
- May 14, 2011
- Messages
- 32
@Nords: The rent, which includes internet, receptionist and electricity is a modest $400. Thanks to the terrible economy in my area, office space rents very cheap. I am paying the same rent today that I was paying 10 years ago.
Yes, I make a nice monthly profit with my part-time work (which is about to become much more part-time after the holidays)!!
Yes, I make a nice monthly profit with my part-time work (which is about to become much more part-time after the holidays)!!
Charles welcome! Learned a lot from this board.
Finance Dave
Thinks s/he gets paid by the post
- Joined
- Mar 29, 2007
- Messages
- 1,861
If you do volunteer work or community service, or even some sort of part-time work, you can always say to people that you lived your first 12 years in the workforce "taking" (money from the employer) and now you've turned your efforts to "giving" (to the community, disadvantaged people, etc.). It will be very hard for anyone to make fun of someone who is using early successes to help others...don't let them get to you.
Dave
