Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
time for baby bird to leave the nest...
Old 10-16-2006, 03:09 AM   #1
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 832
time for baby bird to leave the nest...

Hi,

I was last on these boards last year at about this time: http://early-retirement.org/forums/i...p?topic=4841.0

At that time, I agonized whether I should break free or remain a well-paid corporate slave. I decided to go with the slavery option for another year (and relocate to an undesirable part of the country with an undesirable company in an undesirable industry). In retrospect, it was the right thing to do, I guess.

Now, however, I think that I can finally swing the entrepreneurial lifestyle. My family is offering me rent-free accommodations in a condo we own in Florida in order to help me get established. Minimizing my personal burn rate is something I've always done well, but not having to pay rent will be nice as I adjust to the shock of going from gross income of $160k / year to $40k / year.

Good luck to y'all!!
Socca
__________________

__________________
socca 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!

Re: time for baby bird to leave the nest...
Old 10-16-2006, 09:47 AM   #2
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Re: time for baby bird to leave the nest...

Sounds like you're in a great position, Socca. Keep us posted!
__________________

__________________
*
*

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
Re: time for baby bird to leave the nest...
Old 10-16-2006, 09:58 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
Re: time for baby bird to leave the nest...

Wish you some good luck. That is a big decrease in pay but if it is killing you then it can't be worth the money. In my 33 year career I twice had 2 year periods where I would have left if I felt I could have. Now I am retirement elligible/FI and I have "jerk proofed" my work life. What FI is all about. Hope you get a good boss
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Re: time for baby bird to leave the nest...
Old 10-16-2006, 07:22 PM   #4
Full time employment: Posting here.
My Dream's Avatar
 
Join Date: Sep 2006
Location: Ontario, Canada
Posts: 829
Re: time for baby bird to leave the nest...

That sure is going to be a change, I know I still haven't adjusted to it. Good luck and yes do keep us posted.
__________________
Newbie
My Dream is offline   Reply With Quote
Re: time for baby bird to leave the nest...
Old 03-04-2007, 10:51 AM   #5
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 832
Re: time for baby bird to leave the nest...

Well, I did it. I resigned from my $120k/year job with a war-mongering/war-profiteering mega-corp defense contractor in late January 2007. Last month (February 2007) was my first month as an 'entrepreneur'. Some thoughts:
+ I'm still in the corporate-slave mental model, where MON-FRI is work-work-work, and maintenance tasks around the house are delayed until the weekends. For some reason, I find this mental game comforting even though it is entirely unnecessary with my new lifestyle. I guess after 20 years of working in the traditional MON-FRI corporate/society-imposed weekly structure, I'm unwilling to let that go. Maybe as time passes I'll become more flexible in my scheduling.
+ Last month, 100% of my income was from my investments. This will be the case for quite a few months into the future as I slowly build my business (my budgeting is to live 100% off of investment income with no principal drawdown whatsoever. I will be greatly alarmed if I ever have to touch principal even though I have no heirs. I guess I'm in denial that I'm ever going to die, although the way folks drive here in Florida it could well be tomorrow ). I never really paid much attention to investment income before, but now that it's keeping me alive I'm watching it like a hawk. This is the difference between theory and reality.I'm relieved to report that investment income far exceeded expenses, as anticipated. Those Vanguard mutual fund bond managers had better keep doing a good job!
+ I would like to get involved in some sort of charitable organization aligned with my values (e.g. Nature Conservancy, etc.), but I'm not sure if I can afford it from a time investment standpoint. No rush on this, but something I think about occasionally.

Anyway - good luck to everyone regarding FIRE... I'll keep you posted
__________________
socca is offline   Reply With Quote
Re: time for baby bird to leave the nest...
Old 03-04-2007, 11:21 AM   #6
Full time employment: Posting here.
Dog's Avatar
 
Join Date: Apr 2006
Posts: 782
Re: time for baby bird to leave the nest...

I'm impressed......you did it. Please keep us posted - I'm hoping to make the leap in 18 months (still trying to condition DH to the possible change).
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
One year later...
Old 04-03-2008, 11:41 AM   #7
Full time employment: Posting here.
 
Join Date: Nov 2005
Posts: 832
One year later...

Just checking in.

I "retired" from a job and industry (but not profession) I detested in January 2007. I was 44. Since then, I've been engaging in some entrepreneurial adventures. So far, I haven't made any money, but I didn't expect to have made any money at this point. I worked as a wage slave for 20 years so I could 'break loose' and do my own thing without worrying about money. I still worry about money, but my concerns are long-term rather than short- or intermediate-term (inflation, health-care costs, etc.) Trying to maximize positive contribution is so much more rewarding than trying to maximize income! How long I can (or should) keep this up is TBD.

Some random notes about my experience to date:
+ the old saying is true: you really DO need to retire TO something. Merely getting AWAY from the rat race may not make you happy (although if you're currently IN the rat race you may have trouble believing me...)
+ I've always been frugal, but in my new low-income state I'm even more frugal. For example, I used to take $3000 vacations without even thinking about it. Now, I can't really take any vacations until one of my entrepreneurial ventures starts making some money. However, this doesn't really trouble me, because my new 'lifestyle' is kind of like a vacation.
+ I'm currently paying $170/mo for a high-deductible medical&dental insurance policy through AETNA/Florida. I am in the extremely low risk insurance pool - excellent health. I could probably save some money going with BCBS, but I took this policy as a favor to a relative who sells insurance.

Good luck!
__________________

__________________
socca 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
how much income do u need to have a full time MAID? Enuff2Eat Life after FIRE 52 11-17-2005 11:43 PM
Time to quit? quiz sgeeeee Young Dreamers 20 10-24-2005 11:50 PM
Are illegal immigrants a serious problem or not? Art Other topics 200 07-09-2005 09:19 AM
Good Time to Retire ? renferme FIRE and Money 44 06-28-2004 10:03 AM
Nearly time to ER Peterv Hi, I am... 12 03-27-2004 01:11 PM

 

 
All times are GMT -6. The time now is 11:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.