CBS Sunday Morning Story About FIRE?

[scrabbler1]

Did any of you see this segment on CBS today about Early Retirement? At first, it seemed like it was pretty good, until the man (Bill Murphy Jr.) featured at the beginning and end of the segment simply quit a high-paying job to change careers, not to FIRE.

Here is the story on You Tube.

 

[Walt34]

What's wrong with quitting a high-pressure high-paying job to do something he enjoys doing instead? Lots of folks here have said that's just fine.

 

[steelyman]

I saw it because Sunday Morning is one of two shows I have set to record regularly. It was “The Money Issue” (or something like that).

I think the fellow you mention still was in the spirit of FIRE, because he moved to something he wanted to do.

Mostly I was glad to see the general topic of early retirement covered at all on a major broadcast network.

 

[marko]

I hope we don't drift back into a 'what defines RE' discussion, but to me changing jobs is not RE unless it's a volunteer job or something very part-time that you're doing for fun.

There's two parts to FIRE: Financial Independence and Retiring Early.
IMO, FIRE is about people who retire (early) because they have the financial wherewithal to not have to go to work rather than getting a job that's less stressful.

 

[scrabbler1]

What's wrong with quitting a high-pressure high-paying job to do something he enjoys doing instead? Lots of folks here have said that's just fine.

I don't have a problem with Mr. Murphy ditching his high-paying job after 2 days to do something else. My problem is with the TV segment itself. The segment included an interview with Michelle Singletary, a finance writer for the Washington Post. She spoke about how someone needed to save 40%-60% of one's salary (and do other LBYM things) to be able to retire early. The segment included an interview with Susan Emerson, 61, who retired at 47 to pursue creating art (and there was no evidence she was selling it to support herself).

So, after two interviews with people discussing ER, I was quite dismayed when the segment concluded with being told that Mr. Murphy had not actually retired but instead found another job, quite inconsistent with the theme set by the other two interviewees.

 

[ziggy29]

Well, if we want to get dogmatic about it, I agree. What these people have done is not truly "retirement" but it is still a positive step, IMO, getting out of a soul-sucking, stress-inducing job with an overflowing BS bucket and into something they don't dread getting up in the morning to do.

Not retirement, to be sure, but a step in the direction of reaching the point where you have enough financial resources to choose something that doesn't fill the BS bucket so much. And if they had the resources to retire completely but still chose to w*rk some, then they are still FI which is half of FIRE -- the prerequisite half to the other half. In that situation, just *knowing* that you can just walk away if the BS bucket fills too much is liberating sometimes because of the psychological aspect of it.

So perhaps they played fast and loose with the term "retirement", but they still showed positive examples of running the numbers and realizing you don't need "one more year" in something that is taking a vampiric drain on your soul and your happiness. That's something, at least.

 

[jimbee]

Words have meaning. Not everyone agrees on that.

 

[MarieIG]

https://www.susanemmerson.com/http/wwwarcgalleryorg/susan-emmerson

More information on the artist. She is advertising gallery showings. You can identify her by her photo on the website, her CV (complete with medical background) on the website, and even a piece of art which had been displayed during the interview, on the website.

From her website she states: the drawings I make are meditative renderings of the ridiculous and horrifying scope of the violent destruction of our now insecure world. They serve to present a different aspect of the question of what a home is and what happens to our human spirit when the physical safety of home is destroyed. I want my work to touch the viewer and help them hear the ineffable scream of the homeless soul.

As to the extent of her remuneration stemming from her "meditative renderings of the ridiculous and horrifying scope of the violent destruction of our now insecure world" - I could not hazard to guess.

Edit: http://money.com/money/5101872/early-retirement-surgeon-painter/ This article explains more about the financing aspect.

 

[Golden sunsets]

I wonder what the guy heard during the first day orientation, that was so shocking that he quite immediately. I mean he went to law school for three years. The expectations of the law profession are well known and often discussed amongst law students. The whole 'billables' expectations for new associates are well known. It seems like he should have confronted his career expectations before spending so much on his education.

 

[Big_Hitter]

we watched it - very timely for us, indeed!

 

[Breedlove]

Once you make it to Fire , work and employment is overated .

 

[Big_Hitter]

Once you make it to Fire , work and employment is overated .

the best thing I got out of the segment was that quitting shouldn't be automatically associated with failure

we are taught as kids to never quit

 

[marko]

Once you make it to Fire , work and employment is overated .

True in most cases. I was FI at an early age but had stumbled into a job that was interesting, challenging and a whole ton of fun.

I was able to delay my RE for 20 years as a result.

 

[Big_Hitter]

I was FI at an early age but had stumbled into a job that was interesting, challenging and a whole ton of fun.

what on earth could that be?

 

[marko]

what on earth could that be?

The job part was one that offered me 20+ years of travel internationally. The work wasn't hard--at least for me-- and the benefits were terrific.

Unquestioned expense account, boss that [-]never[/-] seldom hassled, staying in 5 star hotels and restaurants, flying up front, driver wherever I landed, good pay.

 

[Big_Hitter]

The job part was one that offered me 20+ years of travel internationally. The work wasn't hard--at least for me-- and the benefits were terrific.

Unquestioned expense account, boss that [-]never[/-] seldom hassled, staying in 5 star hotels and restaurants, flying up front, driver wherever I landed, good pay.

sounds sweet

 

[SumDay]

Interesting piece on Sunday Morning, but I kept yelling "What about health insurance?" Apparently I hang out here too much.

 

[Big_Hitter]

Interesting piece on Sunday Morning, but I kept yelling "What about health insurance?" Apparently I hang out here too much.

I'm budgeting my op max in a bronze plan - looks like about $13K a year?

 

[kgtest]

Words have meaning. Not everyone agrees on that.

I disagree...but only because I can. Mainstream media only covers things that are main stream for the most part. FIRE is definitely not for everyone, if it was, hell we'd all be doing it.

When I first understood it was a reality was when I saw a friends step dad always home when I come over after school. I was like..does he work? Friend was like, nope he is retired and mom is retiring in a year. They were in 50s. They had nice cars and things too. It really motivated me but it wasn't until years later I figured out a real plan. His dad worked in IT, I work in IT...I figure, just copy what works.

 

[ncbill]

Interesting piece on Sunday Morning, but I kept yelling "What about health insurance?" Apparently I hang out here too much.

I saw it more of a "do what you love" story.

But one can still work part-time in their former profession if it's something they enjoy.

I have a relative who still works on their own schedule in hospitals local to their beautiful mountain retirement home after retiring from the military, which paid for their schooling.

 

[kcowan]

I think the fellow you mention still was in the spirit of FIRE, because he moved to something he wanted to do..

Wow according to that definition, I only spent 2 years working (boss-related)!

The expectations of the law profession are well known and often discussed amongst law students. The whole 'billables' expectations for new associates are well known. It seems like he should have confronted his career expectations before spending so much on his education.

It is amazing how naive students are. I was counselled to become a chartered accountant because I was good at math. I interviewed one and asked him what was critical and he said selling. I had a doctor joine thrid year engineering and he said he was bored after 5 minutes talking to patients but had to spend the allotted time chatting. I could go on...

Unquestioned expense account, boss that [-]never[/-] seldom hassled, staying in 5 star hotels and restaurants, flying up front, driver wherever I landed, good pay.

Where do I apply? DW would have to accompany me at my expense.

I disagree...but only because I can. Mainstream media only covers things that are main stream for the most part. FIRE is definitely not for everyone, if it was, hell we'd all be doing it.

After 17 years, I am starting to get the hang of it! When the time came, it was 30 years working and 30 (I hope) years for me! 17 down, 13 to go.

 

[ExFlyBoy5]

Emmerson, the "retired" artist seems to really enjoy her art...

In my most recent body of work my imagery is that of creating and destroying; of depicting the horrible violence that natural storms, worsened by human mistakes, can do to our structural environment and to our fellow humans. My wall sculptures depict disheveled, broken surfaces where Tyvek painfully peels away like paint or skin, exposing a raw inner core.

Oh yes, and she is retired but in an interview, she is asked how people can help support her and one of her answers was...wait for it...

Come to my shows and buy my work!

 

[marko]

Where do I apply? DW would have to accompany me at my expense.
.

My DW did. Mostly at the company's expense. I only paid for the shopping she did while I was off working for the day.

 

[Jerry1]

Well, if we want to get dogmatic about it, I agree. What these people have done is not truly "retirement" but it is still a positive step, IMO, getting out of a soul-sucking, stress-inducing job with an overflowing BS bucket and into something they don't dread getting up in the morning to do.

Not retirement, to be sure, but a step in the direction of reaching the point where you have enough financial resources to choose something that doesn't fill the BS bucket so much. And if they had the resources to retire completely but still chose to w*rk some, then they are still FI which is half of FIRE -- the prerequisite half to the other half. In that situation, just *knowing* that you can just walk away if the BS bucket fills too much is liberating sometimes because of the psychological aspect of it.

So perhaps they played fast and loose with the term "retirement", but they still showed positive examples of running the numbers and realizing you don't need "one more year" in something that is taking a vampiric drain on your soul and your happiness. That's something, at least.

I agree with this post generally and the bolded part specifically. Once I knew I could leave at any time or that if asked to leave it wouldn't negativity impact me, it was great. I asked for part time, not worrying about what the response would be, and got it. Worked a couple more years at a highly reduced stress level and banked a few more bucks. Said goodbye when they needed to reduce staff (volunteered) and got a severance package on my way out. Once it doesn't matter what happens, it seems good/better things do happen.