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Transition Plan Needed
Old 10-28-2004, 08:35 AM   #1
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Transition Plan Needed

Here is the dilemma, I want to achieve ER but my near term income needs won't allow it. I have run the numbers and our resources appear sufficient for the long run, but the next few years require more income than that. *The best solution I have come up with would be to somehow convince my employer to take me on part time. I think this would be a
win-win situation but broaching the subject might entail some employment risk. *
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Re: Transition Plan Needed
Old 10-28-2004, 08:41 AM   #2
 
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Re: Transition Plan Needed

Rock,

Very tough to say with the info you've provided. How many years off from ER are you?

Could you take a lower paying job, if you downsized your living quarters?

Maybe you just need to switch jobs for a change of scenery.

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Re: Transition Plan Needed
Old 10-28-2004, 09:59 AM   #3
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Re: Transition Plan Needed

Quote:
Could you take a lower paying job, if you downsized your living quarters?

Maybe you just need to switch jobs for a change of scenery.
That's one of the real plusses to planning for FIRE. You've got the fallback that if your current high stress/high income job becomes unbearable you can shift gears and slow down your pace somewhat. It may mean reducing the amount you save every year or maybe eliminating them but you are still ahead.

It was kind of liberating when I realized a few years back that if I completely stopped saving for retirement and made just enough to live on that my current savings would grow (with a small real growth rate) to fully support me in "regular" retirement (age 65).
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Re: Transition Plan Needed
Old 10-28-2004, 11:08 AM   #4
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Re: Transition Plan Needed

There is a book called Downshifting (by John Drake) that might be useful for you. It specifically goes into strategies for approaching and negotiating with your employer for more flexible working arrangements.

Good Luck,

ESRBob
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Re: Transition Plan Needed
Old 10-28-2004, 06:10 PM   #5
 
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Re: Transition Plan Needed

"part time consulting" is tough. I have done it,
successfully. But, unless you have an "in", it's very
difficult to start from square one. Actually, anyone
who is doing consulting on their own has a tough row to hoe. In my case, I had my superego to fall back on.
My hat is off to anyone who can do this on a long term basis.

John Galt
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