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04-02-2007, 04:14 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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For those of us still working but contemplating Early Retirement in the near future. What is your worst case scenario?
That is, for whatever reason, you decide (or being forced to) quit today, at this very moment, would you make it? Or do you have to look for another job soon?
Here's my worst case scenario: Imitate "Billy and Akaisha" lifestyle. Absolutely no need to look for work ever again.
What's yours?
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04-02-2007, 04:17 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 10,802
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 Quote:
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Originally Posted by Sam
Here's my worst case scenario: Imitate "Billy and Akaisha" lifestyle. Absolutely no need to look for work ever again.
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Billy and Akaisha will be thrilled by this. Are you by chance a diplomat?
Ha
__________________
Above all, humans are political animals.
Nota bene: I am either a moron or an idiot. So don't pay any attention to anything I say or you are one too. Please consult your financial advisor, astrologer or proctologist for whatever it may be that you are seeking.
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04-02-2007, 04:19 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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Quote:
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Originally Posted by HaHa
Billy and Akaisha will be thrilled by this. Are you by chance a diplomat?
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Edit: I think I understand now. You're being sarcastic. And you thought that I might have offended the Kaderlis. Thanks for the head-up.
No it was not meant to offend. It was meant as a compliment, an admiration. Because of them, there exists an escape route for me, should the worst happen.
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04-02-2007, 04:24 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,009
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I'd be looking for a new job or maybe a new career (being a lawyer is my backup plan if the current career loses its feasibility).
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04-02-2007, 04:24 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 9,991
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I went through the mental exercise recently. If I were suddenly out of a job, I would take a month off before even contemplaying my options. Then it would be find another job or start a business.
__________________
"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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04-02-2007, 04:24 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2003
Posts: 3,847
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Quote:
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Originally Posted by Sam
Here's my worst case scenario: Imitate "Billy and Akaisha" lifestyle. Absolutely no need to look for work ever again.
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That's a pretty good "Worst Case Scenario".
What is your "Best Case Scenario"?
__________________
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
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04-02-2007, 04:30 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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My best case scenario is to retire as planned 4 years from now. Will probably live the "Billy and Akaisha" lifestyle as well, but at a different level.
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04-02-2007, 04:49 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,612
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Quote:
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Originally Posted by Sam
For those of us still working but contemplating Early Retirement in the near future. What is your worst case scenario?
That is, for whatever reason, you decide (or being forced to) quit today, at this very moment, would you make it? Or do you have to look for another job soon?
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Looking at your worst case scenario is part of the FIRE process.
In a worst case scenario (defined as losing current earned income), I could RE right now with what I have, but I would not want to live on a slightly higher than bare bones budget for the next 40+ years.
Still, it's a good feeling to know you have enough set aside early in life so that for a few years, you could keep living the normal life you have been accustomed to living while you look for other sources of income (if you need to). The average guy on the street may have 6 months of living expenses saved while most FIRE-to-be people here may have more than 6 years of living expenses set aside.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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04-02-2007, 04:53 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,009
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On second thought, I'd take the 6-9 months of unemployment pay and call it a "sabbatical".  Assuming I got fired, and not that I quit.
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04-02-2007, 08:58 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 1,886
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Quote:
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Originally Posted by retire@40
while most FIRE-to-be people here may have more than 6 years of living expenses set aside.
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How did you come up with that "6 years"?
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Originally Posted by justin
On second thought, I'd take the 6-9 months of unemployment pay and call it a "sabbatical". Assuming I got fired, and not that I quit. |
 You are not alone thinking that. In reality, most people don't stick around just for unemployment check collecting, unless they are forced too. The amount is so small compared to their normal income that the incentive to "not work" does not materialize.
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04-02-2007, 09:09 PM
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#11
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Moderator Emeritus
Join Date: Feb 2006
Location: Tampa
Posts: 6,899
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Well, as long as you're being morbid, suppose you opt against LTC insurance due to its chaotic state. Then one of you gets a chronic debilitating disease and ends up in a 70K per year nursing home. A year or two later, the other one -- now living on a small allowance, gets his or her own disease.
Or, you count on an ESRBob-style part time income stream, then become disabled, then face a severe and long bear market.
But all these scenarios are not likely, and people tend to adjust, belt-tighten and improvise. Nothing protects agains all worst-cases. I think there is more risk in over-planning for the worst case 1% scenario than there is in having sensible cushion and living a good life.
__________________
Rich
Tampa, FL (ESR-bound. Really. I mean it. Seriously.)
As if you didn't know..If the above message happens to contain medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any medical purpose whatsoever. Consult your own doctor for all medical advice.
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04-02-2007, 09:26 PM
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#12
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Moderator Emeritus
Join Date: Feb 2004
Location: Oahu
Posts: 17,531
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Quote:
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Originally Posted by Rich_in_Tampa
I think there is more risk in over-planning for the worst case 1% scenario than there is in having sensible cushion and living a good life.
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I think there's much more risk in living one's life for the worst-case 0.001% scenario, but I think that just obsessively planning for it is an exercise that helps many ERs sleep well at night.
At least that's how it works for me. 10,000 or so posts later I'm sleeping a bit better now...
__________________
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For more info see "About Me" in my profile.
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04-02-2007, 09:59 PM
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#13
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Moderator
Join Date: Dec 2005
Posts: 4,165
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My worse case is that I get killed by a falling jet engine and our cats inherit. Anything else is gravy.
__________________
Angels danced on the day that you were born.
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04-02-2007, 10:08 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,612
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Quote:
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Originally Posted by Sam
How did you come up with that "6 years"?
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It was a combination of parallel construction (6 months...6 years), an estimate based on what I remember from various polls here, and pure speculation.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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04-02-2007, 10:39 PM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2005
Posts: 5,311
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Quote:
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Originally Posted by retire@40
Looking at your worst case scenario is part of the FIRE process.
In a worst case scenario (defined as losing current earned income),
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That's a worst case scenario? Boy, lots of sheltered lives on this board I guess!! Losing a job is a worst case scenario? I thought that happened to everyone. And if that was the worst that ever happened to me, I'd consider myself one hell of a lucky guy!
It's more fun to discuss scenarios such as: you reach FIRE at 45 and hear your doc tell you that you have terminal cancer at 45.1. Or you pick up the phone and hear the police tell you that your child was killed in an auto accident. Or your spouse dies unexpectedly. You get the idea. Dealing with the loss of a job or the failure of a business requires knuckling down and replacing it. But, compared to real problems in life, shouldn't even be given a moment's thought.
Fellow posters, please don't be offended by this, but we really do lead charmed lives and most have few clues as to what "worst case scenarios" are all about.
__________________
DW paddling the Kankakee River........
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04-03-2007, 12:41 AM
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#16
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Full time employment: Posting here.
Join Date: Dec 2006
Posts: 509
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Who gets the money when the cats die?
Quote:
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Originally Posted by bssc
My worse case is that I get killed by a falling jet engine and our cats inherit. Anything else is gravy.
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04-03-2007, 12:52 AM
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#17
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Moderator
Join Date: Dec 2005
Posts: 4,165
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Quote:
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Originally Posted by Peaceful_Warrior
Who gets the money when the cats die?
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The remainder of the trust goes to the Humane Society.
__________________
Angels danced on the day that you were born.
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04-03-2007, 06:45 AM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 9,991
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Quote:
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Originally Posted by youbet
That's a worst case scenario? Boy, lots of sheltered lives on this board I guess!! Losing a job is a worst case scenario? I thought that happened to everyone. And if that was the worst that ever happened to me, I'd consider myself one hell of a lucky guy!
It's more fun to discuss scenarios such as: you reach FIRE at 45 and hear your doc tell you that you have terminal cancer at 45.1. Or you pick up the phone and hear the police tell you that your child was killed in an auto accident. Or your spouse dies unexpectedly. You get the idea. Dealing with the loss of a job or the failure of a business requires knuckling down and replacing it. But, compared to real problems in life, shouldn't even be given a moment's thought.
Fellow posters, please don't be offended by this, but we really do lead charmed lives and most have few clues as to what "worst case scenarios" are all about.
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I think you didn't get answers like this because there is nothing any of us can do to plan for or avoid such things. Sure, in the dark pit of a sleepless night I think about that sort of thing once in a while and clearly these are worse outcomes than loss of a job, etc. But there is no point in obsessing over it because tehre is nothing that can be done except deal with it if it happens.
__________________
"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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04-03-2007, 07:17 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,897
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as i've mentioned on an earlier post, life is pretty good when your so-called worst case scenerio simply forces you into a life of adventure.
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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04-03-2007, 07:18 AM
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#20
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Moderator
Join Date: Sep 2005
Location: Charleston, SC
Posts: 4,572
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Quote:
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Originally Posted by bssc
My worse case is that I get killed by a falling jet engine and our cats inherit. Anything else is gravy.
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My worst case, but then the dogs sue the cats for their fair share and it gets all over the tabloids! But it is good to know that we arent' the only ones with an estate plan that includes pet care!
Sarah
__________________
"Never argue with a fool, onlookers may not be able to tell the difference." - Mark Twain
DINKS, 38 and 46, plan for his ER at 50, mine few yrs later.
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