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Old 04-13-2013, 07:08 PM   #41
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Yes, I'm single.

lhamo asks a good question. The $500 short is less than 15% of the monthly budget I'm working with now. I was able to cut another $120/month from the budget by getting rid of some non-essential luxuries without too much pain, so the gap is closing. However, I do like a few luxuries and a comfortable lifestyle, so I guess I'd probably prefer to do some paid work to keep them. This exercise is definitely good for zeroing in on the work vs. wants vs. free time trade-offs.
I too will be trying to find part time work to earn approx $500 per month for those 'want' vs need items. For both our sakes I hope it works !
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Old 04-14-2013, 09:24 AM   #42
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Remember how the only thing you both wanted then was some cheddar and jug wine, maybe a joint, and about 5 hours of making love?
And it was in Seattle, too.

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That was part of my original retirement plan, but it didn't take long before the star of that little play was gone. Not nearly as attractive when flying solo.
I understand.

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None of this applies to you, I am sure you are a lot more realistic than I was.

Anyhow, I can't imagine that you will be money constrained.

Ha
Time will tell, but today I am feeling a lot more confident that we will survive. There was a time when I thought we were really going to be 'hooped' (as the Canadians say).
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Old 04-15-2013, 07:07 AM   #43
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Doing nothing all day would drive me batty. I'm one of those people who can't sit still and has to be constantly doing something productive (just wired that way, I guess).
I have that problem too, it's part of the reason I got a job after retiring from a career. But I didn't know that then, and nearly "went batty" with no specific goals in mind.

But I learned, and when I quit my job this July I already have plans to go to a nearby college for photography classes.

A bit of trivia: On the website for the school they suggest trying to find a Cannon AE-1 film camera to shoot B&W film with. They were made in the late '70's - early '80's. I still have mine that I bought new in 1979! So I'll have to send that out for a checkup soon.
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Old 04-15-2013, 03:16 PM   #44
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Since no one, regardless of our current health or genes, knows how many healthy years we have left, it made sense to me to retire early and make my numbers work by cutting expenses. I look at my first years in retirement as being like a sure bet. I can count on being able to do the things I want to do because I'm still healthy. If I wait, can I count on my health being good - no. There are a lot of things I can do down the road to further cut expenses, but when my health is gone, there's no amount of money that can buy it back.
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Old 04-15-2013, 05:57 PM   #45
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The other issue is time. You can never get time back. I have few regrets, but one of them was not pursuing my writing dreams more aggressively in my 20s and 30s.
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Old 04-16-2013, 02:19 PM   #46
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Welp, I chatted with HR about some proposals for part-time work and none of them worked for them. She did tell me that if I wanted to focus on the next world (my writing) the way I want to, I may have to exit this one (the day job).

I've debated whether I should sell some of my taxable holdings to pay off the mortgage so my monthly expenses will be really low. I know that long-term, it's not a good financial move, especially with a 4% mortgage, so I haven't done it. But I'm not willing to put my life on hold any longer -- it's not all about the numbers anymore for me. I know some people are advising stick it out a bit longer, but I think 24 years doing work I hate is plenty long enough. Some of my job switches were specifically to keep me hanging on by my fingernails so I wouldn't rashly quit outright while I was still accumulating money.

I wish I wasn't so squeamish about posting my actual numbers here because I know I could get better advice if I did, but yeah, I'm squeamish.
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Old 04-16-2013, 03:00 PM   #47
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Welp, I chatted with HR about some proposals for part-time work and none of them worked for them. She did tell me that if I wanted to focus on the next world (my writing) the way I want to, I may have to exit this one (the day job).

I've debated whether I should sell some of my taxable holdings to pay off the mortgage so my monthly expenses will be really low. I know that long-term, it's not a good financial move, especially with a 4% mortgage, so I haven't done it. But I'm not willing to put my life on hold any longer -- it's not all about the numbers anymore for me. I know some people are advising stick it out a bit longer, but I think 24 years doing work I hate is plenty long enough. Some of my job switches were specifically to keep me hanging on by my fingernails so I wouldn't rashly quit outright while I was still accumulating money.

I wish I wasn't so squeamish about posting my actual numbers here because I know I could get better advice if I did, but yeah, I'm squeamish.
Maybe you just need a career change instead of retirement if you still have money concerns. Have you read The Millionaire Next Door? In that book many of the millionaires are successful because they love what they do and their jobs don't seem like work.
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Old 04-16-2013, 03:04 PM   #48
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The writing is the career change, albeit a risky one. I know the odds. I've made enough the past few years to cover three mortgage payments even though I was essentially dabbling, so at least I know I'm not being completely unrealistic. Only sort of unrealistic.
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Old 04-16-2013, 03:12 PM   #49
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The advice from Thomas Stanley on writing is to look for a low competition field. He said in one of his books his first love was history, but he avoided writing a history book because it was a field already crowded with good authors. So he picked a topic he knew people would be interested in, how to become a millionaire, because at that time no one else has really researched the topic yet it was something he knew a lot of people would be interested in.
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Old 04-16-2013, 08:25 PM   #50
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I think if I was interested in writing I would start writing ebooks and selling them on Amazon. I have found that more and more I find myself on Amazon ending up buying books where the author has directly published them on Amazon. I know that plenty of people do this unsuccessfully but some are very successful and others do get some real income from it.

I found an author a couple of months ago (basically through the customers who bought this book also bought X thing). I really liked her books and quickly all the approximately 19 books that she had written. It wasn't until I was almost finished reading them that I read her blog and found out that she is publishing directly on Amazon and basically started from nowhere but is now cranking out a book every month to 6 weeks or so.
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Old 04-16-2013, 09:28 PM   #51
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I'm definitely looking into self-publishing, but only as a part of an overall writing portfolio. I already have three books on Amazon published through an e-publisher, and the publisher does provide added value for me, especially on the editing side. On the other hand, the authors whose careers I want to emulate take a hybrid approach: use a trade publisher for some books and self-publish others. There are some fantastic options out there for authors now.
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Old 04-22-2013, 03:31 PM   #52
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Screw it, I'm ready to cut the cord NOW. It's not like I won't make another dollar in my lifetime ever. I have $1.15M already and only have to support myself. Why am I continuing to make myself miserable at a career I hate?
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Old 04-22-2013, 03:43 PM   #53
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Screw it, I'm ready to cut the cord NOW. It's not like I won't make another dollar in my lifetime ever. I have $1.15M already and only have to support myself. Why am I continuing to make myself miserable at a career I hate?
Because of the risk of retiring early and not being able to recover is greater than the perceived and untested benefits.
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Old 04-22-2013, 03:49 PM   #54
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See, I view it differently. I believe the benefits are greater than the risk at this point. I already have too many regrets from focusing on the money and career at this point and I have no desire to add more. Deep inside, I know that if I wait until, say, 50 to make the jump, I won't even make it to age 50. But at least then I'll no longer have to worry about outliving my money, right? [/sarcasm]

At a certain point, it can't be solely about the numbers anymore. You know how some people talk about diminishing returns when it comes to spending money? I feel I'm hitting diminishing returns in accumulating money. Time is not a renewable resource, and I'm sick of wasting mine with work I don't even like.
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Old 04-22-2013, 03:59 PM   #55
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See, I view it differently. I believe the benefits are greater than the risk at this point. I already have too many regrets from focusing on the money and career at this point and I have no desire to add more. Deep inside, I know that if I wait until, say, 50 to make the jump, I won't even make it to age 50. But at least then I'll no longer have to worry about outliving my money, right? [/sarcasm]

At a certain point, it can't be solely about the numbers anymore. Time is not a renewable resource.

The thought of having fully depleted my savings at 80 years old scares the crud out of me. How would that make YOU feel ? Thats the balance we all need to reach.
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Old 04-22-2013, 04:28 PM   #56
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The thought of having fully depleted my savings at 80 years old scares the crud out of me. How would that make YOU feel ? Thats the balance we all need to reach.
So, uh, you expect that once you pull the plug you can never make mid-course corrections or earn any money? Not very realistic.
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Old 04-22-2013, 05:12 PM   #57
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Screw it, I'm ready to cut the cord NOW. It's not like I won't make another dollar in my lifetime ever. I have $1.15M already and only have to support myself. Why am I continuing to make myself miserable at a career I hate?
I don't blame you. Surely you can find a fun part-time job if your writing doesn't pay off. No need to be miserable.
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Old 04-22-2013, 09:29 PM   #58
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So, uh, you expect that once you pull the plug you can never make mid-course corrections or earn any money? Not very realistic.
I'm planning to retire and minimize my chances of having to return to the w*rkforce. Anything else is planning a sabbatical.
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Old 04-22-2013, 09:35 PM   #59
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I'm planning to retire and minimize my chances of having to return to the w*rkforce. Anything else is planning a sabbatical.
I guess it just depends on how you look at it. I'm perfectly happy with about a 95% chance of success. DH feels 80% is enough.

To require an ironclad 100% until one is 95 to me is not planning a sabbatical particularly where I know where I could cut things if I needed to cut them.

If I had a very tight budget that already just barely covered bare necessities then I might want more of an ironclad chance of success. But, my budget - while not extravagant - does have ample discretionary spending in it that if the 5% chance I am taking were to look like it might come about then I would adjust and would adjust well in advance.

Now, if I was planning for say $75k a year spending (that isn't my real long term number) and I knew that I could never be happy with $74k then maybe I would want a 100%. However, if I was planning for $75k and felt that I could be happy with, say, $65k if need be, then I would have no problem retiring with 95% certainty.
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Old 04-22-2013, 09:38 PM   #60
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I'm planning to retire and minimize my chances of having to return to the w*rkforce. Anything else is planning a sabbatical.
Whatever floats your boat.
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