No early retirement for these families

[FIREd]

In America we sometimes feel that entrepreneurial successes are somehow superior to putting in one’s time in large organization. At the same time, we tend to disparage those whose fail in these endeavors. There is a lot of "I told you so" in some of the posts in this thread.

Likely as not the risk taking urge, or the inability to function smoothly and happily in a more bureaucratic structure is mostly beyond the control of the individual, an accident of genes and perhaps upbringing. Just like the guy who becomes a Navy Seal is a very different guy from the careerist serviceman who always has his eye on advancement and eventual retirement.

Similarly the risk avoidance found in many people who pursue organizational careers is usually not a choice, it's mostly given by their genes.

Ha

I would disagree with your assessment that "people who pursue organizational careers" avoid risk. It's just a different kind of risk. I don't invest my money in a business I own (as many entrepreneurs do), but I invest it in other people's businesses (via stocks, bonds, etc...) which can be very risky as we all know. And working for someone else carries plenty of risks too.

 

[unclemick]

Right. Working with ex/retired fighter pilots was way different than ex bomber jocks.

heh heh heh - The bomber pilots were more organizationally aware - if there is such a term.

 

[tuixiu]

I enjoy working for others because I'm basically pretty lazy, and if I was in business for myself I assume that would lead to failure.

I don't mean lazy as in doesn't can't hold a job or shows up late all the time, but I do like to clock my 40 hours and be done with it. In fact that 40 hours is only tolerable with a reasonable share of web surfing or chit-chatting along the way.

I'm pretty good at what I do so I believe my reputation as a solid performer stands despite my not being the 7am to 6pm type, and that's a trade off I'm willing to make for realizing I'll never be someone with 5 million dollars in the bank and a mercedes in the driveway. Do my 20-25 years and get out in my late 40s, done deal.

 

[Sarah in SC]

I enjoy working for others because I'm basically pretty lazy, and if I was in business for myself I assume that would lead to failure.

I don't mean lazy as in doesn't can't hold a job or shows up late all the time, but I do like to clock my 40 hours and be done with it. In fact that 40 hours is only tolerable with a reasonable share of web surfing or chit-chatting along the way.

I'm pretty good at what I do so I believe my reputation as a solid performer stands despite my not being the 7am to 6pm type, and that's a trade off I'm willing to make for realizing I'll never be someone with 5 million dollars in the bank and a mercedes in the driveway. Do my 20-25 years and get out in my late 40s, done deal.

Yeah, exactly. What you said! You reading my mail, Tiu?

 

[freebeer]

Another fine point is that it is not just entrepreneurial *successes* that create jobs and advance the overall economy - even *failures* often add value. A favorite example of Andy Grove, founder of Intel, is the "railroad fever" that swept the U.S. in the 19th century. Far more railroads were built than was economically viable. And while some "railroad barons" of course made fortunes, many others went bust, along with their investors. Yet, this in turn stimulated all kinds of other industrial development, not to mention modern retailing (Sears, Roebuck etc.). Arguably the "dot com" boom of the late 1990s had a similar effect of, while losing money for many, creating a fertile field for other innovations and efficiencies.

My personal example is restaurants. While most lose money for their owners, these labors of love (aka "foolhardy investments") keep the variety higher and the prices lower for all of us patrons.

 

[REWahoo]

My personal example is restaurants. While most lose money for their owners, these labors of love (aka "foolhardy investments") keep the variety higher and the prices lower for all of us patrons.

Your saying it's OK for folks in their 60's to use their retirement savings to start restaurants so the rest of us can eat out for less?

 

[Notmuchlonger]

I enjoy working for others because I'm basically pretty lazy, and if I was in business for myself I assume that would lead to failure.

I don't mean lazy as in doesn't can't hold a job or shows up late all the time, but I do like to clock my 40 hours and be done with it. In fact that 40 hours is only tolerable with a reasonable share of web surfing or chit-chatting along the way.

I'm pretty good at what I do so I believe my reputation as a solid performer stands despite my not being the 7am to 6pm type, and that's a trade off I'm willing to make for realizing I'll never be someone with 5 million dollars in the bank and a mercedes in the driveway. Do my 20-25 years and get out in my late 40s, done deal.

My MIL used to tell me that I should start my own restaurant. Im a fairly decent cook. Im smart enough to know that I wouldn't work hard enough for myself to ever make it a success

 

[old woman]

I bet my entire life savings in equities because I don't know what else will allow me to ever retire. I did lose a lot in the last two years and now at 61 I am still afraid to get out of equities. I am saving as fast as I can but putting my life savings in a passbook savings account will mean I never have enough. The thing is you can retire with nothing at all and live on social security if you have to. A coworker is 63, no home, childless, about 60K in the 401K and saving 125 per week for retirement. Her plan for retirement is for her sister to buy a house in a tiny town in the middle of nowhere that she can get for $250 a month and live with her sister. She was living with her sister and BIL before but now is living with a woman in her 90s as a caregiver. Her sister will be a widow soon and is older, their kids are on drugs. I see the chosen lifestyle as a prison it is about 100 miles to the nearest larger town so they will be stuck in a town about 4 blocks long, no medical care without a major trip. But her retirement is planned and she seems to like the plan.

 

[Delawaredave5]

who sent pictures of her foot-high ceramic chicken, .

What is a foot high ceramic chicken ?

I don't have one.
I want one.
I NEED one.....
I'll borrow to get one !!!!!!!!

 

[Culture]

Her plan for retirement is for her sister to buy a house in a tiny town in the middle of nowhere that she can get for $250 a month and live with her sister.

Very off topic: OK, I have to ask, just in general if you do not want to give specifics, where does she plan to get this $250/month house?

 

[steve88]

Very off topic: OK, I have to ask, just in general if you do not want to give specifics, where does she plan to get this $250/month house?

My guess is its room for rent.

 

[unclemick]

What is a foot high ceramic chicken ?

I don't have one.
I want one.
I NEED one.....
I'll borrow to get one !!!!!!!!

Red. Garage sale. I had to bit my lip hard to keep from saying something I might regret later.

The head lifts off and you put ?cookies? inside. Three little red chickens came with it

She plans to send it to a friend retired in Arizona.

heh heh heh - Postage will be more than the $5 she paid at the garage sale - which I thought was over priced then. .

 

[deserat]

Red. Garage sale. I had to bit my lip hard to keep from saying something I might regret later.

The head lifts off and you put ?cookies? inside. Three little red chickens came with it

She plans to send it to a friend retired in Arizona.

heh heh heh - Postage will be more than the $5 she paid at the garage sale - which I thought was over priced then. .

I have a ceramic chicken! In Italy they use ceramic chickens/roosters as water vases - there's some story about how the rooster's crow saved a town or something or other. They are quite cute and useful Plus, you can get them cheaply.....