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Please pick my plan apart.
Old 11-23-2014, 12:02 PM   #1
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Please pick my plan apart.

My three year plan: (currently I am age 43)

By age 46 have:
$30,000 yearly income from rental properties. (Completed, paid off last mortgage last Friday.)
$50,000 yearly income from self-employment. (Completed, but don’t know what the future holds for this income.)
Maintain $40,000 a year in expenses. (Complete, but not sure how healthcare may change this.)
$1,000,000 invested in stocks, bonds. (This is the last goal I have to meet. I figure 1,000,000, if left alone, will grow to approximately 2,000,000 by age sixty and provide $60,000 a year income at a 3% WR)

Leave my job at 46. I will not be able to return once I leave. I plan to allow my occupational license to expire and I will no longer be able to work in that capacity. (This is the scary part, I am highly compensated and would not be able to replace this income once it is gone.)

Anyone else do something similar? Rather than save every year and then retire right away, set a lump sum to the side for retirement well short of the amount you think you will need, leave it alone, add little to it and take none away, and let it grow. Then, derive income from your passions or hobbies until your retirement account has grown to meet your SWR. Please pick my plan apart. Any comments are appreciated, constructive or otherwise.
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Old 11-23-2014, 12:05 PM   #2
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The money part looks fine.

It's not clear to us what your "self-employment" will be or why it is uncertain.

Also, if things do not work out for some reason, how difficult is it for you to get re-licensed once it expires?
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Old 11-23-2014, 12:23 PM   #3
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Originally Posted by treeofpain View Post
The money part looks fine.

It's not clear to us what your "self-employment" will be or why it is uncertain.

Also, if things do not work out for some reason, how difficult is it for you to get re-licensed once it expires?

My self-employment is from software development and I don't know what the future holds for the applications I have developed with the constant changes in technology and changes in the industry for which the software is written.

It would be extremely difficult to get the license back. There are a series of exams that are difficult to pass, required classroom instruction courses that would have to be paid out of pocket, and then finding employment would be difficult especially as I get older due to concern over physical limitations by potential employers. MRI's of the back are pretty common by employers in my industry even for applicants in their twenties. Any sign of deteriorating disk and your out.
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Old 11-23-2014, 01:34 PM   #4
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My self-employment is from software development and I don't know what the future holds for the applications I have developed with the constant changes in technology and changes in the industry for which the software is written.

It would be extremely difficult to get the license back. There are a series of exams that are difficult to pass, required classroom instruction courses that would have to be paid out of pocket, and then finding employment would be difficult especially as I get older due to concern over physical limitations by potential employers. MRI's of the back are pretty common by employers in my industry even for applicants in their twenties. Any sign of deteriorating disk and your out.
I would advise to keep the license , even if it requires fees, continuing education etc. You never know when it could be useful , like a consultant or expert witness. I have several , and keep them current , just in case.

Here in the US , with the exception of public safety applicants, ( fire, police, park ranger) , it is illegal to require a pre employment offer physical , they can only ask if you can do the job with reasonable accommodation. If an offer of employment is made , you have to be truthful on medical history , but it comes down to a physician stating you are too disabled to do the job, and they are reluctant to do that.

Some municipal governments were pushing the envelope on this, trying to require a physical exam for any type of job , before even making an offer , a lot lost $$$,$$$ in discrimination settlements , so the don't anymore. I just left 12+ years of municipal government work , I can tell you first hand, some government managers really think the law does not apply to them, and have no qualms about violating someone's rights. ALL civil servants take an oath , including upholding the constitution , it means nothing to some managers.

An electrical contractor I am familiar with was requiring a liver biopsy of applicants to check for traces of PCB's . After an expensive lawsuit, he doesn't do this anymore.
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Old 11-23-2014, 02:07 PM   #5
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An electrical contractor I am familiar with was requiring a liver biopsy of applicants to check for traces of PCB's . After an expensive lawsuit, he doesn't do this anymore.
A liver biopsy? That's unbelievable! Liver biopsy is an invasive test that may lead to severe bleeding (especially if the patient has liver disease). How in the world did he ever get away with that, even once? I don't think it is ethical for a physician to do a test like this unless the patient's condition requires it.
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Old 11-23-2014, 02:19 PM   #6
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A liver biopsy? That's unbelievable! Liver biopsy is an invasive test that may lead to severe bleeding (especially if the patient has liver disease). How in the world did he ever get away with that, even once? I don't think it is ethical for a physician to do a test like this unless the patient's condition requires it.
This was back in the mid 1980's , PCB's were being phased out, most older electricians were exposed during their career's, so this dumb-ass contractor thought it would shield him from future workers comp. liability. Not very smart. PCB oil transformers are long gone, but some old lamp ballast's containing PCB's are still in use, many over 50 years old.

A needle biopsy sure sounds painful too.
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Old 11-23-2014, 02:43 PM   #7
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I would advise to keep the license , even if it requires fees, continuing education etc. You never know when it could be useful , like a consultant or expert witness. I have several , and keep them current , just in case.
I will consider keeping the license for five additional years after I leave the job. It wouldn't be too much work to keep it for that amount of time and it would allow a trial execution of my plan with something to fall back on. This is the prudent thing to do but I was sure looking forward to the end of all of the red tape and the waste of time maintaining that license.
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