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Old 04-18-2014, 04:34 PM   #61
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I am a bit surprised, too. Most ER'd folks are saying no way.
I am not too surprised. Members on this forum, in general, share the wisdom that once FI is achieved, the need to acquire more is not warranted. That's all RE about. Time is more important than money.
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Old 04-18-2014, 04:54 PM   #62
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Thanks for all the comments. I agree more money beyond a certain amount doesn't bring anymore happiness. I'm just trying to make sure I have that "certain" amount for life.

Almost everything I earn is saved. We live a relatively modest lifestyle, but don't deprive ourselves by any means. Our spending has not really increased as my earnings have throughout my career.
You can never be "certain." Unfortunately, the events that make a "certain" amount inadequate are horrible. I discovered after being ejected from Mega Corp in 2002 and finding a position as a NASA contractor in 2004 that I had be FI for quite awhile. Since then, assets have grown significantly and I've decided that I am now working for my grandchildren.

Based on the 95% "safe" amount from FireCalc, I haven't ever spent that much on my living expenses. iOPR says I can spend an almost obscene amount. Yeah, this is my last year -- I think.

In what I am assuming to be my last OMY, I've bought a new car, installed a new patio and will do my pilgrimage to Europe twice if DW can be inspired. My only derail is that there are now openings in the company office outside of London for people with my skill set. I'd be easily corrupted to stay on with a salaried vacation in Europe even if I had to show up and pretend to work.
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Old 04-18-2014, 05:18 PM   #63
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Two ways to be rich: earn more or desire less.

One thing I've seen with myself, and big time with my 89 year old mom, is that there is a large downside with acquiring things and even experiences.

For instance buying a new gadget, you need to research it first, spend some finding the best price,when you get it you have set it up, learn how to use it, and adjust your life to use it. My mom and her boyfriend have had a cell phone for the last four year or so. I'd say perhaps this last year the convenience of having one has finally outweighed the hassles, of partly learning how to use it (voicemail is a confusing mystery), rememberingto carry it with her,and charge it at night etc. On the other hand for her boyfriend, if he could travel back in time I'm sure he demand a $1,000 to put up with the hassles of a cellphones.

In theory, I'd like to travel more. In practice the hassles, find pet and house sitters, putting up with airplane flights, and risking uncomfortable accommodations, greatly reduce my desire.

I'd consider going back to work for $100,000/year for a really great job (especially with equity) but a $1 million for soul sucking megacorporate very stressful job no.

In economic terms the marginally utility of an additional $ is greatly reduced.
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When would you turn down $1 million?
Old 04-18-2014, 06:17 PM   #64
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When would you turn down $1 million?

When it required me to have sex with a zombie. Not just a lackadaisical woman, a real zombie.

Ha
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Old 04-18-2014, 06:19 PM   #65
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When it required me to have sex with a zombie. Not just a lackadaisical woman, a real zombie.

Ha
I'm beginning to detect a recurring theme in many of your posts...
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Old 04-18-2014, 06:29 PM   #66
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It's good to know that you are a fan.

Ha
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Old 04-18-2014, 06:39 PM   #67
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When it required me to have sex with a zombie. Not just a lackadaisical woman, a real zombie.

Ha

Obviously you just haven't meet the right zombie woman yet..
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Old 04-18-2014, 07:15 PM   #68
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That question is at the heart of my OMY repetition. I make safe six figures so it's not at the $1MM mark but it is still substantial. I effectively add this to my networth (less my SS and Medicare taxes) since it allows me to make no withdrawls for living expenses or medical insurance. What I do is frequently interesting from a nerd engineer standpoint. There are no significant or frequent hassles. The worst part of my day is driving in and back.
I had a similar philosophical discussion with an engineer right before I pulled the ER plug. He said he could not afford the cut in pay to retire. I showed him my hourly rate after I retire to be x$ / 0 hours = infinity He was mildly amused, but not enough to join me on the way out.
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Old 04-18-2014, 07:30 PM   #69
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I'm beginning to detect a recurring theme in many of your posts...

Give that man a hand!
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Old 04-18-2014, 08:14 PM   #70
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No lie. I would not trade a year of my freedom for $550,000 (~$1,500/day) which is roughly what you'd end up with after taxes. I thought I had "enough" when I retired at age 58, and at age 67 it appears as though I do.
Didn't you have one year of OMY syndrome?

If so, do you regret it today - 10 years later? Without that extra year, you might have 5-10% less than what you have today. Do you regret retiring at 58 instead of 57?
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Old 04-18-2014, 08:27 PM   #71
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...
When making these decision I think it is really important factor in all financial info especially taxes.

So if you are making $1 million a year and your portfolio is $5 million. After tax you probably are only making an additional $500K $600K if you live in very low tax state.

Assume your portfolio earns 5% and spending is $150K. If you were retired your net worth would $5.1 million, if you continue working it is a $5.6 or roughly a 10% growth. Is 10% worth an extra year of your life perhaps.
Oh, that's right. After all the "friction losses", the $1M amount can shrink quite a bit, to $500-600K perhaps.

Your post got me thinking a bit. So, I looked at what my portfolio is now vs. what it was exactly 1 year ago. Add to the present value the amount that I spent in the last 12 months, and the increase is ...

No, can't tell the whole world here . It is less than $600K, but a nice percentage of that. Nice, nice... Of course, all that could vaporize with a "Wh***" post...

Still, as I mentioned in an earlier post, if they would pay me $1M gross annual salary to do what I did on my last contract job, I would gladly do it and might even go to a few silly meetings, and suffer some fools.

It is a joy to develop something, build a prototype hardware and software and see it work. If somebody pays you handsomely to do your hobby, how could you say no?
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Old 04-18-2014, 08:42 PM   #72
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More fantasy. How many us us are ever going to be offered $1mm for one year's work?

Yet we have spent a lot of posts discussing why we would never do it. Me too, I would never do it because I would never be offered the opportunity, the same as 99% of the rest of us.
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Old 04-18-2014, 08:56 PM   #73
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Oh, that's right. After all the "friction losses", the $1M amount can shrink quite a bit, to $500-600K perhaps.

Your post got me thinking a bit. So, I looked at what my portfolio is now vs. what it was exactly 1 year ago. Add to the present value the amount that I spent in the last 12 months, and the increase is ...

No, can't tell the whole world here . It is less than $600K, but a nice percentage of that. Nice, nice... Of course, all that could vaporize with a "Wh***" post...

Still, as I mentioned in an earlier post, if they would pay me $1M gross annual salary to do what I did on my last contract job, I would gladly do it and might even go to a few silly meetings, and suffer some fools.

It is a joy to develop something, build a prototype hardware and software and see it work. If somebody pays you handsomely to do your hobby, how could you say no?
+1

I guess I am in my first month of retirement now (hard to tell since for the past 30 years I have been a mostly work at home software consultant) and want to second your post that I bolded. Indeed I did what I have been hired to do at at first did as a hobby and was pleasantly surprised to learn people would actually pay me for it.

Many years ago I ruminated on what it was exactly that made me happy, when I was happiest. I came to the conclusion it was when I had been given a project that 1) was very difficult but not impossible, 2) for some lucky reason I had the skill set to do it, 3) it was very important to someone (ie. their business success relied on it), 4) I worked with very smart people who let egos aside to complete the project as best we could. And finally to bask a short while in the glory when it was successfully completed.

It comes along only once in a while, but when it does there really is great joy, and I guess I have been lucky in my career to have been able to participate in these wonderful events.

But now after 30+ years I am ready and anxious to try this retirement thing, but do wonder if I will find the same joys (without the stress of course) that some of these projects presented.

And thinking about the question, I really don't think I would go back for another year, even if I were paid a lot. It would have to be some passion, not the money, and right now some of those old passions have changed, been there, done that kind of thing.

So no, I really wouldn't go back another year for just the money. No amount is enough to buy my time right now.
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Old 04-18-2014, 09:17 PM   #74
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When it required me to have sex with a zombie. Not just a lackadaisical woman, a real zombie.

Ha
I think I had sex with a zombie about three decades ago, but she was disguised pretty well. I married her and then lost a million over the next 17 years. Be careful, my friends...
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Old 04-18-2014, 09:22 PM   #75
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Wow. I thought they say if it goes longer than 4 hours, you should dial 9-1-1.
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Old 04-18-2014, 09:29 PM   #76
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More fantasy. How many us us are ever going to be offered $1mm for one year's work?

Yet we have spent a lot of posts discussing why we would never do it...
No, my posts were about how I would do it.

And it is true that nobody offers me $1M to do what I would, certainly not the people I last worked for. Heck, it would be worth it to them, but they will never find out now, will they?
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Old 04-18-2014, 09:54 PM   #77
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More fantasy. How many us us are ever going to be offered $1mm for one year's work?
Yes, as stated by the OP, it's a 1%'er question.

For myself, I often look at this issue using percentages. My financial networth (including pension) grows by about 10% for every additional year of work. That's sizable, but still in the noise. However, it grows by 50% for every 5 additional years of work. That's noticeable.

But there's the flip side, expressed well by calmloki above. How much of my life am I giving up by remaining in the workforce? I'm 54. There's a decent chance I'll live another 40 years. One year of my remaining life is 2.5%. Five years is 12.5%.

Obviously, it's much more complicated. There are other variables. There are often toxic costs to work. Job stress can reduce lifespan. There is no guarantee I won't die in ten years whether I work or not. Conversely, work doesn't put life completely on hold. I still enjoy my life.

But still, looking at it in this way, it costs me 2.5% of my life to receive 10% more in financial security and freedom. It costs me 12.5% of my life to receive 50% more. That's a lot of life to give up. But I still haven't retired.
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Old 04-18-2014, 11:35 PM   #78
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More fantasy. How many us us are ever going to be offered $1mm for one year's work?
Agreed - it's purely hypothetical. The chance of getting such offer is nil for me.
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Old 04-18-2014, 11:44 PM   #79
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But still, looking at it in this way, it costs me 2.5% of my life to receive 10% more in financial security and freedom. It costs me 12.5% of my life to receive 50% more. That's a lot of life to give up. But I still haven't retired.
Which is more important - your life or your money? What's the level of security are you seeking?
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Old 04-19-2014, 12:56 AM   #80
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I've already won. No reason to run up the score, especially since I no longer have any interest at all in playing the game.
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I love this. Never thought about it this way, but how true.

Since I've never made anywhere near that amount in my life, I would do it just for the thrill of seeing what it's like to get big paychecks. Most likely though after a few of the paychecks, I'd quit.
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