Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
1 year into retirement and going to try a part time consulting gig
Old 03-20-2016, 07:53 AM   #1
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 355
1 year into retirement and going to try a part time consulting gig

I haven't yet found a retirement activity that tickles my "analytical/investigative side that work sometimes provided so I signed up to do a part time consulting gig for old company.

I estimated that it is maybe 100 hours over the next three months so I will still have free time.

Cons
- I no longer have complete control over my calendar
- some percentage of the time isn't the stuff I enjoy (spent an hour on my client's account payable system already)
- getting wrapped back into the company politics a bit
- weather will start getting nice here so will cut into some potential biking time

Pros
- the project should be interesting
- I know and really like working with a couple of the people on the team
- charging 2x my old hourly rate
- will get to fly back to California a couple of times first class on their dime
- the extra cash will pay for some recent unexpected expenses


It is really an experiment to see if I enjoy it overall.



Sent from my iPad using Tapatalk
__________________

__________________
jabbahop is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-20-2016, 08:02 AM   #2
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
Sounds like this gig is a great fit for where you are right now.

Hope it all goes well and the good parts outweigh the (slight) negatives you mentioned.
__________________

__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 03-20-2016, 08:42 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,571
I continued to do some very part time consulting after I retired and found that the pros outweighed the cons - it keeps me mentally engaged with stuff I enjoy and doesn't interfere with anything else I want to do.

As an aside, I found that being a part timer and a consultant (rather than a partner) meant that I could more or less ignore whatever politicking goes around. Knowing I can say F%^& It anytime makes a difference.
__________________
Budgeting is a skill practised by people who are bad at politics.
traineeinvestor is offline   Reply With Quote
Old 03-20-2016, 08:53 AM   #4
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
They would have had me at "first class on their dime."

Why not try it while your skills and contacts are fresh? Sounds like you will enjoy the gig.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 03-20-2016, 09:02 AM   #5
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,668
Sounds too much like work to me!


Sent from my iPhone using Early Retirement Forum
__________________
Dash man is online now   Reply With Quote
Old 03-20-2016, 09:47 AM   #6
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,802
It's only for 3 months and there are a lot of positives. If you don't like it - you can stop after the 3 month mark.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 03-20-2016, 10:12 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,554
Three months is such a short time frame. It should fly by. Extra cash for unexpected expenses should give you some peace of mind. Spending time with people that you enjoy working with, will be nice. Sounds like a good experiment.
__________________
Dreamer is online now   Reply With Quote
Old 03-20-2016, 12:17 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2014
Posts: 1,453
7 months after I retired I got bored so do some p.t. consulting in my field and teach an online college class. I work about 10-15/hours/week and it is perfect. When we go on trips I can teach my class anywhere I have a computer. I have been doing this for 4 years and it is perfect.
__________________
Teacher Terry is offline   Reply With Quote
Old 03-20-2016, 04:33 PM   #9
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
Quote:
Originally Posted by jabbahop View Post

It is really an experiment to see if I enjoy it overall.
Nothing wrong with this at all. The key is you're only committed to three months and if it really goes sour you can walk when you want. I ended up going back to work but it was an easy gig, paid well, and had a short commute of three miles. Eventually things did go sour and I had the freedom to walk. That made all the difference in the world for me.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 03-20-2016, 06:09 PM   #10
Recycles dryer sheets
pullmyfinger's Avatar
 
Join Date: Jun 2008
Location: Redmond
Posts: 253
If I had an opportunity like that I would do it as well. Nothing wrong with easy cash.
__________________
Retired in 2014 at 45.
pullmyfinger is offline   Reply With Quote
Old 03-20-2016, 06:12 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,554
You should try duplicate bridge. It can consume you. And you meet a lot of people.
__________________
gerntz is offline   Reply With Quote
Old 03-20-2016, 11:03 PM   #12
gone traveling
 
Join Date: Oct 2007
Posts: 1,135
Agree. Sounds healthy .. Mentally and all.

Can I ask your age ?

Approx is ok. Just curious ...
__________________
papadad111 is offline   Reply With Quote
Old 03-20-2016, 11:29 PM   #13
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,712
I do this, worked about 7 weeks last year, as independent contractor ( 1099 ).

You should look into Vanguard solo-401K if you don't already know about it, as you can contribute to an IRA or ROTH in the 401K (plus of course an outside regular ROTH). Max contributions are approx $54,000

You would need to get this set up before the end of the year, but contributions could be as late as April 2017 for 2016 tax year.
__________________
Sunset is offline   Reply With Quote
Old 03-21-2016, 06:18 AM   #14
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 355
Thanks to everyone for their support and input. Was strange doing some work on the project on a Sunday night thinking about what I need to get done this week.

Papadad - I am 56.

Sunset - that is a really good suggest. We could be right up against our ACA cliff so having an ability to make some of that income go away could be really valuable.


Sent from my iPad using Tapatalk
__________________
jabbahop is offline   Reply With Quote
Old 03-21-2016, 08:15 AM   #15
Thinks s/he gets paid by the post
simple girl's Avatar
 
Join Date: Sep 2006
Posts: 2,505
Quote:
Originally Posted by Teacher Terry View Post
7 months after I retired I got bored so do some p.t. consulting in my field and teach an online college class. I work about 10-15/hours/week and it is perfect. When we go on trips I can teach my class anywhere I have a computer. I have been doing this for 4 years and it is perfect.
Teaching an online class is what I am looking to do, for exactly the same reasons - controlled investment of time, can work from anywhere (aka while we travel), keep my mind engaged, and bring in some extra "cushion" money.

I currently teach at a community college, so the transition should be fairly smooth. Just looking for the right opportunity.

Glad to hear someone else following this path really enjoys it!
__________________
simple girl
less stuff, more time

(49, married; DH 53. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH hopes to fully retire 2018 when he turns 55 to access 401K penalty-free...although he may decide to do part-time consulting)
simple girl is offline   Reply With Quote
Old 03-21-2016, 08:31 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Sep 2006
Posts: 1,318
Quote:
Originally Posted by jabbahop View Post
Was strange doing some work on the project on a Sunday night thinking about what I need to get done this week.
That's one of the reasons why I wouldn't consider it. It's been great not to think or worry about work. I value my freedom and peace of mind too much to be thinking about work again on Sunday night.

But if it makes you happy best of luck to you.
__________________
Corporateburnout is online now   Reply With Quote
Old 03-21-2016, 10:58 AM   #17
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,579
I think one of the good things about retirement is you can work because you want to. It seems this 3 month part-time project is a good fit for you, and of course the additional money never hurts. If you find it just is too much like work and you are not liking it, as pointed out it will be over in three months.
__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Old 03-21-2016, 03:39 PM   #18
Recycles dryer sheets
 
Join Date: Dec 2013
Location: Manhattan Beach
Posts: 194
+1 to giving this approach a try.

I was asked by former employer to take on a 3-5 month 10 hour per week project (that I was working on before and which has stalled for several reasons) ... so I sent them a list of a few things that I regarded as essential:

(1) defined term < 6 months
(2) no going to office, ever
(3) any travel would be business/first
(4) hourly rate of about 2x what I would have made in salary terms, but about 50% of what they would pay a law firm to do for them ....

And to my surprise, they agreed.

It's going Ok so far (4 months in) and will likely roll into another 90 days or so. It's been pretty low stress and less hours that originally envisioned. But I admit the extra cash has come in handy.
__________________
TallTim is offline   Reply With Quote
Old 03-22-2016, 08:43 AM   #19
Recycles dryer sheets
 
Join Date: Jun 2013
Location: N/A
Posts: 55
Jabbahop,

I think it's a great idea, especially early in the transition. If you decided to try and do it later in life you may find it tough to get back in the saddle even if it's part-time.

My transition into retirement has been a little rocky, as well. Not financially but mentally and socially. It probably would have been easier if the kids were out of the house but with one in first year of college and the other child still home who is extremely active in school, extracurricular activities and friends; DW and I find our social network is tied to them and their friends parents all of which are still working full time. So, DW and I decided to try part-time consulting in this interim period before full time retirement. We have found it to be rewarding on a number of fronts 1) Both DW and I like the mental and social aspects of the part-time gig. Like you, we are working with people we enjoy spending time with and they are respectful of our involvement. We have flexible arrangements and the work does not interfere with our family life, like full time work. No 24/7 commitments 2) This year are income will exceed our annual expenses so we will have no withdrawal from our investments. In fact, If things go well with a new proposal we might actually put 20K into savings on top of investment growth. 3) If possible, we want to leave a legacy for our kids, so in these transition years we can pad our nest egg. 4) Lastly, and maybe most importantly, I believe it's imperative for us in this transition to be role models for our children by being productive in society, but in control of our life. They can understand how reaching FI earlier than later can enhance the BALANCE in one's life.

I hope it works for you. Probably, the best part is you can always just say, sorry this is not working out for me and exit graciously stage right.
__________________
Balance is offline   Reply With Quote
Old 03-22-2016, 10:36 AM   #20
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,829
Quote:
Originally Posted by Dash man View Post
Sounds too much like work to me!
+1

But then, whatever floats your boat. Go right ahead, and I'll take care of all the "retired person stuff" (sleeping late, dressing like a bum, happily watching grass grow, only hanging out with people I like, doing whatever I please whenever I want to do it, etc) until you get tired of it.

Meanwhile be sure to fully fund your tax advantaged accounts, since that just might be the only advantage to working AFAIK. And thank you for your regular contributions to keep Social Security afloat!

OK, I'm joking. Honestly I am glad you have found something that brings you satisfaction. It's not for me, but then if we were all the same, the world would be a dull, boring place.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Consulting as Transition into RE CoolChange FIRE and Money 15 07-28-2015 10:18 PM
Last part-time gig now history Rich_by_the_Bay Life after FIRE 36 01-19-2011 08:48 PM
Part-time consulting work for nurses Tracy42 FIRE and Money 10 04-05-2007 10:15 AM
Consulting vs. part-time w*rk cj FIRE and Money 16 02-16-2007 01:32 PM
4 days until ER and hey I just got a great part time gig! newguy88 Life after FIRE 6 12-19-2006 10:21 AM

 

 
All times are GMT -6. The time now is 10:18 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.