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Re: Balance between ER and living for today
Old 06-13-2005, 03:52 PM   #81
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Re: Balance between ER and living for today

Xprinter
Sorry for your loss.
As far as learning something from your Grand Mother seems to me you already have.
Regards,
JOE
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Re: Balance between ER and living for today
Old 06-13-2005, 04:09 PM   #82
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Re: Balance between ER and living for today

Xprinter -- add my condolences to the list. Sounds like she was a great lady, and will be missed.

Caroline
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Re: Balance between ER and living for today
Old 06-13-2005, 06:45 PM   #83
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Re: Balance between ER and living for today

Me too- sorry for your loss. It seems that she lived a very superior life, and a very long one too.

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Re: Balance between ER and living for today
Old 06-13-2005, 07:31 PM   #84
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Re: Balance between ER and living for today

I'm sorry for your loss also. She sounds like a great lady.
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Re: Balance between ER and living for today
Old 06-13-2005, 07:55 PM   #85
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Re: Balance between ER and living for today

Quote:
Originally Posted by HaHa
Flowgirl, could you tell us about the country where you spent that time? Anyplace cheap where a woman would feel comfrotable alone for that long must be a pretty decent place.

Thanks-Haha
It was China - I was in classes 20 hrs/week working on my Mandarin. I've travelled in SE Asia and and always felt pretty safe, but have never even felt slightly uncomfortable in the good old PRC. I'm not sure its the kind of place you'd want to ER, but its a great place to do some long term travelling - super cheap, especially outside of Beijing and Shanghai, and easy to get bargains if you speak some of the language or know a native who can show you around.
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Re: Balance between ER and living for today
Old 06-14-2005, 04:58 PM   #86
 
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Re: Balance between ER and living for today

Flowgirl,

I just enjoyed some reading on your web site (I'm assuming that spendingwisely.com is yours). Why not add a link to your site in your signature. You'll be doing others a service, and I don't think anyone will view it as crass advertising.
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Re: Balance between ER and living for today
Old 06-14-2005, 05:11 PM   #87
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Re: Balance between ER and living for today

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Originally Posted by TromboneAl
Flowgirl,

I just enjoyed some reading on your web site (I'm assuming that spendingwisely.com is yours).* Why not add a link to your site in your signature.* You'll be doing others a service, and I don't think anyone will view it as crass advertising.
Nope that website belongs to Holly Ordway, another regular poster here. I'm much to lazy to put together anything that slick and informative
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Re: Balance between ER and living for today
Old 06-14-2005, 07:00 PM   #88
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Re: Balance between ER and living for today

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Or if you want to get real, you are on your deathbed and you tell yourself. "I'm really glad that I never went on that African Photo Safari - I'll be able to leave my ungrateful heirs another $30,000!"
Love the sentiment here, Cut-throat!*

(I'd only add, for anyone who's really interested, that an African Photo Safari doesn't cost anywhere NEAR $30K...* Mine didn't, and it was worth every penny.)

L'Chaim!
Caroline*
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Re: Balance between ER and living for today
Old 06-14-2005, 07:58 PM   #89
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Re: Balance between ER and living for today

I'll chime in a little late in the discussion. For the past several years, I haven't been doing much in the way of "living for today". I've been relatively frugal in terms of spending money (e.g., no new car, no big house, no wife, no kids, etc...). Presently, I've managed to recover a good chunk of the money I lost during the dot-com crash, have finally paid off approximately $75k in student loans, and amassed $300k+ in savings.

Now that I'm approaching the ripe old age of 35, I'm really, really, really itching to do something (or a series of somethings) that will give me some memories that I'll never forget. Yet my self-imposed frugality won't let go. I can afford a lavish trip to an exotic location, but I'm not sure that will really give me much in the way of fulfillment vis-a-vis the cost.

I'd much rather take a few months off to free my mind from its shackles of working for someone else. Many of my family members, friends and even colleagues have remarked that I have an inventive mind, both in terms of literal "inventions," and also business ideas. Yet the fear of being without a steady paycheck so is overwhelming.

Any of this sound familiar?
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Re: Balance between ER and living for today
Old 06-14-2005, 08:22 PM   #90
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Re: Balance between ER and living for today

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Originally Posted by Jay_Gatsby
I'd much rather take a few months off to free my mind from its shackles of working for someone else.* Many of my family members, friends and even colleagues have remarked that I have an inventive mind, both in terms of literal "inventions," and also business ideas.* Yet the fear of being without a steady paycheck so is overwhelming.

Any of this sound familiar?
The fear of losing that steady paycheck is the same fear some people have of retiring early.* Having fear is a good thing, but overcoming that fear is an even greater thing.* If you don't bet on yourself now, you will be talking to yourself for the rest of your life.

You're 35, no wife, no kids, and $300K saved up.* What are you afraid of?

http://www.jgeoff.com/godfather/gf1/ram/actman.ram
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Re: Balance between ER and living for today
Old 06-15-2005, 12:19 AM   #91
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Re: Balance between ER and living for today

Quote:
Originally Posted by FlowGirl
It was China - I was in classes 20 hrs/week working on my Mandarin.* I've travelled in SE Asia and and always felt pretty safe, but have never even felt slightly uncomfortable in the good old PRC.* I'm not sure its the kind of place you'd want to ER, but its a great place to do some long term travelling - super cheap, especially outside of Beijing and Shanghai, and easy to get bargains if you speak some of the language or know a native who can show you around.*
Thanks, Flowgirl. Sounds like a very interesting time.

haha
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Re: Balance between ER and living for today
Old 06-15-2005, 06:10 AM   #92
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Re: Balance between ER and living for today

Quote:
Originally Posted by retire@40
The fear of losing that steady paycheck is the same fear some people have of retiring early. Having fear is a good thing, but overcoming that fear is an even greater thing. If you don't bet on yourself now, you will be talking to yourself for the rest of your life.

You're 35, no wife, no kids, and $300K saved up. What are you afraid of?

http://www.jgeoff.com/godfather/gf1/ram/actman.ram
I gather from your post that you consider my "fear" an irrational one. However, the fear I'm encountering is not a fear of the unknown. Rather, it's a fear that I might lose some or all of the money I've amassed over past several years through very hard work and sacrifice of "living for today." Put differently, I don't want to have worked and saved away the best years of my life, blown some or all of it on a pipedream, and end up at age 40-45 with nothing more to show for my sacrifice and risk than the guy who "lived for today" the entire time. At least he will have enjoyed his money...

The solution to my self-imposed dilemma is probably to put some hard work into analyzing opportunities to minimize the risk. Perhaps once I've done that, I can let go enough to enjoy "living for today" while at the same time saving for ER.
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Re: Balance between ER and living for today
Old 06-15-2005, 08:22 AM   #93
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Re: Balance between ER and living for today

LBYM. After you LBYM, all bets are off. Save 10-15%, then do what you want! Just yesterday I was 40. 22 years ago, that is! Poof! The best years are gone, languishing in a cubicle somewhere.

If you don't know how to spend it, your kids/grandkids, or Uncle Sam will. And all of them will be soooooo grateful that you denied yourself! Right
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but...but...you can have it all!
Old 06-15-2005, 08:59 AM   #94
 
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but...but...you can have it all!

Jay,

For me, travel, by definition, is "exotic."* It needn't be expensive.* I'm a bit astounded by the $$ amounts I see quoted for vacations here.* In fact, I find "lavish" and "exotic" almost mutually exclusive, with lavishness merely insulating you from the real-life exotic nature of your destination.* Most of Europe is currently pricey, but given, oh, $1700 or so, and you could design a very nice trip to any number of exotic destinations:* Morocco, Argentina, Myanmar (Burma), Hungary, Central America....* Go for it!

tozz

Quote:
Originally Posted by Jay_Gatsby
Now that I'm approaching the ripe old age of 35, I'm really, really, really itching to do something (or a series of somethings) that will give me some memories that I'll never forget.* Yet my self-imposed frugality won't let go.* I can afford a lavish trip to an exotic location, but I'm not sure that will really give me much in the way of fulfillment vis-a-vis the cost.
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Re: Balance between ER and living for today
Old 06-15-2005, 10:23 AM   #95
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Re: Balance between ER and living for today

Travel does not necessarily imply wonderful memories for "later". What's that definition of adventure? "Something horrible happening to someone else far away"?

Travel doesn't hold much attraction for me. Generally, it seems more stressful than anything else. But I'm not a spontaneous tourist, willing to eat/sleep wherever I happen to find myself (my aunt and uncle can do that, but it drives me crazy). I like to have things planned out, but of course once you have an itinerary getting behind on it adds to the stress of dealing with a foreign culture/language/traffic.

I'll go somewhere because there is something I want to do or someone I want to see, but just going and sightseeing gets old real quick. It doesn't take me long to appreciate a view, and then I'm ready to move on (or even better go home). Nice restaurants and used book stores are high on our list of things to visit, and there are plenty of them within a 4 mile radius of my house in San Francisco, so why should I sit in a flying bus for 14 hours to see more of them?

People should probably try it a couple of times (I've been to New Zealand (looked like Northern California), Canada, Spain (looked like New Mexico where I grew up, just with more castles) and Italy) to see if it appeals to them, but if it doesn't a person shouldn't feel any pressure to "travel for the sake of travel memories".

Do what you like. I think there are plenty of people who are perfectly happy filing away memories of puttering around the house/neighborhood, just as there are plenty of people who can't wait for the next trip.

cheers,
Michael
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Re: Balance between ER and living for today
Old 06-15-2005, 10:38 AM   #96
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Re: Balance between ER and living for today

Jay , I took a hint in my early 40's from my "older Friends" ..(early 50's), and bought a boat that I was going to wait for when I retired in my early 50's. It wasn't anything they said, it was watching them go to their heart doctors, some for surgery, all being told to change their life style. Decided ER started now. Instead of putting 150K into the bank, i put it into a boat, and had a GREAT 3 years with it. Re-couped some of the money back, and am not left wondering what it would be like. Best yet I am still planning on retiring in my Early 50's.

Just came back from Bali and found it very cheap and friendly, but hot.(but will go back) There are alot of great places to vist , for fairly cheap. My step-son spent 5 months in New Zealand and didn't break the bank. Bought a camper van when he got there, traveled the whole width and length of NZ, then sold the Van when he left. Guess it is a common practise.

Balance is the key, making it to any age for any retirement, in good health and spirits, is an intangible investment that most don't make. Don't stress/kill yourself just for ER, enjoy the ride.

Chris24
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Re: Balance between ER and living for today
Old 06-15-2005, 11:43 AM   #97
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Re: Balance between ER and living for today

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Now that I'm approaching the ripe old age of 35, I'm really, really, really itching to do something (or a series of somethings) that will give me some memories that I'll never forget. *Yet my self-imposed frugality won't let go. *

I'd much rather take a few months off to free my mind from its shackles of working for someone else. *Many of my family members, friends and even colleagues have remarked that I have an inventive mind, both in terms of literal "inventions," and also business ideas. *Yet the fear of being without a steady paycheck so is overwhelming.

Any of this sound familiar?
Does this sound familiar?* Absolutely.

If I read your post correctly, Jay, you're tired of working for someone else, have considered travel or some other "memory-building" activities, would REALLY rather explore the possibility of going into business for yourself in some way, but don't want to invade your hard-earned capital to take a risk on something that might not fly.

My thought is:* "If not now, then when?"

For myself, I can remember sitting in a conference room at my old job, looking out at the California hills as the meeting leader droned on about issues I cared nothing about. I wished I were ANYWHERE but in that room.*

That was 15 years ago.*

"Golden handcuffs" and fear of change kept me tied to the software industry 'till now.* At 48 years old I've got a modest but growing nest egg, but my distaste for this industry and my work has grown even faster.* I will vest in my pension next year and quit the job afterwards.* But I can't help but think that if I'd left 15 years ago I'd have had a much richer life and become an expert in something I loved instead of something I loathed.

I've done a lot of very rewarding traveling to balance this lifestyle, and I'll be getting out earlier than most, but if I had it to do over again...* *let's just say this post, below, really hit me hard:

Quote:
The best years are gone, languishing in a cubicle somewhere.
I think you've got the right idea -- do some serious analysis to ease your fear of risk.* "The Millionaire Mind" is a great book for this -- the guy has conducted exhaustive research with successful entrepreneurs to learn their methods, their risk-mitigation behaviors, etc.*

He also makes the excellent point that many business-owners see their BUSINESSES themselves as lowering risk -- the risk of working for an employer who can let you go at a moment's notice.* My employer is currently going through the THIRD round of layoffs in as many years, and truly EXCELLENT people are being shown the door with six week's severance.* The reliability of your paycheck is an illusion, no matter how good a worker you are.*

If you haven't already found anything by Barbara Sher I recommend her as well.* She's got a lot of really wonderful advice on finding the work you love without breaking the bank.*

Others on this board are better with the numbers, but I'm betting that your $300K, left to grow over the next few decades, would be enough to retire on by itself. Perhaps you could create a plan that required $X to launch, put your $300K someplace safe, and work at your job until you made the $X you needed to move out on your own.**

Whatever you choose, the very best of luck to you!
Caroline


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Re: Balance between ER and living for today
Old 06-15-2005, 12:59 PM   #98
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Re: Balance between ER and living for today

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Originally Posted by dex
Jonny M,
So, let me understand this correctly - 7 years ago you had no savings, some debt and a mortage. in April 2006 you and the DW will have a pension and only the mortage (health insurance?)

I think this is fantastic. I think it points out that this whole "Do I have enough to retire" is a matter of perspective.

Please don't tell me you worked for the government and will have a pension with a COLA and health insurance included. It would take the risk aspect out of the equation.
Dex, ...OK I won't tell you that... :
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Re: Balance between ER and living for today
Old 06-15-2005, 02:17 PM   #99
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Re: Balance between ER and living for today

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Posted by: Eagle43* Posted on: Today at 08:22:04 AM*

LBYM.* After you LBYM, all bets are off.* Save 10-15%, then do what you want!* Just yesterday I was 40.* *22 years ago, that is! Poof! The best years are gone, languishing in a cubicle somewhere.
My spouse wants to stay on a her company till 55 (4 more years) to get full pension. Her pension will be about 2600 per month or about 400k. My family business (printing company) is barely hanging on. I hope to work another 8 years till 59. We save in excess of 30% of our gross income. We currently have about 500k in retirement accounts and feel we need to aggresively save for the rest of our working careers to have enough to retire. We owe about 130k on house with no other debts. We would love to travel more but I don't think we can afford to. Am I wrong?
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Re: Balance between ER and living for today
Old 06-15-2005, 04:47 PM   #100
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Re: Balance between ER and living for today

Travel doesn't hold much attraction for me.* Generally, it seems more stressful than anything else.*

I'll go somewhere because there is something I want to do or someone I want to see, but just going and sightseeing gets old real quick.* It doesn't take me long to appreciate a view, and then I'm ready to move on (or even better go home).* Nice restaurants and used book stores are high on our list of things to visit, and there are plenty of them within a 4 mile radius of my house in San Francisco, so why should I sit in a flying bus for 14 hours to see more of them?


Do what you like.* I think there are plenty of people who are perfectly happy filing away memories of puttering around the house/neighborhood, just as there are plenty of people who can't wait for the next trip.

cheers,
Michael

I'm so happy to see that there are others out there like me who like to 'travel' right in their own neighborhoods. Sure, there are other places I'd like to see (98% in the U.S.) but there are lots of places within a half-day's driving distance that I'd love to explore first.

Bookstores, museums, coffee shops and restaurants are high on the list. Oh....and long hiking trails, too.


kz
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