What stops you from retiring early?

[sgeeeee]

. . . It's either that or buy a bunch of $10,000 umbrella stands.

One can't have too many $10,000 umbrella stands, now. Can one?

 

[unclemick]

Beware of labels - anyone remember the brokerage ad with the old phart and young guy on the archeology dig. The young guy thought his job sucked and the old guy (rich) was doing it for fun (thanks to his broker?).

If you are FI - follow your bliss and create your own labels and take great fun in not being PC.

 

[AllanE]

I am somewhat in the same position as “last-to-go”, identical net worth at older age (52), and actually agree with him. I’ve read this forum for about a year, find it enjoyable and enlightening to hear those that have actually ER, it’s certainly given me things to think about. I’ve come away from this with a couple of points of view that are a little different from the mainstream here.

First, even though I do want to retire “early” (whenever that is), I happen to enjoy some aspects of work. I enjoy the challenge, the satisfaction derived, and yes, making and accumulating money/wealth. Now, I do work for myself (custom homebuilder), I’m sure that is different from those that are in jobs they don’t like. I would like to move to a position that incorporates the best aspects of working and being retired.

Secondly, I don’t want to live on $50/day. I want to live the same lifestyle as now, nice home, two new cars every 4-5 years, buy anything within reason when I want to, travel and stay in nice hotels/resorts, eat at nice restaurants, and leave something behind to my heirs. For us, that’s a net income of $100,000.

I guess the point of this is that everyone has their own situation and points of view, and goals.

Allan

 

[Allan]

I am somewhat in the same position as "last-to-go", identical net worth at older age (52), and actually agree with him. I've read this forum for about a year, find it enjoyable and enlightening to hear those that have actually ER, it's certainly given me things to think about. I've come away from this with a couple of points of view that are a little different from the mainstream here.

First, even though I do want to retire "early" (whenever that is), I happen to enjoy some aspects of work. I enjoy the challenge, the satisfaction derived, and yes, making and accumulating money/wealth. Now, I do work for myself (custom homebuilder), I'm sure that is different from those that are in jobs they don't like. I would like to move to a position that incorporates the best aspects of working and being retired.

Secondly, I don't want to live on $50/day. I want to live the same lifestyle as now, nice home, two new cars every 4-5 years, buy anything within reason when I want to, travel and stay in nice hotels/resorts, eat at nice restaurants, and leave something behind to my heirs. For us, that's a net income of $100,000.

I guess the point of this is that everyone has their own situation and points of view, and goals.

 

[Jarhead*]

Hey John Galt:

What's your problem John?
You don't enjoy listening to self-righteous rambeling? 8)

Anybody that delays retiring early because of the "stigma" should be posting on a "work till you drop"board.
As all posters on this board realize, we are totally worthless without a (career) job to define ourselves by
Got to go, John, have about a 2 hour trip to get to the coast to shoot some whales.
Regards, Jarhead

 

[Allan]

Well said Cut Throat!

For others, I would never criticize those that choose to retire early and would not in anyway consider them worthless without a career. I enjoy working, and when I retire I will enjoy retirement!

Allan

 

[unclemick]

Allen

FI and ER allows you to write your own script - anywhere along the spectrum from 'nice house' to perpetual tourist(Terhorsts'). And you can re-label 'work' as a 'hobby' if you wish. There is vast difference between 'manditory' frugal and a voluntary frugal with some margin of safety.

 

[Eyerishgold]

I think it's a lack of planning that stops most people from RE. Very few of us enjoy working. Most of us would rather spend our time doing what we want instead of working. That being said, most people never make it past the "dreaming of early retirement" stage to the "planning for early retiremnt" stage.

It's great to dream but it's better to plan.

 

[citrine]

Yikes.....I would have been skipping out the door with 1 million....if I had 4 million.....you would only see dust....I would be out so fast!
I guess it all depends on how many other interests you have.....if your work defines your self worth or if you have other things that define you.
I love my job but I am not working for the rest of my life. My passions are creating art, pursuing spirituality, building relationships with people, and refining the art of doing nothing.
I guess if you don't have something that you are passionate about besides working....it doesn't matter how much you make....you will never have enough.

 

[sagenx]

A year off!

I started my own business about 4 years ago, I am 37 now and married with one young child. We did well out of the property boom and now are renting with the proceeds from property and the business leaving us with no debt and enough money to live on for five years at our current standard of living without earning any income or interest. We would really like to take a year off and go live on an island somewhere and just chill, we have worked hard for the last few years. I have a junior partner that can run the business while i am gone. The business will probably grow at a much slower rate as growth is my part of the business, but I can get a basic income out of it which will keep us from dipping into our money. We want to do this before our daughter goes to school. I know these are the years I should be pushing the business, but is it really that bad taking a year off and if I get a taste of ER will it be hard to go back?

 

[Nords]

Reviving a thread that's over three years old must be some kind of record.

I know these are the years I should be pushing the business, but is it really that bad taking a year off and if I get a taste of ER will it be hard to go back?

Most people who worry about ER learn the most by practicing it for a few weeks or months. A year is more than enough time to learn how you'd adapt to the lifestyle.

"Unfortunately" the vast majority of those who've practiced ER don't care to go back to work. But each situation is different, and you may have enough "satisfiers" to outweigh the "dis-satisfiers".

 

[jnojr]

$4 million is my punch-out number right now, and I'm 36

I would imagine that it would be very easy to, once you've reached your "goal", to start to worry... what if I didn't figure things right? What if I get some weird cancer that needs $3 million in treatments? What if the economy goes TU next week? Maybe I'd better sock away another mil...

 

[packrat44]

Reviving a thread that's over three years old must be some kind of record.


Most people who worry about ER learn the most by practicing it for a few weeks or months. A year is more than enough time to learn how you'd adapt to the lifestyle.

"Unfortunately" the vast majority of those who've practiced ER don't care to go back to work. But each situation is different, and you may have enough "satisfiers" to outweigh the "dis-satisfiers".

My DW and I took 6 weeks off last Feb - Mar and traveled/camped all the national parks in the west. She had a very hard time going back to work. She was FIREd at the end of Jun 07. Now I am not able to wipe the smile off her face.

 

[Grizz]

I started my own business about 4 years ago, I am 37 now and married with one young child. We did well out of the property boom and now are renting with the proceeds from property and the business leaving us with no debt and enough money to live on for five years at our current standard of living without earning any income or interest. We would really like to take a year off and go live on an island somewhere and just chill, we have worked hard for the last few years. I have a junior partner that can run the business while i am gone. The business will probably grow at a much slower rate as growth is my part of the business, but I can get a basic income out of it which will keep us from dipping into our money. We want to do this before our daughter goes to school. I know these are the years I should be pushing the business, but is it really that bad taking a year off and if I get a taste of ER will it be hard to go back?

Not sure if I really have advice for you, but my family and I face a similar decision and hopefully you can find some sensibilities in my reasoning. I'm 38, wife, two young kids, been in business for 8 yrs, and like you have worked hard while being the recipient of incredibly lucky timing in my business and real estate ventures.

Unless something derails the deal, it would appear that my business will be sold within about 3 weeks. I've done all of the retirement calculators and monte carlo simulations, and they all agree that I could retire in comfort now. This is obviously very appealing for a number of reasons, but that large company that is buying mine, has asked me to manage their show for what would be considered by most to be a good dollar.

My biggest fear of trying out early retirement is that in my industry it is easy to get out of "the loop" when absent for a time, and I'm certain that in a year this position isn't going to be open any longer. After consulting my wife, I've decided that I still have the fire in my belly to go ahead and give it my all with the new owners for a 3-5 year span. I can't say what's right for you, but just deciding to re-focus myself on work for a relatively short time (remember I'm just 38yrs old), while remaining a good family man feels right for me. Good luck with whatever you choose.