Re: "Do what you love..."
ESRBob said:
Nords, the way I look at it, if we could define "work" as being either paid or unpaid activity you commit to or somehow have people counting on you for, then a lot of what we do here in ER could be called 'work'. Whether home maintenance, rehabbing, volunteer work, -- and how long until your Tae Kwon Do teacher asks you to help teach a kids' class?
Bob, first let me say that if you see my tae kwon do you'd reconsider that "help" offer I agree with you and I'm happy to accept a few handyman bucks. ($25/hr because people seem uncomfortable if I don't charge them for my time.) If it helps a person to sleep at night and provides an added measure of financial security then so much the better.
But that's not the question, which had hypothetical "self employment" and "ER" in the same sentence. At least the phrase was broken with the word "after", indicating that ER will end when self-employment begins. I also see ER as filled with enjoyable & meaningful activities, but too many of us are preconditioned with Type-A work habits which will inevitably corrupt the original pure PT intentions with cashflow. Spending time with your family is a great idea, but not if you're drafting them into helping with your new home-based business. It'd be self-delusional that you're retired or that others wholeheartedly support your efforts. I wonder how many of us really know how to earn a few bucks in a relaxing way-- I have to throttle back on that empire-building instinct all the time.
I also see ER as a chance to explore but it's too easy for us to fall back into a safe, familiar groove. Unfortunately that groove is frequently based on safe, familiar cash-producing activities without significant purpose or direction. ER is meant to give us the time to do things we otherwise wouldn't-- family, travel, charity, volunteer, or even just introspection. Growing my ponytail is a haircare hassle but it's a daily reminder of the ER metaphor.
I enjoy surfing & tae kwon do. I also enjoy teaching people how to surf and to do tae kwon do. But if I had to show up on White Plains Beach at 10:30 AM next Tuesday to teach a surf lesson, along with handling the receipts and doing the taxes (which I know how to do!), then it wouldn't be enjoyable anymore. Heck, I barely enjoy serving on a nonprofit board and I'm resigning at the end of my three-year term.
ESRBob said:
The other thing is that some people legitimately in ER don't have that safe federal pension to give them the full peace of mind in the financial department.
Sure they do, and everyone can go buy one of their own. My $33,864 COLA'd pension can be produced by $705,500 of I bonds yielding 4.8% at the same default risk.
Admittedly today's military medical benefits didn't exist when I joined up, or even at mid-career, and that appears to be the winner's ticket to the survivor lottery. Judging from the effort it took to achieve I sure hope it lasts until I need it, but regardless I paid my risk premiums up front. How much additional I bonds would have to be added to the portfolio to provide $3K-deductible medical insurance for two healthy adults in their 40s with a kid?