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:
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
