30 and quitting my job! Why wait any longer...?

[kstronggt]

Thank you for reading my first post. My name is Ken. I have worked in the car sales business for 10 years now. I recently woke up one morning and had to ask myself what the heck I had been doing selling cars for 10 years of my life I have always had a dream of retiring early, but somehow I always let life bog me down. I was the perfect example of being stuck in the rat race. Granted, some of the finest specimens of human kind can be found in the car business, if you like drug dealers, and child predators...(no joke, I have known all kinds in my tenure). I decided long ago, that the car business was not a permanant destination for me.

Don't get me wrong. I really enjoy what I have been doing for the last 10 years. I work in the commercial and fleet sales end of things, and so I had the rare car business schedule of 9-5 M-F. I also enjoyed working in outside sales, which didn't require the high pressure closes that the car business is notorious for. I often chuckle as I walk across the showroom floor and I hear some sales guy pull out the stale old line: "what do I have to do for you to buy this car today?" If he only know what a shmuck he sounds like.... I am done with this environment, and more importantly, I am done with a daily grind job.

I recently decided that I deserve to travel more. I deserve to be with my kids for more than an hour or two a day, and I deserve to be in control of my time for a change. In the last couple of years, I have been studying hard, trying to find a means of automating my cash flow (passive income, etc...). I have read numerous books, taken several courses, and attended countless free seminars. I experimented (with decent success), and found several avenues that will provide me and my family a means to pay the bills, and fund a lifestyle that, shall we say, differs slightly from 95% of people my age.

I figure that now is as good a time as any. I'm young, I have almost $30K put away as a safety net, and I am extremely ambitious and motivated to make this thing work. I initially thought I needed $1M in the bank to even consider "retirement" But that was when I thought of retirement only in the traditional sense, of living off of investment returns. I have since learned there are sooooo many other ways to create automated income. (I'm sure I will discuss what I have learned, and my experiences in future posts.) Besides, what's the worst that could happen? I spend 3 months burning through my savings, only to go back to a career that I enjoyed, and where I am well respected.

So, wish me luck. I'm sure you will here from me again.

 

[CybrMike]

Although many of us here have started a business and "made it", others here will also tell you that its to risky, especially in the environment that our economy is in.

I sold a business a couple years ago, and am in the process of starting another. It is hard for me to gauge from your post whether or not you are really prepared for life as a business owner. A couple of things did catch my eye though.

First, you make it sound like creating passive income is easy as baking a cake. In practice, its typically takes hard work, long hours, and mucho stress. All things that are the exact opposite of what you described. Typically the return is much greater than working for someone else, which is why people do it.

If you can find something that you love, then it makes the equation much easier, because you will naturally spend your time doing it.

I'm curious as to what you've found that takes little work and creates enough income for you to live off of? Somehow selling cars wholesale or something?

 

[brianinsf]

Ken, good luck and it sounds like you've got the right mindset to jump out of the rat race and try something different. Making the move with kids to fund through life will take some creative planning. It will be interesting to see how things work out for you going forward.

Brian

 

[Razor]

I think I saw the same info-mercial.

 

[dex]

I smell spam cooking and I think CybrMike just ordered some.

 

[mb]

Ummmm,

I may be out of line but I get the impression that the risk level that you will not be able to replace your current income if you leave your current job is pretty high.

That may be fine if you are young and single and can easily find another job but it is different if you have a family and kids and economic conditions make job hunting difficult.

You might want to see how stable your passive income is for a couple of years before you decide to call it quits.

Also read some of the old threads on this board. You will find that many people have very detailed plans that take into account projected expenses and worst case projected retirement incomes.

It is those "worst case" scenarios that I think you should think about.

Good luck not matter what you decision.

MB

 

[rs0460a]

I deserve to travel more. I deserve to be with my kids for more than an hour or two a day, and I deserve to be in control of my time for a change.

Uh - why do you think (at your young age, as you stated) that you "deserve" to live the "perfect life" (as you may see it).

I'm not saying you're wrong, it's just that your "entitlement" statements seem a bit troubling to me (and I'm 2x your age).

I'm willing to learn (or, at least be entertained )...

- Ron

 

[jclarksnakes]

His signature line says................
"Wealth Building, Early Retirement, and Financial Freedom await... "
Isn't that what this forum is all about? You all should quit being so skeptical?

 

[Frugality_of_Apathy]

His signature line says................
"Wealth Building, Early Retirement, and Financial Freedom await... "
Isn't that what this forum is all about? You all should quit being so skeptical?

Maybe it's because he has only managed to save 30K and anticipates spending all of that in 3 months?

 

[FinanceDude]

He looks familiar.........

 

[rs0460a]

His signature line says................
"Wealth Building, Early Retirement, and Financial Freedom await... "
Isn't that what this forum is all about? You all should quit being so skeptical?

Gee - it sounds like it is not waiting - rather than it already has been achieved. I'm just waiting for a response and try to find out how I "screwed up" the last 25+ years in persuit of my own "dream" ...

(hope it's not Amway or Herbalife )...

- Ron

 

[Coach]

Ken, we're a skeptical bunch. I'm sure you can understand that.

But taking you at face value, I do wish you luck. You're at the right point in life for making a move like this -- it just gets harder and harder as time goes by.

Coach

 

[Nords]

Welcome to the board, Ken.

While the moderators are checking your IP address and seeing if this same intro has been posted on other discussion boards, I have to admit that your intro sounds long on platitudes and short on details. A couple people on this board really have made their ER through "Internet marketing", so if you seek credibility then you're gonna have to get more specific about your plans.

I smell spam cooking and I think CybrMike just ordered some.

He looks familiar.........

Or maybe you just have a "passion" for "savings"...

 

[aida2003]

Welcome to the board, Ken.

While the moderators are checking your IP address and seeing if this same intro has been posted on other discussion boards, I have to admit that your intro sounds long on platitudes and short on details. A couple people on this board really have made their ER through "Internet marketing", so if you seek credibility then you're gonna have to get more specific about your plans.

Off topic: do moderators really check everyone's IP addresses and where we post? I'm curious why. I haven't created any spam yet to post anywhere, so I should be safe I think

 

[rs0460a]

Off topic: do moderators really check everyone's IP addresses and where we post? I'm curious why. I haven't created any spam yet to post anywhere, so I should be safe I think

You are correct (in this instance). I understand that Nords usually only checks out the females ...

- Ron

 

[Marquette]

Oh boy! I can't wait until you can tell me more about how I can retire now!

I deserve a life on easy street too.

are you a millionaire 30 yr old next door?

 

[TromboneAl]

He looks familiar.........

It's this guy, from Groundhog day:

 

[hova22]

Sounds like the multi-level marketing guy who cornered me in the supermarket! What nerve!!

 

[Nords]

Off topic: do moderators really check everyone's IP addresses and where we post? I'm curious why. I haven't created any spam yet to post anywhere, so I should be safe I think

You are correct (in this instance). I understand that Nords usually only checks out the females ...

I've been out of the loop for a while now, but moderators used to have the tools to check IP addresses. The new vBulletin tools were more cumbersome than the old software so they weren't used very often, but it was one way to find out if a poster was trying to use multiple accounts or if a banned poster was trying to sneak back on the board with a new name.

Some servers also subscribe to lists of "bad" IP addresses which allow them to automatically deny requests from addresses on the list. A couple years ago my ISP assigned me an IP address which had formerly been owned by a Thai child-porn website so that caused a good bit of disruption. I was off E-R.org for several days before Dory & BMJ tracked down the problem.

So I doubt anyone cares about your IP address in particular, but that could change if you, too, claim to discover an amazing new means of automating your cashflow which you might be willing to share with the world...

It's this guy, from Groundhog day:

Didn't Chris Elliot also star in a sitcom about a 30-year-old slacker living with his parents? Just asking.

 

[aaronc879]

Gee - it sounds like it is not waiting - rather than it already has been achieved. I'm just waiting for a response and try to find out how I "screwed up" the last 25+ years in persuit of my own "dream" ...

(hope it's not Amway or Herbalife )...

- Ron

Hey, don't diss Amway. I know someone who's a multi-millionaire from Amway. Now she only "works" under 100 hours a year going on free business trips and makes upper 6 figures. Not bad w*rk if you can get it.

 

[rs0460a]

Not bad w*rk if you can get it.

And she hasen't "recruited" you as a "distributor" ?

Sorry - been there, done that...

- Ron

 

[Milton]

Why wait any longer? Well, as mb has suggested, "You might want to see how stable your passive income is for a couple of years before you decide to call it quits."

(W)hat's the worst that could happen? I spend 3 months burning through my savings, only to go back to a career that I enjoyed, and where I am well respected.

If you are confident that you can easily get your old job back, then I guess you're right (I have no idea how likely it is that your boss would quickly replace you, or whether you'd have to start at the bottom if you are hired by a rival dealership).


However, consider the following:

• the $30,000 that you say you'll burn through in three months represents your life savings, accumulated over ten years of salaried employment. Risking that is not to be taken lightly.
• if your business (whatever it is) fails, it will likely cause significant personal stress and may place a strain on your marriage.

I don't believe that the above are necessarily reasons not to "go for it", but they should be taken into account. If nothing else, you should make sure that your wife is 100% on side and is not going along with your plan reluctantly.

Good points by CybrMike.

 

[FinanceDude]

Although many of us here have started a business and "made it", others here will also tell you that its to risky, especially in the environment that our economy is in.

I sold a business a couple years ago, and am in the process of starting another. It is hard for me to gauge from your post whether or not you are really prepared for life as a business owner. A couple of things did catch my eye though.

First, you make it sound like creating passive income is easy as baking a cake. In practice, its typically takes hard work, long hours, and mucho stress. All things that are the exact opposite of what you described. Typically the return is much greater than working for someone else, which is why people do it.

If you can find something that you love, then it makes the equation much easier, because you will naturally spend your time doing it.

I'm curious as to what you've found that takes little work and creates enough income for you to live off of? Somehow selling cars wholesale or something?

He could make good money opening his own lot, but that's hard work, and a lot of sweat equity. A few guys I know did it, and they make a VERY NICE living............

 

[Milton]

He could make good money opening his own lot.

I have no idea what his plan is, but he did say "I decided long ago, that the car business was not a permanant destination for me." So presumably he doesn't intend to open his own lot.

 

[FIREd]

It sounds more like a mid-life crisis than a well thought out plan. How do you expect to create so much passive income when you have so few assets right now?