Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Brother opened eyes to possibility of ER
Old 02-17-2015, 11:28 AM   #1
Recycles dryer sheets
Join Date: Feb 2015
Posts: 152
Brother opened eyes to possibility of ER

My brother opened my eyes to the possibility of ER.
He retired two years ago at the age of 55. I consider him, and all others with a work history similar to his, an anomaly. He graduated with an engineering degree, and, straight out of college, was hired by a California defense contractor. He worked for the same company for 30 years (company was sold to different huge conglomerates, twice). Not many people work for the same company for that long anymore. Also, he and his wife were VERY frugal. A heart condition opened his purse strings a little and made him pull the trigger for ER; I think he was afraid he would keel over at any moment and die and not enjoy all that money he had saved. Anyway, that's his story. The point is, he stuck to his plan, and now is happily FIREd and I look at him with a little envy.

My story is not even close to his!
I started out in engineering school too, but, for lack of a motive for being in the program (but not for grades; I was on the Dean's list) and because I found it so dry, I switched to an art program! Hah! I was the classic case of a high school kid who had a scholarship to college but had no idea what to do for a living. However, I couldn't just NOT go to college and let that money slip away, so I enrolled in what I was good at (science and math). But, boy, was it dry. It would have been better if I had taken a few years off after high school, but it was what it was. I knew if I quit college I wouldn't ever go back, so I switched to something I liked; got a BFA in Photography. Of course, there are no jobs in photography. I'm not a mover and a shaker; pretty introverted actually, so making it as a photographer professionally was a no-go for me. The change in majors was so radical that, in the end, it took me 6 years to get my undergraduate degree. 24 and still no real job.
I dabbled in New Age nonsense, worked for 5 years in a health food store...I reached a point where I needed some adventure. I felt if I didn't go to Europe and travel a bit I would never get the chance. So I sold all of my (meager) belongings and went to Europe for 6 weeks; then promptly to Japan on the HOPE I would get a job "teaching English" there. Lots of my granola friends were doing it, so I sort of had a connection there. I was there for about 3 weeks and I had $50 to my name, the clothes I brought with me, and a one-way (flexible) plane ticket back to the US, and no job. It was November, 1989. I was 28. Still no real job and no savings.

Then: I did get a job at one of the English schools in Osaka (living in Kyoto). Hurray!
And, for once, I made a good financial choice: Except for food and living expenses (and a little for touristy stuff), I started sending almost all the money I made in Japan back to the US.
That stash reached about $5000. I'd never had that much money to my name. One day in Japan it occurred to me that I didn't really want to live there forever, and that I really needed a real job. I needed to get on with things. So after 9 months, I packed up and went back to the US.
I floundered for a few months... and then sort of fell into a graduate program in the medical device field (there was definitely some Divine Intervention there). Took a year of pre-requisites and applied for acceptance at the same time. I was fortunate to get in. Took two more years of masters level courses and then landed a job for a supervised year of training. Recap: It's now 1996, I'm 35, and now I am finally a certified professional. But, no job, and I have $8000 in student loans.
The definite upside is that at this time I met my lovely wife! (More Divine Intervention.)
I got a job back in my home state and we were married and moved there. Two children followed (now 12 and 15). My wife just returned to the work force last September after 15 years as a SAHM (part of that was as a home-schooling mom, too).
I remain in the same medical device industry. I'm on the software/tech support side of things. I have never been paid a lot of money, but I faithfully contributed to my 401k along the way. (Never able to max it out.) I also set up regular IRAs for my wife and I and tried to contribute what we could. At the bottom of the housing crisis I converted them to Roths. (2nd good financial decision).
I'm now 54. We just passed $600,000 net worth mark (including the house). This number would be significantly higher, except that I had no alternative for a location transfer in my job also around the bottom of the housing market. We lost probably $60,000 in equity on the house and had to write a check at closing to get out of it. Our current home is very nice, but I wouldn't call it extravagant. It's our dream home. We will never sell it. We wanted to buy a house suitable for gathering grandchildren! (I will post the the incredible purchase story for that at another time; it was a nightmare, but oh so educational). Current house is worth $370,000+; the loan is now 28 years left at 3.625% with a $272,000 balance.
I'll state my goal simply: I would like to retire in 10 years when my second child finishes college. My wife is on board with that. She's the type who will love to keep working. I could retire from the rat race tomorrow if it were financially possible.
FIRECalc says the 10-year goal is possible. Using that app was my first glimmer of hope! I need to really buckle down on some things, though. I have been the culprit in wasteful spending in our household. My wife is the gold standard when it comes to frugality. I am so thankful for her. So, savings here we come! I'm also trying to bring my children on board with the FIRE philosophy.
Thanks, I look forward to many discussions on this forum!

dadu007 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-17-2015, 12:06 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: No Country for Old Men
Posts: 46,883
Originally Posted by dadu007 View Post
My wife is the gold standard when it comes to frugality.
Given this your chances of a successful ER are highly likely. Congratulations!

Numbers is hard

I've become a social vegan - I avoid meet

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-17-2015, 12:07 PM   #3
Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,042
Wow, that's quite a long and winding road you've taken to get here.

Welcome aboard, dadu007. Having a frugal spouse will certainly make LBYMing and reaching FIRE much easier and faster.

omni550 is offline   Reply With Quote
Old 02-17-2015, 12:15 PM   #4
Moderator Emeritus
Bestwifeever's Avatar
Join Date: Sep 2007
Posts: 17,737
Great story. For a relatively late start to your career and two kids, and the little loss of equity situation, that's a remarkable sum and your focus should get you to your ten year goal.
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 02-17-2015, 12:17 PM   #5
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 21,044
Welcome, and having your wife on board with the goal greatly increases your odds.
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 02-17-2015, 12:30 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2011
Posts: 6,161
Great story! Welcome.

Got any links you'd like to share?
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 02-17-2015, 12:38 PM   #7
rodi's Avatar
Join Date: Apr 2012
Location: San Diego
Posts: 10,808
Good story. Interesting idea about not being ready for college despite the grades. I was in the same boat - accepted to UC Berkeley out of high school but had NO IDEA what I wanted to be. Panicked, got a job locally, and moved out. A few years of working crappy insurance clerk jobs convinced me to go back to school in engineering. I doubt I would have been an engineering major if I'd gone to Berkeley. It ended up being a great field for me... even though I didn't graduate till I was in my mid-20's.

Welcome aboard.
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 02-17-2015, 12:40 PM   #8
Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 4,574
Welcome! It's wonderful to read stories about people who finally found a professional niche after some wandering. The wandering shapes us, too!

You've got compound interest on your side on the nest egg you have so far, but you can do a lot in the next 10 years, too. DH and I married in 2003 and, with the combination of 2 households, DH starting SS (he was 65, I was 50) and moving to a LCOL area we stashed away a lot of money in 10 years, managing to get DS through college, too. The amounts we were able to save and invest after we married allowed me to walk out of a job that wasn't fun anymore last year at the age of 61.

And yes, I have a frugal spouse, too. What a blessing!
athena53 is offline   Reply With Quote
Old 02-18-2015, 05:54 AM   #9
Recycles dryer sheets
Join Date: Nov 2014
Location: Texas
Posts: 164
Wow great story

Sent from my iPhone using Early Retirement Forum
Terryjm51 is offline   Reply With Quote
Old 02-18-2015, 09:26 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 26,184
Great intro. You can do it. Use firecalc as your guide and save as much as you can while still not depriving yourself. You might need to be a little aggressive on the investment side to get to the goal.

If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 65/35/0 AA TBD
pb4uski is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
38 in SoCal, not sure how to make ER a possibility dvalley Hi, I am... 129 04-09-2020 02:57 PM
Discovered that ER is a possibility after all 3800Fiero Hi, I am... 2 05-28-2014 02:51 PM
My concession to the possibility that the uber-bears are right Hamlet FIRE and Money 6 10-12-2008 10:38 PM
Staying with the company for the possibility of a pension plan? Spanky Life after FIRE 11 11-20-2005 02:22 PM
Has onyone opened an account with EmigrantDirect y KB FIRE and Money 8 01-31-2005 05:21 PM

» Quick Links

All times are GMT -6. The time now is 05:49 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.