Hello from the icebox!

T

Twize

Dryer sheet wannabe
Joined
Dec 20, 2019
Messages
18
Hi,
Just discovered this forum after reading Live more Work less. Going to be semi-retired starting next month. I'm a self employed mechanic and looking to cut back to 2-3 days a week for more free time. I have plenty of work but will be cutting ties with one of my biggest clients to help free up about 2 days. I love what I do, but at 47 my body does not. Back and knee problems frequently take the wind out of my sails but I don't want to do anything else, I hate desk jobs. I built our house out of pocket, and besides a few pieces of trim, it's done and paid for. I don't have mega-savings to carry me until I hit 67? when I can use my regular retirement investments but I do have a military pension and VA disability compensation that covers all our living expenses.
So the plan is to continue working for my best customers part time, for disposable income and keep contributing to our other retirement accounts. The additional free time will allow me to pursue my hobbies, spend more time with my family, take better care of myself physically, and help other disabled vets.
I kinda feel guilty about cutting back, due to my work ethics. I've been working since I was 12 and had to earn every penny I got. However, I want to do something more with my life besides work like a lab rat in an exercise wheel until I'm all used up. Anyways, sorry it's long winded. What say you?
 
Welcome aboard! Plenty of military and govie retirees here. I'm retired Army myself. What ice box? I grew up in ND. Never returned other than to visit. Way too cold. Best to enjoy your free time while health permits. Keep us posted!
 
Red Badger said:
Best to enjoy your free time while health permits.
Click to expand...

+1 Perhaps the most important and concise distillation of all of our 20,000 threads over all the years.
 
Welcome, TWIZE. Your decision sounds to me like it is very WIZE. You will be amazed at how you will come to love your extra free time. Nothing like it. Best of luck to you and your family.

-BB
 
Congratulations on your very smart decision!! I loved my desk job but my body no longer did. I love being retired!!
 
Target 2019, Yes, it is. -30 today. Good for having some extra coffee and reading.
 
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Twize said:
... So the plan is to continue working for my best customers part time, for disposable income and keep contributing to our other retirement accounts. ...
Click to expand...
Consider raising prices.

I had a friend who had a solo mechanic business working strictly on exotics. Ferrari, Lambo, Rolls, etc. He was complaining to me one day that he had too much work. "Raise prices" I told him. "You will make more money and have less work."

About 6 months later I saw him and asked how the strategy had worked. "It didn't work at all,' he said. "I'm making more money but the higher prices haven't cut my business at all."

So ... a price increase may not cut your workload but it will increase your income regardless.
 
OldShooter said:
Consider raising prices.

I had a friend who had a solo mechanic business working strictly on exotics. Ferrari, Lambo, Rolls, etc. He was complaining to me one day that he had too much work. "Raise prices" I told him. "You will make more money and have less work."

About 6 months later I saw him and asked how the strategy had worked. "It didn't work at all,' he said. "I'm making more money but the higher prices haven't cut my business at all."

So ... a price increase may not cut your workload but it will increase your income regardless.
Click to expand...

Thanks for the advice. I raised my rates 2 years ago and they're pretty fair as it is. One competitor raised his rates a good bit higher than me and is still swamped. I don't want to be greedy, just be fair and honest, and I'm pretty content with the wage I'm paying myself. However, I am adjusting two of my fees to better cover consumables and mileage. Starting early this year I just started telling new potential customers, I can't accommodate you, sorry. Seems to reduce my stress a lot by blocking them from the start rather than promising service that will be delayed too much.
 
Welcome, and Congrats! Sounds like you have a good plan, especially given the backstop of your military pension. And going part time now may enable you to stick with the job longer than if you kept going 110% and grew to either resent it or were physically unable to keep working.
 
You and I have many similarities. I am also 47, self employed in a service business with some back and neck issues, been working since I was 12 and I am also ready to throw in the towel. Like you I formulated a plan similar to yours to start backing off and slowing things down but its not easy for a business owner with a strong, lifelong work ethic to do that. My advice is to stick to your plan no matter what. You know darn good and well that your remaining good customers will still be pressuring you to accommodate them and their deadlines regardless if you are part timing it or not. I am sure you can already hear them asking if you could just do this one little project right before you leave or they will ask you to do it as soon as you get back so you get to think about it the whole time you are off. I run into this scenario constantly. I am finding that the only way for me to escape is to make a clean break and vanish. I wish you the best of luck. Keep us informed on how you are doing.
 
427Vette said:
You and I have many similarities. I am also 47, self employed in a service business with some back and neck issues, been working since I was 12 and I am also ready to throw in the towel. Like you I formulated a plan similar to yours to start backing off and slowing things down but its not easy for a business owner with a strong, lifelong work ethic to do that. My advice is to stick to your plan no matter what. You know darn good and well that your remaining good customers will still be pressuring you to accommodate them and their deadlines regardless if you are part timing it or not. I am sure you can already hear them asking if you could just do this one little project right before you leave or they will ask you to do it as soon as you get back so you get to think about it the whole time you are off. I run into this scenario constantly. I am finding that the only way for me to escape is to make a clean break and vanish. I wish you the best of luck. Keep us informed on how you are doing.
Click to expand...
Glad to hear I'm not alone in this, I'm a one-man operation. All my customers are pretty reasonable, except one. When I injured myself two summers in a row and was down for at least a week, they were pretty sympathetic and understanding, except for one. When I had a death in the family and had to leave for a week, they were all pretty understanding and sympathetic, except for one. That one PITA customer is about 30% of my business so they'll be the ones getting cut. Onward to a better life with more free time, and provide service to ones who appreciate it. :D
 
I have been working part time from home the last 8 years and really enjoy it although I am 20 years older than you.
 
Welcome Twize

Lots of friends and discussion here. Look forward to more posts. Health is #1 priority. Sounds like you enjoy your work. Good idea to go part time.
 
OldShooter said:
Consider raising prices.

I had a friend who had a solo mechanic business working strictly on exotics. Ferrari, Lambo, Rolls, etc. He was complaining to me one day that he had too much work. "Raise prices" I told him. "You will make more money and have less work."

About 6 months later I saw him and asked how the strategy had worked. "It didn't work at all,' he said. "I'm making more money but the higher prices haven't cut my business at all."

So ... a price increase may not cut your workload but it will increase your income regardless.
Click to expand...

He needs to raise them again. :LOL:
 
Welcome. Sounds like you continue to enjoy your work and clientele. With a pension to cover living expenses, you may not need as large of a savings.
Look forward to hearing more from you.
 
Congratulations, and welcome aboard!
 
So I let go of my top paying and most demanding customer last week and it felt GREAT!! Now I know for sure I'll have no problems cutting back to 3 days per week. Just want to bill out 24 hours per week and I'll be happy. I'm going to look at my budget again to see if I want to sock away another $500 monthly so I can retire at 55 instead. I can do it, it will just cut into my current play money. Leaning forward to get ready for RE activities, I picked up a conversion van that I plan to make into a camper van for the wife and I to travel more on my time off. Needs some body repairs that I'll have to take care of but it will be a nice touring van for us.
 

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Congratulations! I know what you mean about how good it feels to let a customer go. Sometimes they can be so demanding or difficult to deal with that no amount of money could possibly make it worth it to deal with them for one more day. I am curious how your customer took the news? Best of luck to you!
 
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