time for baby bird to leave the nest...

[socca]

Hi,

I was last on these boards last year at about this time: http://early-retirement.org/forums/index.php?topic=4841.0

At that time, I agonized whether I should break free or remain a well-paid corporate slave. I decided to go with the slavery option for another year (and relocate to an undesirable part of the country with an undesirable company in an undesirable industry). In retrospect, it was the right thing to do, I guess.

Now, however, I think that I can finally swing the entrepreneurial lifestyle. My family is offering me rent-free accommodations in a condo we own in Florida in order to help me get established. Minimizing my personal burn rate is something I've always done well, but not having to pay rent will be nice as I adjust to the shock of going from gross income of $160k / year to $40k / year.

Good luck to y'all!!
Socca

 

[Nords]

Sounds like you're in a great position, Socca. Keep us posted!

 

[yakers]

Wish you some good luck. That is a big decrease in pay but if it is killing you then it can't be worth the money. In my 33 year career I twice had 2 year periods where I would have left if I felt I could have. Now I am retirement elligible/FI and I have "jerk proofed" my work life. What FI is all about. Hope you get a good boss

 

[My Dream]

That sure is going to be a change, I know I still haven't adjusted to it. Good luck and yes do keep us posted.

 

[socca]

Well, I did it. I resigned from my $120k/year job with a war-mongering/war-profiteering mega-corp defense contractor in late January 2007. Last month (February 2007) was my first month as an 'entrepreneur'. Some thoughts:
+ I'm still in the corporate-slave mental model, where MON-FRI is work-work-work, and maintenance tasks around the house are delayed until the weekends. For some reason, I find this mental game comforting even though it is entirely unnecessary with my new lifestyle. I guess after 20 years of working in the traditional MON-FRI corporate/society-imposed weekly structure, I'm unwilling to let that go. Maybe as time passes I'll become more flexible in my scheduling.
+ Last month, 100% of my income was from my investments. This will be the case for quite a few months into the future as I slowly build my business (my budgeting is to live 100% off of investment income with no principal drawdown whatsoever. I will be greatly alarmed if I ever have to touch principal even though I have no heirs. I guess I'm in denial that I'm ever going to die, although the way folks drive here in Florida it could well be tomorrow ). I never really paid much attention to investment income before, but now that it's keeping me alive I'm watching it like a hawk. This is the difference between theory and reality.I'm relieved to report that investment income far exceeded expenses, as anticipated. Those Vanguard mutual fund bond managers had better keep doing a good job!
+ I would like to get involved in some sort of charitable organization aligned with my values (e.g. Nature Conservancy, etc.), but I'm not sure if I can afford it from a time investment standpoint. No rush on this, but something I think about occasionally.

Anyway - good luck to everyone regarding FIRE... I'll keep you posted

 

[Dog]

I'm impressed......you did it. Please keep us posted - I'm hoping to make the leap in 18 months (still trying to condition DH to the possible change).

 

[socca]

One year later...

Just checking in.

I "retired" from a job and industry (but not profession) I detested in January 2007. I was 44. Since then, I've been engaging in some entrepreneurial adventures. So far, I haven't made any money, but I didn't expect to have made any money at this point. I worked as a wage slave for 20 years so I could 'break loose' and do my own thing without worrying about money. I still worry about money, but my concerns are long-term rather than short- or intermediate-term (inflation, health-care costs, etc.) Trying to maximize positive contribution is so much more rewarding than trying to maximize income! How long I can (or should) keep this up is TBD.

Some random notes about my experience to date:
+ the old saying is true: you really DO need to retire TO something. Merely getting AWAY from the rat race may not make you happy (although if you're currently IN the rat race you may have trouble believing me...)
+ I've always been frugal, but in my new low-income state I'm even more frugal. For example, I used to take $3000 vacations without even thinking about it. Now, I can't really take any vacations until one of my entrepreneurial ventures starts making some money. However, this doesn't really trouble me, because my new 'lifestyle' is kind of like a vacation.
+ I'm currently paying $170/mo for a high-deductible medical&dental insurance policy through AETNA/Florida. I am in the extremely low risk insurance pool - excellent health. I could probably save some money going with BCBS, but I took this policy as a favor to a relative who sells insurance.

Good luck!