I would like to see more people posting
- Thread starter ShokWaveRider
- Start date
unclemick
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The dog and cat make sure I don't sit around unused. As for fire extinguishers - you should see some of my attempts at 'dark roux' for seafood gumbo - looks alot easier on TV with Paul Prudomme.
J
John Galt
Guest
Got 4 dogs here. Useful for fetching sticks, lap/foot warmers
and providing 100% loyalty, no matter what bad stuff is
happening in your life. Re. fire extinguishers, we are required by law to have at least one in our boat. If we get a fire in the house, guess I will have to run outside to get
it. BTW, in 2003 I grossed thousands of dollars selling
misc. stuff that we had laying around here, or that
I bought (for cheap) and resold. This could be easy
ER money (selling other people's unwanted stuff)
if I wasn't so lazy.
John Galt
and providing 100% loyalty, no matter what bad stuff is
happening in your life. Re. fire extinguishers, we are required by law to have at least one in our boat. If we get a fire in the house, guess I will have to run outside to get
it. BTW, in 2003 I grossed thousands of dollars selling
misc. stuff that we had laying around here, or that
I bought (for cheap) and resold. This could be easy
ER money (selling other people's unwanted stuff)
if I wasn't so lazy.
John Galt
unclemick
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Auctioneer's are mentioned prominantly in Stanly and Danko's The Millionaire Next Door. Could John Galt have an 'Auctioneer Mind' - perhaps a book awaits!
J
John Galt
Guest
I would say I do have an "auctioneer's mind set", although some folks think I just obsess about money.
Re. "books", I have a hundred in my head (once when
interviewing for a job the guy talking to me stated, "Man, you've had an interesting life!")
As Hemingway once said, "I know some pretty good
stories." Alas, good writing is hard work, which I usually
avoid. Thus, it is unlikely these books will get written.
It's been quite a party though............................
John Galt
Re. "books", I have a hundred in my head (once when
interviewing for a job the guy talking to me stated, "Man, you've had an interesting life!")
As Hemingway once said, "I know some pretty good
stories." Alas, good writing is hard work, which I usually
avoid. Thus, it is unlikely these books will get written.
It's been quite a party though............................
John Galt
All right, I've been gone for a while, so in deference to this thread I'll put up a post, but won't start a new thread ! 
"About Schmidt" is mentioned throughout this thread. This is probably one of the most depressing movies I've seen. Yeah, if your work is your life and you're thinking about early retirement, watch this one. I guess the bright side is you could always find yourself an "Ndugu" to fill your time !
I'm still working, and that's kept me busy, but the motorcycle riding season in the NE is over, so I find myself with a bit more time on my hands. I'm 33 (like many of you it seems...) and hope to be RE in a few years. I've thought about doing it sooner with part time work/hobbies picking up the difference in the nest egg, but I'm just not that fed up yet. I figure with about $500k, I'd be sitting pretty (Terhorst would be proud) but as a disclaimer, I'm single and own a VERY inexpensive house.
I'll try to kick in from time to time, when I see something more to flap my gums about, I'll do so. ...
"About Schmidt" is mentioned throughout this thread. This is probably one of the most depressing movies I've seen. Yeah, if your work is your life and you're thinking about early retirement, watch this one. I guess the bright side is you could always find yourself an "Ndugu" to fill your time !
I'm still working, and that's kept me busy, but the motorcycle riding season in the NE is over, so I find myself with a bit more time on my hands. I'm 33 (like many of you it seems...) and hope to be RE in a few years. I've thought about doing it sooner with part time work/hobbies picking up the difference in the nest egg, but I'm just not that fed up yet. I figure with about $500k, I'd be sitting pretty (Terhorst would be proud) but as a disclaimer, I'm single and own a VERY inexpensive house.
I'll try to kick in from time to time, when I see something more to flap my gums about, I'll do so. ...
J
John Galt
Guest
Hello Panhead! Missed your insightful comments.
'About Schmidt' was depressing, I agree, but I still think Jack N. is one of the greatest actors working.
I am staring my 60th year in the face, so my riding days are numbered. Last trip to Texas I left the bike there
so I can get some riding in this winter. Also, there
is BIKE WEEK in Daytona Beach ijn the spring, so all is not gloom.
Man, you don't need $500K. After my divorce in 1998,
I wasn't even close to that and I still retired. On the other hand, being near to SS eases the problem a lot, especially if you are making it work mostly with smoke and mirrors.
John Galt
'About Schmidt' was depressing, I agree, but I still think Jack N. is one of the greatest actors working.
I am staring my 60th year in the face, so my riding days are numbered. Last trip to Texas I left the bike there
so I can get some riding in this winter. Also, there
is BIKE WEEK in Daytona Beach ijn the spring, so all is not gloom.
Man, you don't need $500K. After my divorce in 1998,
I wasn't even close to that and I still retired. On the other hand, being near to SS eases the problem a lot, especially if you are making it work mostly with smoke and mirrors.
John Galt
I finally saw About Schmidt recently and loved it. I found it hilarious and not depressing in the least (sure it was a little sappy, but it was JUST a movie!)
But, then again, I am a true ER (part time at 44 and full time at 49) so I had absolutely ZERO empathy for the character Nicholson played. That movie had something to do with retirement but certainly not EARLY retirement!
To me, it just pointed out the necessity to get out of the working world at a reasonable age (if possible, of course). If Schmidt had left LONG before 66 (wasn't that the age he retired at?), think of all the great trips he and that wife could have had in that RV.
But, then again, I am a true ER (part time at 44 and full time at 49) so I had absolutely ZERO empathy for the character Nicholson played. That movie had something to do with retirement but certainly not EARLY retirement!
To me, it just pointed out the necessity to get out of the working world at a reasonable age (if possible, of course). If Schmidt had left LONG before 66 (wasn't that the age he retired at?), think of all the great trips he and that wife could have had in that RV.
C
Cut-Throat
Guest
Hi Jack,
Yup, I agree with you. The reason I liked the movie is it told a story that is true for tens of Millions of American Men. It may wake up a few!
If anyone thought it was depressing, maybe it was because it was a little too close to home
Yup, I agree with you. The reason I liked the movie is it told a story that is true for tens of Millions of American Men. It may wake up a few!
If anyone thought it was depressing, maybe it was because it was a little too close to home
J
John Galt
Guest
Maybe I fell asleep during the movie . Anyway, it
certainly tells the story of vast numbers of people
who "strut and fret their hour upon the stage"
without ever getting to smell the roses. Now, that is depressing!
John Galt
. Anyway, itcertainly tells the story of vast numbers of people
who "strut and fret their hour upon the stage"
without ever getting to smell the roses. Now, that is depressing!
John Galt
Hey Cut Throat
Nah, that movie certainly wasn't close to home for me at all, but it was depressing to see a guy retire at 66 when the job was all he had, then realize he wasn't needed or appreciated (this could be insight for some here...), then have his wife kick off, realize he doesn't particularly like what's left of his family, then the incident with the other couple in the motor home... Geez, that was depressing ! I do agree it had it's funny moments too, mainly the Ndugu stuff.
Oh yeah, John Galt, I completely agree about Jack N., the man is truly a gifted actor.
Well, I'm under the weather today and working from home, trying to get an idea of what it would be like not to work at all. I pulled out my copy of Terhorst earlier and thumbed thru it as well, just for a little motivation.
Yeah, Daytona Bike week, that's the one big one I haven't made it to yet. I've tried to go half a dozen times, each time I plan it out, something tragic happens that keeps me from going. I'll get there yet, though !
Hey John G, I hear you about not needing the $500k to retire now, and I agree. I think it would look something more like semi-retirement with less though. I'd have to do some kind of work. The safe withdrawal calculations performed on a nest egg of $XXX to produce $YYY income inflation adjusted annually doesn't provide me with enough to not work right now. How did you do it with less ? Just kinda ride the wave and see where it took you ? Work if you need the cash, don't when you don't ? I've read your threads, and I know you didn't retire with the much-preached 4% withdrawal, so how did you manage ? There's many ways to do it, and in the end, I'll pick my own, but I'll also be borrowing ideas from many of you !!!
panhead -- curious since 1902 !
Nah, that movie certainly wasn't close to home for me at all, but it was depressing to see a guy retire at 66 when the job was all he had, then realize he wasn't needed or appreciated (this could be insight for some here...), then have his wife kick off, realize he doesn't particularly like what's left of his family, then the incident with the other couple in the motor home... Geez, that was depressing ! I do agree it had it's funny moments too, mainly the Ndugu stuff.
Oh yeah, John Galt, I completely agree about Jack N., the man is truly a gifted actor.
Well, I'm under the weather today and working from home, trying to get an idea of what it would be like not to work at all. I pulled out my copy of Terhorst earlier and thumbed thru it as well, just for a little motivation.
Yeah, Daytona Bike week, that's the one big one I haven't made it to yet. I've tried to go half a dozen times, each time I plan it out, something tragic happens that keeps me from going. I'll get there yet, though !
Hey John G, I hear you about not needing the $500k to retire now, and I agree. I think it would look something more like semi-retirement with less though. I'd have to do some kind of work. The safe withdrawal calculations performed on a nest egg of $XXX to produce $YYY income inflation adjusted annually doesn't provide me with enough to not work right now. How did you do it with less ? Just kinda ride the wave and see where it took you ? Work if you need the cash, don't when you don't ? I've read your threads, and I know you didn't retire with the much-preached 4% withdrawal, so how did you manage ? There's many ways to do it, and in the end, I'll pick my own, but I'll also be borrowing ideas from many of you !!!
panhead -- curious since 1902 !
J
John Galt
Guest
Good morning all!
For an answer to Panhead's question
about "how I did it", I would like to say "with my
superior brain". However, since I am pretty honest
(if not modest) I must say it was mostly luck.
It is true that when I semiretired in 1993,
my net worth was miniscule, I still had one child at home and an acquisitive wife, plus some debt. Being a very
confident sort, I just figured I would work it out as I went along. Such was my motivation to retire. Three somewhat unforseen events put me over the top.
1. I dismantled my little manufacturing company and
liquidated most of the assets. This worked out much
better than I anticipated.
2. I received an "offer I couldn't refuse" to go back to
work temporarily, which I accepted with the assurance that it would be a short term deal.
3. I divorced the wife, mentioned above.
Although this worked out just fine, it's a route which I
can not promote to others, obviously. Waiting until you are almost 50 (as I did) before giving ER a thought
does not bode well for success.
John Galt
For an answer to Panhead's question
about "how I did it", I would like to say "with my
superior brain". However, since I am pretty honest
(if not modest) I must say it was mostly luck.
It is true that when I semiretired in 1993,
my net worth was miniscule, I still had one child at home and an acquisitive wife, plus some debt. Being a very
confident sort, I just figured I would work it out as I went along. Such was my motivation to retire. Three somewhat unforseen events put me over the top.
1. I dismantled my little manufacturing company and
liquidated most of the assets. This worked out much
better than I anticipated.
2. I received an "offer I couldn't refuse" to go back to
work temporarily, which I accepted with the assurance that it would be a short term deal.
3. I divorced the wife, mentioned above.
Although this worked out just fine, it's a route which I
can not promote to others, obviously. Waiting until you are almost 50 (as I did) before giving ER a thought
does not bode well for success.
John Galt
I'm a new member (having a great time catching up with the older threads), and while I tend to lurk for quite a while on a site before jumping in, the title of this thread is an encouragement to hop in
I think there's a lot to be said in favor of this approach (quoted above), assuming that "use" is taken broadly - if something gives me enjoyment, it's being useful, even if it's not in a practical sense. (My cat, who is parked on my lap right now, doesn't really do anything to earn his cat food in a practical sense, but he is a much-loved member of the family, for instance!)
I've never been particularly materialistic or wanted lots of consumer junk like a fancy car (my definition of "fancy" being basically "Costs more than $15,000"). But even so, over the past year or so I started realizing that we had quite a bit of "stuff" that wasn't being used or enjoyed. My husband and I are both avid readers, and we had huge quantities of books that we'd bought... even though we didn't pay much for them (used) they still took up space. So we culled out all the ones that we knew we wouldn't re-read, and now whenever either of us reads a book from our collection, if it's not going to be re-read, it goes on the "get rid of pile" - either to be sold on Amazon, or traded in at the used bookstore for credit, or donated to the library. And we're making more use of the library for books we might have bought, earlier. We've done the same thing for other odds and ends that can be sold on Ebay or Amazon, or locally - even if it only brings in $10, well, that's $10 in the pocket *and* less clutter around the house.
So keeping an eye on the question of "Do we really use this?" has been helpful in clearing out stuff and getting some money back. I review DVDs, so I get a pretty constant flow of new movies into the house as well - if we kept all of them (or even a lot of them) it would get cluttered pretty quickly, so being strict about "Do we really want to keep this?" has been helpful. In a way, it's encouraged both of us to "let things go": even if I enjoyed a book or a movie, I don't HAVE to keep it!
I've lurked on this board for six months or so, and having recently changed jobs where I have more time on my hands, hopefully I'll be able to post a little more. I think many of us can learn a lot by reading & sharing our experiences.
Personally, I could live on less than $15k/year including the mortgage... but I'm to the extreme on many issues I'm afraid. I've considered trying to grow some of my own food to reduce grocery costs. I cut my dryer sheets in half to make the box last longer (although I could line dry my clothes...). I have also calculated how much my PB+J costs to make, thus calculating how much lunch costs me on a weekly basis.
Thankfully my wife keeps me from going overboard with my LBYM tendencies. She is also "cheap within reason". It is a huge help in my FIRE goals that she is also frugal... now if I can just get her to cut those dryer sheets... :
-Jay
Personally, I could live on less than $15k/year including the mortgage... but I'm to the extreme on many issues I'm afraid. I've considered trying to grow some of my own food to reduce grocery costs. I cut my dryer sheets in half to make the box last longer (although I could line dry my clothes...). I have also calculated how much my PB+J costs to make, thus calculating how much lunch costs me on a weekly basis.
Thankfully my wife keeps me from going overboard with my LBYM tendencies. She is also "cheap within reason". It is a huge help in my FIRE goals that she is also frugal... now if I can just get her to cut those dryer sheets... :
-Jay
Hello all,
I just joined the forum after having been an interested reader for a couple weeks now. I am 44 and look forward to retiring in 3 1/2 years. I am fortunate to have a wife who works and is supportive in my desire to retire early as long as I don't just "lie around the house".
I find the discussion "how much do you need to retire early" a fascinating one as you can see how a person's personaility fits into answering this question.
Personally I am a reasonable risk taker and will retire with about $500,000 (not counting home equity) at age 48 (currently have nearly $400 M and am contributing heavily in 401K). Home equity would add an additional ~ $150,000. Of course with my wife desiring to work until normal retirement it takes much of the risk out of it, however, the risk really comes into having the entire family adjust to a more modest lifestyle. I have young chidren at home and my current salary is $125,000/yr (my wife's salary is less than $30,000). This is my only reservation in that I feel somewhat guilty in "depriving my children". I balance that by reassuring myself with what most of you already know: "money is less important than hapiness".
I know I probably did not post this under the right heading but I was inspired by the topic. I am always interested in how those who retired early with children dealt with that aspect.
I just joined the forum after having been an interested reader for a couple weeks now. I am 44 and look forward to retiring in 3 1/2 years. I am fortunate to have a wife who works and is supportive in my desire to retire early as long as I don't just "lie around the house".
I find the discussion "how much do you need to retire early" a fascinating one as you can see how a person's personaility fits into answering this question.
Personally I am a reasonable risk taker and will retire with about $500,000 (not counting home equity) at age 48 (currently have nearly $400 M and am contributing heavily in 401K). Home equity would add an additional ~ $150,000. Of course with my wife desiring to work until normal retirement it takes much of the risk out of it, however, the risk really comes into having the entire family adjust to a more modest lifestyle. I have young chidren at home and my current salary is $125,000/yr (my wife's salary is less than $30,000). This is my only reservation in that I feel somewhat guilty in "depriving my children". I balance that by reassuring myself with what most of you already know: "money is less important than hapiness".
I know I probably did not post this under the right heading but I was inspired by the topic. I am always interested in how those who retired early with children dealt with that aspect.
cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Ha ha...I thought I was the only guy that did that. I even reuse the half sheets twice sometimes, they still work.
wabmester
Thinks s/he gets paid by the post
- Joined
- Dec 6, 2003
- Messages
- 4,459
I retired about 19 months ago, and we've got a 10 month old daughter, so I figure we probably got pregnant on the day I quit my job. At first, I thought this was probably the dumbest thing you could do at the onset of retirement, but it's turned out great. I get to see the kid grow up, she gets a kick out of having me around, and mom gets a live-in nanny.
Of course, it put a major ding in my travel plans. But I'll have my revenge after I've trained her to mow the lawn.
Yeah, my friends and family get a kick out of the fact that I do this. They regularly bring it up to poke fun at my frugality. Funny thing is... they all come to me when they want money advise because they all figure "you'd know what to do."
I haven't used the sheets more than once yet but I feel it coming soon...
-Jay
Re: Hiss, get out while the getting is good!
Welcome, Hiss,
I retired nearly two years ago with a 9-year-old and a working spouse, living off my pension and the part-time income. Spouse pension starts in 2021 so the burn rate until then is pretty high but quite manageable.
My kid has spent a lifetime in daycare from the time maternity leave ended. It was never a problem-- good (expensive!) childcare providers and a kid who really loves school. We parents loved working (at the time) and wouldn't have done it any other way. However, those days when the kid awakes with a sniffle or keeps you up all night teething-- I'm glad I never had to operate heavy equipment in my workplace. School vacations could also be a nightmare without a cooperative employer. Overall the years from birth to six are still a haze of sleep deprivation. We could also tell by the end of fourth grade that the after-school programs were getting boring. I can't imagine leaving our now 11-year-old alone after school for three hours. The kid is responsible, but also very creative at inventing new ways to get into trouble. (It can't have come from MY genes.) I see many more sleepless nights ahead in the "danger years"!
The only thing you can deprive your children of is your time. They'll never care whether you shower them with huge allowances or possessions or fantasy vacations, but they'll never forgive you for missing their big life events. Our kid complains ceaselessly about our eternal presence but is secretly proud to have the parents always at arms' length for advice, help, chauffering, etc. There's also a lot of pride in knowing how to sniff out great clothing bargains at thrift stores, being able to do plumbing & carpentry repairs-- all of the things I rarely had time to do, let alone teach, during my working days. School breaks have been particularly fun, especially surfing our first parent-child wave last Christmas. I think it's also a valuable life lesson to set the example that work is great if you love it but retirement is even better. I know my kid sees a parent who's enjoying life instead of coping with work.
There are many at-home parent websites-- most of them directed at moms but a few for dads. Stretcher.com and Bankrate.com also have many tips on downshifting to a more frugal (not deprived!) lifestyle.
We could have upshifted to a higher-paying (more stressful) job and the spouse could have retired this year instead of 2021, but as we approached my retirement we realized that no amount of money could put a stress-broke family back together again. We've never regretted the $750K of lost income (*sob*). I think that if we had chased it, we never would have learned to make effective use of what we have now-- and what we have now is more than enough.
BTW, if you're concerned about boredom in retirement-- don't worry, you won't have the time to think about it and you'll be too tired to care. I thought one child is a handful but I can't imagine being tag-teamed!
I think that retirement is wasted on the old, and my only regret in waiting until I was 42... is that we waited as long as we did. Follow your heart.
Welcome, Hiss,
I retired nearly two years ago with a 9-year-old and a working spouse, living off my pension and the part-time income. Spouse pension starts in 2021 so the burn rate until then is pretty high but quite manageable.
My kid has spent a lifetime in daycare from the time maternity leave ended. It was never a problem-- good (expensive!) childcare providers and a kid who really loves school. We parents loved working (at the time) and wouldn't have done it any other way. However, those days when the kid awakes with a sniffle or keeps you up all night teething-- I'm glad I never had to operate heavy equipment in my workplace. School vacations could also be a nightmare without a cooperative employer. Overall the years from birth to six are still a haze of sleep deprivation. We could also tell by the end of fourth grade that the after-school programs were getting boring. I can't imagine leaving our now 11-year-old alone after school for three hours. The kid is responsible, but also very creative at inventing new ways to get into trouble. (It can't have come from MY genes.) I see many more sleepless nights ahead in the "danger years"!
The only thing you can deprive your children of is your time. They'll never care whether you shower them with huge allowances or possessions or fantasy vacations, but they'll never forgive you for missing their big life events. Our kid complains ceaselessly about our eternal presence but is secretly proud to have the parents always at arms' length for advice, help, chauffering, etc. There's also a lot of pride in knowing how to sniff out great clothing bargains at thrift stores, being able to do plumbing & carpentry repairs-- all of the things I rarely had time to do, let alone teach, during my working days. School breaks have been particularly fun, especially surfing our first parent-child wave last Christmas. I think it's also a valuable life lesson to set the example that work is great if you love it but retirement is even better. I know my kid sees a parent who's enjoying life instead of coping with work.
There are many at-home parent websites-- most of them directed at moms but a few for dads. Stretcher.com and Bankrate.com also have many tips on downshifting to a more frugal (not deprived!) lifestyle.
We could have upshifted to a higher-paying (more stressful) job and the spouse could have retired this year instead of 2021, but as we approached my retirement we realized that no amount of money could put a stress-broke family back together again. We've never regretted the $750K of lost income (*sob*). I think that if we had chased it, we never would have learned to make effective use of what we have now-- and what we have now is more than enough.
BTW, if you're concerned about boredom in retirement-- don't worry, you won't have the time to think about it and you'll be too tired to care. I thought one child is a handful but I can't imagine being tag-teamed!
I think that retirement is wasted on the old, and my only regret in waiting until I was 42... is that we waited as long as we did. Follow your heart.
Hiss - I would agree with Nord's view - as she says, time spent with family can be more important than money. I certainly have enjoyed being around after school when the kids come home and being able to go to their school activities. The youngest is 7 this week.
To get a handle on your finances, I would advise setting your takehome pay equal to your future retired spending target. This would help see if you can live within that budget, and would also help the savings for a few years. In any event, the decreased spending would then not be tied to your retirement, but a chosen lifestyle. You will also know more if you want to live within that budget; retiring to a lifestyle you don't enjoy would not be desireable. It's easy to test!
Wayne
To get a handle on your finances, I would advise setting your takehome pay equal to your future retired spending target. This would help see if you can live within that budget, and would also help the savings for a few years. In any event, the decreased spending would then not be tied to your retirement, but a chosen lifestyle. You will also know more if you want to live within that budget; retiring to a lifestyle you don't enjoy would not be desireable. It's easy to test!
Wayne
Nords/WZD:
Thanks for the advice and encouragment. I am not so concerned about the lifestyle adjustment for me as I know I will quickly adapt. It is the financial adjustment for the kids that I have been more concerned with as they will be teens when I retire in 3 1/2 years and like all teens will want the latest of everything.
I agree with you Nords, though, and know that it is the giving of time that will be more valued today and also in future years as we all look back on it.
It's good to have other people validate the things we already know. Thanks again.
Thanks for the advice and encouragment. I am not so concerned about the lifestyle adjustment for me as I know I will quickly adapt. It is the financial adjustment for the kids that I have been more concerned with as they will be teens when I retire in 3 1/2 years and like all teens will want the latest of everything.
I agree with you Nords, though, and know that it is the giving of time that will be more valued today and also in future years as we all look back on it.
It's good to have other people validate the things we already know. Thanks again.
One other comment on teenagers: When each of our girls entered high school (9th grade), we raised their allowance by $100. They also became completely responsible for all their purchases including ALL clothes, makeup, etc. as well as entertainment. We do pay car costs, as they use our cars at times, but have not bought them a seperate car. My wife and I both feel it is important to have them learning to manage their own money.
Wayne
Wayne
