Not FIRE but FIRED

[fracmeister]

Ok, fires isn’t exactly the word since I stepped down from a leadership role to make way for some of the new guys ... they wanted the job and I have done it before. The new gig was going to be risky in a downturn but I was only planning to stay (max) another year. I am clearly old enough (64) to retire but like working. Unfortunately my industry is in the dumper (oil) and I am going to get to retire just shortly. I will probably restart a consulting business I once had (successful but a lot more work than I really want to do). I have several options and I suppose I am financially ok. Assuming oil doesn’t stay cheap forever.

Anyway I have a long list of “stuff to do in retirement” but I like working. Just maybe not full time.

Advice always welcome

 

[davebarnes]

I suppose I am financially ok. Advice always welcome

Suppose?
What do the models say?
What are your numbers?

 

[pb4uski]

So are you working because you need to or because you want to?

 

[Bunker]

I'm 51. Lost my job when I was 44 so we fell into the wife's house in Thailand with a modest military retirement, 600k portfolio and about 200k in cash. Worried sick about money at first, tracked every expenditure on Excel and after a month or two, saw we were going to be fine as long as we kept out heads and lived within our new numbers, and I can afford to leave the portfolio reinvesting Divs most of the year.



The problem became finding stuff to fill all the slack time we have. Living the dream, no stress, no commitments to speak of, no emails or phone calls with work problems..... became a monotonous drag. But I made it through. Been here 7 years and now, the idea of going back to work has gone in the other direction. I can't imagine it. The Get Up and Go has Got Up and Went.



So, if you like to work, that consulting gig, if you can control it so it's not the tail wagging the dog, sounds like a sensible idea.

 

[DrRoy]

Now that I am RE, I find that I would not want even part time work to interfere with how I choose to spend my time. I enjoy the complete freedom now too much.

 

[Markola]

OP, could you have a plan that lets you take a sabbatical while keeping your industry contacts warm, form a consulting practice and see what comes your way? This assumes the numbers work, as others above noted.

 

[street]

The way it sounds, you are all over with your board with your thoughts. Really not sure what you are looking for in any answer or help.
It sounds to me you want to work so then you need to stay working. If you are worried about down time in the oil industry and losing your job, then I would say you have other problem.
Remember there are people that will do your job better then you have and that you are replaceable. Sounds to me you don't want to give your status up and who you are in the working industry.
Good luck with what you are looking for.

 

[fracmeister]

The numbers work fine and some good points raised. I’d like to stay in the industry but not full-time. I guess my confusion of the options (academic/consulting/back to work/ boards etc) has more to do with the lack of clarity in the industry itself. I may write my fourth book... the other three didn’t sell too many copies but at lest they were thick. ;-}

 

[Gallaher]

Now that I am RE, I find that I would not want even part time work to interfere with how I choose to spend my time. I enjoy the complete freedom now too much.

+1 absolute truth

 

[Texas Proud]

The big problem with your question is that nobody but you can really answer...



Some on the board has zero want or need to work and will do anything in their power NOT to have to work...


Others work part time and love it... some doing consulting and some just part time at a company..


Some say they are RE but then have a side business doing blogging or other online stuff that brings in money (some quite a lot of money) but they insist they are not working...


Another group do a lot of volunteer 'work' and also love that...


Each group thinks differently and each will have a view that will skew toward what they chose...


Me, I did temp work for awhile but they wanted me to travel much father than I wanted to and so the opportunities dried up... I was fine with that also...



Now I 'shelter in place'.... but I got a good start on that before the virus hit

 

[Dtail]

+1 absolute truth

+2 indeed.

 

[foxfirev5]

So are you working because you need to or because you want to?

Yeah, the reference to oil prices makes me wonder. Hopefully the OP is diversified.

 

[EllisWyatt]

Okay,a different direction in this discussion.
Ex-exploration geoscientist/international exploration manager viewpoint.
While financially I was okay to retire,and with a lifelong goal of retiring early, it took several practice tries before I figured retirement out. I'm in my third (and final) retirement. It took a while to step back and give up the hunt. And actually, after all these years of retirement, I still has dreams at night about developing and drilling prospects.
My point is that if you have had a career doing something unique that demanded your full attention 24/7 for your entire career, it can be tough to let go.
But you can, and once you do,it's a wonderful thing.

 

[street]

^ That is true being in an unique field and calling the shots and some times even having to make decisions when life can be in danger.
I know all about a job that is 24/7/365. Lol Yes it can take awhile to find your way and to be able to live a different path.
I do think of many that I know just can't give their importance status or lose who they are or don't think someone else could do their job.

 

[Oz investor]

Ok, fires isn’t exactly the word since I stepped down from a leadership role to make way for some of the new guys ... they wanted the job and I have done it before. The new gig was going to be risky in a downturn but I was only planning to stay (max) another year. I am clearly old enough (64) to retire but like working. Unfortunately my industry is in the dumper (oil) and I am going to get to retire just shortly. I will probably restart a consulting business I once had (successful but a lot more work than I really want to do). I have several options and I suppose I am financially ok. Assuming oil doesn’t stay cheap forever.

Anyway I have a long list of “stuff to do in retirement” but I like working. Just maybe not full time.

Advice always welcome

well there are several posting on You-tube and other platforms with energy sector experience , that might work for you if you like crypto currencies , would be a shame to let the experience go to waste

oil coming back ... that is a tough one oil has gone from political football to Murderball

however depending on your skills that might easily translate to other areas , logistics , finance , etc etc

personally i would suggest if you have a chance to build up the financial buffer in an efficient manner , you will happy you did later , the global economy looks a mess , trading agreements fractured , unbelievable mountains of debt everywhere , and emerging markets given a gap to grow into

have a look around the net , maybe you can pick up some consulting work from the professional money managers

cheers

 

[gayl]

I may be WAY off base but I'm going to stick in my 2c

In your case, you have said nothing that indicates you are ready to retire. Retirement has 2 parts: financial and mental. You may meet the 1st one, you don't meet the 2nd one. If consulting doesn't work out you might want to look at volunteering.