Anyone ever 'want more'?

[MichealKnight]

Ivins fan, appreciate your comments on going over the top for kids.

I'm sure as time goes I will trim some of my self expectations.

But, certain things I really want to do, now I won't have a business to let them train in and maybe do for themselves as I had way back when. SO unlike me they'll have to go the college route. I'd like to make sure that financially - they can do all their efforts allow. The other stuff I mentioned ---yes, to some is exorbitant, to others it's par. Everyone's point of view is different.

I'm sure mine will evolve as time goes on.

 

[Andre1969]

BUt - yes, in 45 minutes - on non-streaming, regular cable tv....Leave it to Beaver starts

Thanks for the reminder...I'm on the other channel now watching Jack Benny. Gotta remember to switch over to MeTV at 8 for my Beaver fix. If I don't get Beaver twice a day, I feel the day is wasted.

 

[Gumby]

As a general rule, the past was not as good as we remember and the future will not be as bad as we fear.

 

[njhowie]

Money is cheap today. If you are looking to start something, I think now is a great time to do it. Look in to some of the online peer-to-peer and crowdsourcing places to raise capital. With interest rates so low, these novice investors will likely accept low returns that will give them anything more than savings accounts. Offering 5% returns will likely result in lots of money being thrown at you. Instead of putting up a huge part of the money yourself, maybe put in just $100k and go from there. Start smaller if necessary.

If you have the itch, go for it. Again, it's likely one of the best times to start a new business because financing costs are so low. Who knows how long the window will be there? What's the worst that happens, you lose $100k of your own plus the time/effort? However, having had a successful career, it sounds like the odds are in your favor that you'd have another success.

 

[DawgMan]

Later this afternoon I've got the whole theater rented out for private viewing, and DW, DD and myself are gone go see Back to the Future -- I can't wait

Dude, you are not ready yet, or dare I say... cannot afford the retirement lifestyle you are projecting to need/want! First, the average Joe does not rent out a movie theater for his family to go watch Back to the Future! That's great you can/want to do it, but that's fat cat living. At $3.4M at 46/47 a 4% WR is arguably very risky and spits out $136K gross/yr. The color you have provided is telling me you are accustomed/desire a much more lucrative spend... say double that or more. I'm just reading between the lines.

Second, you have too much fire in your belly. As others have said, build something as a consultant/1099 guy that maybe risks your time, but with min capital. You can still "build something" and get your fix.

I can totally relate, but can tell you by what you have written, I do not think you will be happy living on 4% (or what should be closer to 3%) of your nest egg if you quit now.

Take the time to really think it through.

 

[freedomatlast]

You have too much fire in your belly. As others have said, build something as a consultant/1099 guy that maybe risks your time, but with min capital. You can still "build something" and get your fix.

I can totally relate, but can tell you by what you have written, I do not think you will be happy living on 4% (or what should be closer to 3%) of your nest egg if you quit now.

Take the time to really think it through.

I have to agree with Dawg on this. I retired from my MegaCorp job in 2019 but did miss some of the action and financial reward, even though I didn't need more money. So when an opportunity came along to do the Consultant/1099 thing, I took it. The big appeal here is that there is no financial risk and I can walk away at anytime it starts to feel like a j*b again.

 

[Music Lover]

I think most people on this site wouldn't mind a little more, but the majority of them probably don't want it bad enough to ever consider going back to work.

 

[Markola]

….Your company ownership defines who you are mostly to those around you. "hello meet " " he owns " ". Nice feeling, have to miss that.

I was asked the other day do I miss it and the perks? Respond : Would you rather have enough money so you don't have to work or own a business? The money wins out. Employees are no fun anymore in my former industry."

It’s perhaps not as high profile but I take a quiet pride in being an owner of thousands of the very best companies all over the world. And most of them and their governments owe me money, which they are paying me back with interest. Their hundreds of millions of employees all work 24/7 to fund my early retirement.

I wouldn’t try that line at a cocktail party, as I’d sound like an a$$, and I won’t be sponsoring a Little League team for advertisement, but it’s true!

 

[Koolau]

Thanks for the memory.

People say I'm crazy
Doing what I'm doing
Well, they give me all kinds of warnings
To save me from ruin
When I say that I'm okay, well they look at me kinda strange
"Surely, you're not happy now, you no longer play the game"

Unfortunately for him (and for us) JL went BACK to the game - and we know what happened then. YMMV

 

[Koolau]

As a general rule, the past was not as good as we remember and the future will not be as bad as we fear.

Words to live by.

Gumby, is that a picture of you from, say, 10 or 15 years ago? You know. Back before you FIRE'd.

 

[Gumby]

Words to live by.

Gumby, is that a picture of you from, say, 10 or 15 years ago? You know. Back before you FIRE'd.

That is from my student ID when I was at Yale Law School back in 1989, which I just rediscovered during a massive desk cleanup two days ago. I was 30 years old then.

 

[daylatedollarshort]

I wouldn't turn down more money, but I don't want it bad enough to do anything I don't think is fun or something I wouldn't do for free anyway these days. We had a couple of home businesses that were still doing pretty well when we decided to retire, but they were based on my old hobbies and every day was starting to feel like the Ground Hog Day movie - the same thing over and over. Plus trying to abide by all the different government laws for online businesses was getting to feel like a real burden.

I view optimizing our expenses and my urban homesteading hobbies like a part-time job now as I enjoy both of those.

 

[ncbill]

My only advice is: stay in your field.

I've seen plenty of successful entrepreneurs in a particular industry think because they succeeded there they'd also be a successful in other endeavors...real estate seems a particular siren song.

I know one who personally guaranteed the loans on a "can't fail" high-rise condo project...right before the Great Recession hit.

Then they had to deal with the bank who came looking to collect.

 

[nash031]

I'm almost 46. Wife, 2 young kids....


Basically, I have $3.4mm in liquid cash-stocks plus, own personal residence outright that easily is worth $1.0mm. I've been kicking back for 5 months now, plotting my overall strategy to stay retired ie asset allocation, possible real estate buys, etc.

Darnit, part of me wants my mini-empire back.

I certainly made a good faith offer, but deep down I was scared of the risk. Had things gone well - - I'd have only made $210k per year which is only 9% returns. ALOT of things would have to go right for that to happen and frankly, it's less than I used to make at my apex. One one hand it's not "worth it" to risk 2.3 mill, get back into a cut-throat business, and hope it goes well not to mention the 70 hour weeks are back which I'm used to, and would happily do because the people. that are ready to join - - are a pleasure. BUT, I knowingly put in an offer that was good - -but I sorta knew someone would beat me out by just a little....and sure enough it happened today.

BUT if things didn't work out in the new business - I think I'd lose a good $400k of my total investment - - I can't lose $400k with no hopes of recouping it.

Get the ego out of it; this is a financial and well-being decision, and your answers are all right here.

I'm in a similar situation: 44, wife, kids 5 and 2. I have a military pension alongside our roughly $2MM in assets. We just invested about $330K in a small business, but the difference is: no property to maintain, service-based in high demand with a built-in client base already existing, and promise of probably 20% yearly ROI being very achievable (not including our salaries as owners).

Our decision was a no-brainer.

To me, yours is also a no-brainer... but in the other direction. What's tugging at you is ego or pride... and neither of those is a good basis for making financial and overall well-being decisions. In the words of Elsa, Let It Go!

 

[MichealKnight]

Indeed

Thanks for the reminder...I'm on the other channel now watching Jack Benny. Gotta remember to switch over to MeTV at 8 for my Beaver fix. If I don't get Beaver twice a day, I feel the day is wasted.

Yeah, the Beaver can be finicky, and it's hard to just set it and forget it but in the end, if you find it on the right channel at the right time, it can be of great benefit.

Long on Beaver.