Not FI, but retire anyway?

[TomG]

Found this place a week ago and really like what I've been reading. At 29-years-old the idea of dropping out of the workforce is becoming more and more appealing

Did one enlistment in the Army Reserves and been working in mental health for six years, which sounds professional, but is not a good path to a high income. So why not come up with a way to cover living expenses while doing the things I really want to do?

Moved from small town in Massachusetts to Las Vegas one year ago. Currently have a little over $50k in cash and CDs, about $10k between TSP and 403b, zero debt. Just started 401k (6% job will contribute half of that) which will cut take home pay to only about $400 per week. Before I did this, somehow managed to keep adding to savings every month without feeling any hardship:
Rent with utilities included is $600 / month
Car insurance, gas and gym is $180 / month (and insurance should drop nicely next month)
Eat every meal cheaply at home
Reliable car

Current plan is to first cut to 32 hours to keep health benefits, then look for any job that I can actually truly enjoy showing up for and is very liberal with time off, even if the paycheck is close to nothing

Big key is that I've earned about $3 to $4k each year from hobbies. Coming up with a way to increase that would be really cool

 

[chinaco]

Welcome.

Sounds like you may need a career change. I suggest that you continue working while you explore other opportunities.

 

[Amethyst]

Tom,

If you are willing to tell us what these money-making hobbies are, some folks on the forum may have ideas for increasing your hobby income. The theme of "I wish I could make more $$ doing things I love, at my own pace" is a popular one here.

Amethyst

Found this place a week ago and really like what I've been reading. At 29-years-old the idea of dropping out of the workforce is becoming more and more appealing

Big key is that I've earned about $3 to $4k each year from hobbies. Coming up with a way to increase that would be really cool

 

[jimnjana]

Hi Tom

Why not rejoin the Army Reserve or National Guard? Pension benefit alone boosts your ER aspirations. Pay alone might afford you opportunity to cut back on your work hours now. Definitely recommend you consider a career change if you are unhappy.

 

[Coderguy]

Hi Tom,

I am again glad to see some younger people on the boards! I just finished (and I'm now supporting) a suite of software for Mental Health professionals. I can only imagine how stressful it is (But rewarding?)

I'm also curious about your money producing hobbies; they can't be turned into a business?

 

[Milton]

Lawrence: "Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do sh*t".

 

[Westernskies]

Go for it!

Sleeping indoors every night and eating everyday are overrated, anyway.

Sounds like you are ready for a change of scenery, not ER

 

[Milton]

Tom, may be of interest: Retire before 40 - Yahoo! Finance.

 

[TomG]

Milton,
Article shows exactly where I want to be. Can't imagine any calculator saying $225k is enough to support a 34-year-old the rest of their life. If these people are writing and selling books are they really retired? My answer is I don't care how it's defined, that's the sort of path I would like to take

Right now the positives at work definitely outweigh the negatives. If that wasn't true I would have already left. The only question is what to do when that changes sometime in the next few years

If median income is $40 to $50k working five days per week, $8 to $10k for one day is enough for me

Go back and forth on a reenlistment, odds are against it

Have to remember that line from Office Space. Definitely a great outlook to have